There is a very high discrepancy between interest rates that existing customers and new customers pay. This has lead to there being a lot of unhappiness among customers. Besides, a lot of banks also choose to discriminate between their new customers and their old ones. The option of a Home Loan Balance Transfer makes it easier for customers to choose a place where they are offered a lower interest rate and better features to save more money.
This step takes around 15 minutes; you would have to analyze the situation that you are in and decide how viable it is for you to choose Axis Bank Home Loan Balance Transfer (HLBT). You must take into consideration aspects such as if you are on a fixed interest rate then you would probably have to pay a prepayment fee if you choose to transfer your loan. But if your interest rate is flexible, then you could quickly move your Home Loan to a bank with a lower interest rate. You can also check MyMoneyMantra’s HLBT EMI Calculator for better analysis.
You need to first inform your old bank that you intend to transfer your Home Loan and get an NOC from them. This step takes a few weeks, and along with the NOC, you would also have to get a foreclosure letter, the history of your payments, and a list of all of the documents that your current bank has with them.
Here are some simple ways to apply for Axis Bank Home Loan Balance Transfer:
Any individual that has a steady job in the government or with a reputed company or any self-employed individual that has been filing income tax returns for the past few years can Apply for a Home Loan Balance Transfer. The applicant has to be over 21 years of age, and should not be over 60 (in the case of a salaried employee) or 65 (in the case of a self-employed individual) at the end of the loan tenure.
You can also calculate your eligibility on the Home Loan Balance Transfer eligibility calculator on the Axis Bank’s Website or through MyMoneyMantra.
The minimum loan borrowing limit is 3 Lakhs, and the maximum limit depends on the combined income of the family.
There are three primary documents that are required to apply for a Home Loan Balance Transfer:
Your application will be evaluated by the bank, and they would decide if you are eligible for the loan. They will also carry out a series of background checks that would determine whether or not you get the approval for the loan.
By choosing to transfer the balance of your Home Loan to Axis Bank, you can save a lot of money.
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