How to Transfer Your Home Loan to Axis Bank?
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.
Steps to Transfer Your Home Loan to Axis Bank
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.
No objection certificate (NOC) from your previous bank
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.
Apply to Axis Bank
Here are some simple ways to apply for Axis Bank Home Loan Balance Transfer:
- You can visit MyMoneyMantra and apply online for Axis Bank Home Lon Balance Transfer. Or call our Mortgage Specialists toll-free at 18001034004 for assistance.
- You can apply online at the Axis Bank’s website.
- Go to your closest Axis Bank branch and apply for the loan with the help of the representatives.
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:
- Proof of identity: Valid Passport, driving license, Voters ID, PAN card, or Aadhar card.
- Proof of income: Bank statement for the past six months, the latest form 16, and your salary slips for the past three months in case of salaried individuals. In the case of self-employed individuals, you need to provide the past two years’ IT returns and a computation of the income by a certified CA. You will also have to provide bank statement for the past six months of your personal as well as your business accounts.
- Proof of Residence: Latest utility bills such as electricity, gas, or telephone; passport, Aadhar card, driving license, or Voters ID.
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.
Benefits of an Axis Bank HLBT
- Lower interest rates as compared to the current Home Loan.
- Get a top-up loan of up to 100% of the current Home Loan amount at the same Home Loan rates.
- Eligibility of the HLBT depends on the track record and the seasoning the existing loan.
By choosing to transfer the balance of your Home Loan to Axis Bank, you can save a lot of money.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.
Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.