DHFL home loan balance transfer details

AmountAccording to eligibility & requirement
Interest Rate10.50 % p.a. onwards
TenureUp to 30 years
Processing FeeUp to 3 % of loan amount
Foreclosure FeeNIL for floating loans

DHFL home loan balance transfer: benefits & features

Easy to follow loan application process.

·       Lower your EMIs & interest rate on home loan with balance transfer.

·       Both salaried & self-employed get preference.

·       Dedicated relationship manager for home loan related queries.

·       Opt for flexible home loan tenure & repayment schemes.

·       Avail top up with home loan balance transfer, according to needs.

·       Up to 3% processing fee applicable.

·       No foreclosure charge for floating loans.

·       Adding a co-applicant is mandatory.

Also Read - Home Loan Balance Transfer Can Reduce Your EMI by 13%

Eligibility Criteria for DHFL home loan balance transfer

To apply for Piramal Housing Loan (earlier DHFL) you need to comply by HFC’s credit policy. Broadly you need to qualify for following:

 SalariedSelf employed
Age

21-62 years (till retirement)

21-70 years (government employee)

23-70 years
Employment Type

·       Employees in govt. institutions, PSUs, private cos. like limited, private limited or MNCs, partnership firms or LLPs, proprietorship units (Individual / HUF), institutions run by trust, NGO etc.


 

·       Director of listed public companies

·       Professionals like Doctors (MBBS/ MD/ MS), CA & Architects

·       Non-professionals like business owners, proprietors, partners of partnership firm

·       Promoter director of closely held private and public limited companies.

Documentation Required

·       Latest ITRs for 2 years

·       KYC documents.

·       Form 16.

·       Last 6 months’ bank statements & salary slips.

·       Property documents for attached collateral.

·       Latest ITRs for 2 years along with CA supported computation & audit of financials

·       KYC documents

·       Last 6 months’ bank statements.

·       Property documents for attached collateral.

Also Check - Eligibility to Get Home Loan

Documents Required for DHFL home loan balance transfer

Documentation requirement for Piramal/ DHFL home loan balance transfer is as follows:

 SalariedSelf employed

Proof of Identity

(any one)

·       Passport

·       Driving license

·       Aadhaar card

·       Voter's identity card

·       Job card by NREGA/

Letter by the National Population Register (with photo & name) etc

·       Passport

·       Driving license

·       Aadhaar card

·       Voter's identity card

Proof of Income

·       Last 3 salary slips

·       Form 16 for 2 years

·       6 latest bank statements showing salary credit

·       Property ownership documents

·       Last 2 year ITRs with financial computation as audited by CA

·       6 month primary bank statement

Proof of residence

(any one)

·       Passport

·       Driving license

·       Aadhaar card

·       Voter's identity card

·       Latest utility bills like telephone or electricity bill.

·       Any other document issued by government

(with name, photo & address) such as Job card.

·       Passport

·       Driving license

·       Aadhaar card

·       Voter's identity card

·       Latest utility bills like telephone or electricity bills.

Also Check - List of Documents Required for Home Loan

DHFL Home Loan Balance Transfer Interest Rates

The interest rate for home loan balance transfer to DHFL will now be assessed as per Piramal Housing Finance. Currently lowest interest rate for salaried and self-employed for home loan balance transfer starts from 10.50% p.a.

Also Read - Why Plan Home Loan Balance Transfer In Advance?

DHFL home loan: fees & other charges

DHFL (Piramal) home loan balance transfer fees and charges are as under:

Processing FeesUp to 3% of loan amount
Part prepayment or foreclosure

NIL for floating rate loans

2% of principal paid for fixed loans

Penal charges2% p.m. on outstanding amount
Issue of document copyRs 500 per instance

Also Check - Kotak Mahindra Bank Home Loan Balance Transfer

DHFL Home Loan Customer Care

Contact Piramal Capital & Housing for all your queries related to DHFL Home Loan.

You can contact customer care on toll free number 1800 266 6444 from 9:30 AM to 6:00 PM (Monday to Saturday).

Address:

4th Floor, Piramal Towers,

Ganapatrao Kadam Marg,

Lower Parel West,

Lower Parel, Mumbai,

Maharashtra 400013

Email: customercare@piramal.com

Branch Timings: 10 am to 4 pm (Monday to Friday)

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Kotak Home Loan Balance Transfer starts at 6.50% p.a for all profiles

Kotak Mahindra bank has announced a special festival bonanza for fresh and balance transfer home loan customers. Both salaried as well as self-employed borrowers can apply for home loan refinancing at 6.50% p.a onwards. Kotak’s balance transfer festival scheme is open for all loan amounts for customers with good credit history. The last date to apply is Nov 8, 2021.

FAQs

✅What is home loan balance transfer?

Home Loan Balance Transfer is also known as home loan refinancing. You can transfer your existing home loan to another lender at a lower rate of interest. The facility lets you reset loan repayments with lower EMIs, extended tenure and amount top up.

✅Who should apply for home loan balance transfer?

Apply for home loan balance transfer if you have an offer for lower than your existing home loan interest rate from other lender. Besides low interest rates, borrowers apply for loan refinancing when they are dissatisfied with services of the existing lender, need a loan top up or are looking for resetting of repayment schedule.

✅How to make maximum benefit of home loan transfer?

Apply for home loan transfer when you are getting lower rate of interest offer from other lenders. Further make sure there is enough residual loan period so that the interest saving is substantial. Loans which are already nearing maturity must not be considered for a home loan balance transfer. Last but not the least, review charges & fees involved before signing up with the other lender.

✅Can I merge more than two home loan accounts?

Yes, you can merge two home loan accounts and avail Piramal housing finance home loan at lower interest rate. The balance transfer will result in interest saving and lower EMIs.

✅What is the process to apply for DHFL home loan balance transfer?

To apply for balance transfer follow a step by step process.

Step 1: Submit a prescribed loan closure application form to the existing lender.

Step 2: The lender upon receiving balance transfer request will perform the backend checks. It will assess loan outstanding and any defaults. Once the account is cleared, they will issue a ‘No Objection Certificate’ for your Home Loan Balance Transfer application along with other documents like the latest outstanding letter, Home Loan Repayment Track Record, etc.

Step 3: With NOC in hand, you can officially apply for home loan balance transfer to the new lender. With submission of documents and NOC, the lender’s legal team will review your application.

Step 4: The new lender will send intimation to the previous lender. On acceptance, the old lender will hand property documents to the new one. With this step, the loan is taken over by the new lender. The lender will issue a sanction letter and credit the proceeds in the loan account. Now onwards, EMIs are required to be paid to the new lender according to the new loan agreement.

✅How long does it take to process a home loan balance transfer?

It may take 1 to 3 weeks (7- 21 days) to process a home loan balance transfer request.

✅Do I need a co-applicant to apply for DHFL home loan?

It is mandatory to apply for DHFL (Piramal) home loan with a co-applicant. In some cases, a woman co-applicant is mandatory. Your spouse or any biological relative like parents, siblings, children can also become the co-applicants. Further, all co-owners of property are also required to be placed on the loan structure. Only partners, directors and shareholders are allowed as non-related co applicants.

✅How do I check status of my DHFL home loan?

To check the status of your existing DHFL home loan, you should login to your home loan account on the lender’s website or mobile app. You can click on the loan statement and save or download it according to your needs. You can also call Piramal Capital & Housing Loan customer care for details of your home loan.