HDFC Home Loan Balance Transfer
Home loan balance transfer at HDFC Bank is an easy process where the HDFC home loan balance transfer interest rate starts from 8.45% - 9.30% p.a. You can save big on your home loan interest amount by transferring your Housing Loan to HDFC in a hassle-free and seamless manner.
Apply for HDFC Bank Home Loan Balance Transfer @ 8.45% Interest Rates
HDFC Home Loan Balance Transfer Details
Check out some of the important details about HDFC home loan balance transfer listed below -
| Balance Transfer Components | Details |
|---|---|
| Interest Rate for Salaried & Self-employed | 8.45% - 9.30% |
| Processing fee | Up to 0.50% of the loan amount or Rs.3,000 whichever is higher, plus applicable taxes. |
| Eligibility | If you currently have a home loan with another bank or HFL, and have maintained a regular payment track for at least 12 months, you are eligible to apply for a balance transfer loan from HDFC |
| Maximum Tenure | 30 yrs. |
Note: HDFC Bank is powered by https://www.hdfc.com/ and the information mentioned here is provided by HDFC.
HDFC Home Loan Balance Transfer Interest Rates
Although we know that HDFC is offering the lowest balance transfer rate of 8.45% - 9.30% p.a., it is important to know the exact home loan balance transfer interest rates which is being offered according to the working condition of the loan applicant.
Home Loan BT Rate for Salaried & Self-employed Professionals
| Balance Transfer Particulars | Details |
|---|---|
| Interest Rate per annum | 8.45% - 9.30% |
| Processing fee | Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes. |
Classification of Self-employed
| Self-employed Professionals | Self-employed Non-Professionals (SENP) |
|---|---|
| Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Company Secretary etc | Trader, Commission Agent, Contractor etc. |
Home Loan BT Rate for Self-employed Non-Professionals
| Balance Transfer Particulars | Details |
|---|---|
| Interest Rate per annum | 8.45% - 9.30% |
| Processing fee | Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher, plus applicable taxes. |
Compare HDFC Home Loan Transfer with Top Banks
| Top Banks | Interest Rates | Processing fee |
|---|---|---|
| HDFC | 8.45% - 9.30% | Up to 0.50% of the loan amount or Rs. 3,000, whichever is higher + GST |
| Kotak Mahindra Bank | 8.65% | Up to 0.50% of the loan amount + GST |
| IDFC First Bank | 8.85% | Up to 0.50% of the loan amount + GST |
| Home First Home | 8.00% - 17.50% | 2% of the loan amount |
| Bajaj Finserv | 7.99% - 17.00% | Up to 0.50% of the loan amount + GST |
| Bank of Baroda | 8% - 9.60% | Up to 0.50% of the loan amount + GST |
| ICICI Bank | 9% - 10.05% | 0.50% - 2.00% of the loan amount or Rs. 3000/- whichever is higher + GST |
| Canara Bank | 7.90% - 10.75% | 0.50% of the loan amount (Min. Rs.1,500 and Max. Rs.10,000) |
HDFC Home Loan Balance Transfer Processing Fee and Other Charges
Every home loan balance transfer consists of certain processing fees and other charges involved in the transfer. Listed below are the respective details -
Processing Fees for HDFC Home Loan Balance Transfer
- For Salaried/Self-Employed Professional: Up to 0.50% of the loan amount or Rs 3,000, whichever is higher, plus applicable taxes.
- Minimum Retention Amount: 50% of applicable fees or Rs 3,000 + applicable taxes, whichever is higher.
- For Self-Employed Non-Professional: Up to 1.50% of the loan amount or Rs 4,500, whichever is higher, plus applicable taxes.
- Minimum Retention Amount: 50% of applicable fees or Rs 4,500 + applicable taxes, whichever is higher.
Other Charges for HDFC HL BT
| Type | Charges |
|---|---|
| Check Dishonour Charges | Rs.300** |
| List Of Documents | Up to Rs.500 |
| Photo Copy Of Documents | Up to Rs.500 |
| PDC Swap | Up to Rs.500 |
| Disbursement Cheque Cancellation Charge Post Disbursement | Up to Rs.500 |
| Re-Appraisal Of Loan After 6 Months From Sanction | Up to Rs.2,000 plus applicable taxes |
| Reversal of Provisional Prepayment under HDFC Maxvantage Scheme | Rs.250/- plus applicable taxes/statutory levies at the time of reversal |
HDFC Home Loan Balance Transfer Eligibility Criteria
- Age: 21-65 years
- Nationality: Indian Resident
- Profession: Salaried applicants/Self-Employed Professionals /Self-Employed Non-Professionals
Documents Required for HDFC Home Loan Balance Transfer
For Salaried Applicants
ID Proof and Address Proof
- Driving License
- Voter ID
- PAN Card
- Passport
Income Proof
- Salary Slips for the last 3 months
- Latest ITR and Form-16
- Bank Statement for the past 6 months showing salary credits
Documents for Balance Transfer
- Xerox of property documents
- A letter from the existing lenders on their letterhead, mentioning the list of property documents held by them
- A letter on the letterhead of the existing financial institution stating the current outstanding balance
Other Documents
- Processing Fee cheque in favor of HDFC Bank.
- Bank statement for the last 6 months showing the repayment of ongoing loans
- A passport-size photograph attached to the application form with signatures across
- Employment Contract/ Appointment Letter if the current employer is 1 year old
For Self-Employed Applicants
Photo ID and Residence Proof
- PAN Card
- Voter ID
- Passport
- Driving License
Income Proof
- ITR along with income computation for the last 3 years (for individual and business entity, attested by a CA)
- Balance Sheet for the last 3 years and profit and loss account statement with annexure/schedules (for business entity and individual, attested by CA)
- Savings account statement ofthe individual and the current account statement of the business entity for the past 6 months
Documents for Balance Transfer
- Photocopy of property documents
- A letter on the letterhead of the existing lender stating the list of property documents held by him
- A letter from the existing lending institution on its letterhead stating the latest outstanding balance
Other Documents
- Partnership deed, if the business entity is a partnership firm
- Latest Form 26AS
- Business profile
- Details of an existing loan of the individual and business entity, including outstanding amount, remaining tenure, installments, security, etc.
- Articles of Association and Memorandum of the company
- Application form with passport size photograph attached and signed across
- List of shareholders and directors with their shareholding certified by CA and CS in case the business entity is a company
- Processing Fee Cheque in favor of HDFC Bank.
FAQs
The interest rate for HDFC home loan balance transfer starts from 8.45% - 9.30% p.a. and can go as high as 9.00% (for self-employed non-professionals).
Yes, you can avail a top up loan in addition to the balance transfer of home loan to HDFC.
The maximum term that a customer can avail is 30 years or till the age of retirement, whichever is lower.
Yes, you can avail tax benefits with HDFC Home Loan Balance Transfer as similar to the regular home loan tax benefits.
Here are the steps to initiate a home loan transfer to HDFC:
- Apply: Firstly, you need to inform your present lender that you wish to initiate a Home Loan Balance Transfer. This can be done by submitting an application form or a letter listing the reasons why you want to transfer.
- Obtain No Objection Certificate (NOC) or Consent Letter: After applying, your current lender will provide you with a No Objection Certificate (NOC) or consent letter. This document is crucial for applying for the transfer with a new lender.
- Submit Required Documents: Once you have obtained the NOC, you need to submit the required documents to HDFC. Along with the NOC, you may have to provide KYC paperwork, property papers, loan balance, and interest statements.
- Receive Confirmation from Old Lender: After submitting the documents, wait for confirmation from your current lender that the original loan has been closed.
- Pay Fees: Once you receive confirmation from the old lender, you can pay the requisite fees to HDFC and begin a new loan contract.