Home Loan Balance Transfer is an option wherein you can shift your loan from the existing lender to another lender, providing a home loan at a better rate to cut down the loan cost. HFFC Home Loan Balance Transfer facility is available up to a maximum of Rs. 50.00 lakhs. Read on for the complete details of the facility.
Home First Finance Home Loan Balance Transfer is a good option if looking for a home loan at better interest rates with good customer service. The details of the HFFC Home Loan Balance Transfer facility are given below:
Additional Info: You can also check Best Home Loan Interest Rates
|Purpose||Take over of the existing home loan liability with a better interest rate to make the home loan more economical|
|Loan Quantum||Takeover facility is available up to a maximum of Rs. 50.00 lakhs|
|Repayment||Extended repayment period beyond the residual repayment of the existing loan with a maximum of 25 years|
|Interest rate||8% to 18% depending on the income, loan quantum and credit score of the borrower|
|Processing fees||2% of the loan amount|
|Prepayment charges||No prepayment charges if the loan is availed of by individuals at a floating interest rate.|
Before opting for the home loan balance transfer, it is essential to ensure the following:
The features and benefits of Home First Finance Home Loan Balance Transfer are:
The eligibility for the Home First Finance Home Loan Balance Transfer depends on the following criteria:
Additional Info: You can also Check Banglarbhumi West Bengal Land Record
Income Proof for salaried individuals
Income Proof for the self-employed
The rate of interest for Home First Finance Home Loan Balance Transfer is 8% to 18% p.a. The interest rate depends on the loan amount, credit score and income of the borrower.
Additional Info: Also Apply Home First Home Loan
The preclosure charges of the existing lender for closing the loan before maturity and the processing fee collected by the new lender for opening a new loan account for the outstanding balance should be considered before opting for the Home Loan Balance Transfer. If the interest cost saved is much less than the prepayment charges and the processing charges, then the balance transfer option will not be worthwhile.
The processing schedule and other charges for HFFC Home Loan Balance Transfer are given below.
|Processing of the loan||2% of the loan amount|
|Dishonour of ECS/NACH/Cheque||Rs. 500 plus GST for every instance|
|Late payment charges||2% of the delayed EMI amount plus GST|
|Retrieval of documents||Nil|
|Prepayment||Nil for the loan availed of by individuals at a floating interest rate|
You should arrive at the EMI difference on account of the rate of interest offered by the new lender for balance transfer before applying for the facility. Your EMI burden may come down if the new lender provides you with an extended repayment tenure. For instance
Repayment period provided for an existing loan: 20 years
Residual repayment period: 15 years
The maximum repayment period for the home loan provided by the new lender is 25 years.
If the new lender permits a repayment tenure of 25 years on balance transfer, the EMI burden will come down.
After ensuring the terms for the balance transfer for Home First Finance Home Loan Balance Transfer, you can calculate the EMI with the help of the EMI calculator available on the official website of HFFC. In addition, you should follow the steps given below to calculate the EMI.
Additional Info: Also check SBI Home Loan EMI Calculator
There are dedicated Customer Care numbers for existing customers and new customers for queries regarding HFFC Home Loan Balance Transfer.
Existing customers: 91-8880649911
New Customers: +91-8880549911
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Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 6.45% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.
The following eligibility criteria should be complied with to be eligible for HFFC Home Loan Balance Transfer.
Yes. Processing charges will be collected at 2% of the loan amount for HFFC Home Loan Balance Transfer.
The process for HFFC Home Loan Balance Transfer consists of the following steps.
HFFC Home Loan Balance Transfer is similar to applying for a new loan. The home loan at HFFC subsequent to the balance transfer will be listed in your credit report. Since the credit score mainly depends on the repayment track, HFFC Home Loan Balance Transfer will not affect your credit score.
The procedure for the transfer of your existing loan to another bank is simple. All you have to do is:
No. There is no restriction on the number of times for a balance transfer. But every time a new bank takes over the home loan balance, a credit score check will be done. Ensure to maintain a good score to be able to opt for a balance transfer whenever there are better interest deals available in the market.