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Home First Finance Company Home Loan Balance Transfer Details

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

PurposeTake over of the existing home loan liability with a better interest rate to make the home loan more economical 
Loan QuantumTakeover facility is available up to a maximum of Rs. 50.00 lakhs
RepaymentExtended repayment period beyond the residual repayment of the existing loan with a maximum of 25 years
Interest rate8% to 18% depending on the income, loan quantum and credit score of the borrower
Processing fees2% of the loan amount
Prepayment chargesNo 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:

  • If you have had a long relationship with the existing lender, you should first try to negotiate for a better rate before contemplating the balance transfer. You will be able to save on the prepayment/preclosure charges that the existing lender will collect and also the processing charges for the new loan that the new lender will collect.
  • Calculate the actual saving on the loan cost before going in for a home loan balance transfer. If the difference in the loan cost due to the lower interest rate is worthwhile after providing for the prepayment charges/processing charges, you can apply for the balance transfer.
  • A home loan balance transfer opted for during the initial repayment period will be worthwhile. If the new lender provides an extended tenure beyond the residual tenure of the existing loan, then you can consider the balance transfer if you want to lower the EMI burden.
  • A lower interest rate can be luring. Nevertheless, you should read the terms and conditions of the new lender to ensure that there are no hidden charges.

Home First Finance Home Loan Balance Transfer Features and Benefits

The features and benefits of Home First Finance Home Loan Balance Transfer are:

  • The interest rate is competitive, and if the repayment track is sound and the credit score is above the desired level, then the scope for further negotiation of interest is given.
  • You can even opt for a balance transfer of the existing home loan if the customer service of the current lender does not delight you. The customer service at HFFC is commendable. You can experience their excellent customer service right from the stage of applying for a balance transfer facility with them.
  • HFFC also provides a top-up loan in addition to the balance transfer if you need additional funds depending on your eligibility.
  • There is extreme transparency with regard to the charges collected for the balance transfer. There will be no hidden charges.
  • Nominal processing charges at 2% of the loan amount.
  • Prepayment is permitted without any charges if an individual avails of the loan at a floating interest rate.

Home First Finance Home Loan Balance Transfer Eligibility Criteria

The eligibility for the Home First Finance Home Loan Balance Transfer depends on the following criteria:

  • If the home loan was availed to purchase a flat, then the flat should be ready for possession/occupation.
  • If the home loan was available for residential property construction, the structure should be complete, and the completion certificate should be available.
  • A minimum of 12 EMIs should have been paid to the existing lender.
  • The repayment track with the existing lender should be satisfactory,
  • There should have been even a single delayed or missed out EMI for the existing home loan.
  • The credit score at the time of applying for the balance transfer should be 750 and above or should not have declined from the level it was at the time of the existing loan.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Home First Finance Home Loan Balance Transfer Documents Required

Residence Proof:

  • Voter’s ID Card
  • Aadhar Card
  • Passport
  • Driving Licence

Identity Proof

  • PAN Card
  • Passport
  • Voter’s Id Card
  • ID card issued by the employer
  • Driving Licence

Income Proof for salaried individuals

  • Salary Certificate for the last three months
  • Form 16
  • IT Returns
  • Bank statement for the last six months

Income Proof for the self-employed

  • Audited Balance Sheet and Profit and Loss Account for the last three years
  • IT returns for the last three years
  • Bank statement for the last 12 months.

Property documents

  • Copy of all the documents submitted to the existing lender
  • Any other documents required by HFFC to prove the marketable title to the property.

Other documents 

  • A letter from the existing lender mentioning the list of property documents in their safe custody
  • NOC from the existing lender to transfer the outstanding balance under the existing home loan to HFFC.
  • A cheque for processing charges
  • Two passport size photographs.

Home First Finance Home Loan Balance Transfer Interest Rates

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

HFFC Home Loan Balance Transfer Processing Fee and Other Charges

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.

Charges for Details
Processing of the loan2% of the loan amount
Dishonour of ECS/NACH/ChequeRs. 500 plus GST for every instance
Late payment charges2% of the delayed EMI amount plus GST
Retrieval of documentsNil
Prepayment Nil for the loan availed of by individuals at a floating interest rate 

How to Calculate Home First finance Home Loan Balance Transfer EMI?

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.

  • Visit the official website of HFFC.
  • Choose ‘Home Loan Balance Transfer’ under the ‘Products’ option.
  • Choose the Home Loan EMI calculator under the ‘Calculators’ option.
  • Provide the loan amount, tenure and rate of interest.
  • The EMI will be calculated immediately, and the result appears on the screen.

Additional Info: Also check SBI Home Loan EMI Calculator

HFFC Home Loan Balance Transfer Customer Care

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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Home Loan Balance Transfer starts at 6.45% p.a for all profiles

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.

FAQs

✅ What are the eligibility criteria for HFFC Home Loan Balance Transfer?

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The following eligibility criteria should be complied with to be eligible for HFFC Home Loan Balance Transfer.

  • If the loan is availed for the purchase of a flat, the flat should be ready for occupation.
  • If the loan is availed for construction, then the construction should be complete in all respects.
  • A minimum of 12 EMIs for the existing loans should have been paid.
  • Good repayment track for the existing home loan.
  • No dip in credit score between the date of availing of the existing loan and the time of applying for the balance transfer.
  • A steady income.

✅ Does HFFC charge processing charges for HFFC Home Loan Balance Transfer?

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Yes. Processing charges will be collected at 2% of the loan amount for HFFC Home Loan Balance Transfer.

✅ What is the procedure for HFFC Home Loan Balance Transfer?

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The process for HFFC Home Loan Balance Transfer consists of the following steps.

  • Submit a request to your existing lender either in the form of a letter or in the prescribed format for a home loan balance transfer. You should explicitly provide the reasons for the balance transfer.
  • Obtain a NOC from the existing lender for transferring the outstanding balance under the existing home loan to HFFC.
  • You should obtain a letter mentioning the details of the outstanding balance in the home loan on the date submitting the request for a balance transfer.
  • Obtain a home loan account statement for the last 12 months.
  • Submit an application to the new lender for taking over the existing home loan balance.
  • Submit the KYC documents, a letter from the existing lender providing details of the outstanding balance, list of property documents held by the existing lender.
  • You should also submit copies of the property documents mentioned in the list along with the application.
  • If the HFFC Home Loan Balance Transfer is approved, then HFFC will open a new home loan account.
  • The proceeds of the loan account will be remitted to the existing lender for the closure of the home loan account. 
  • On obtaining confirmation from the existing lender about the closure of the home loan account, the further EMIs will be paid to the new lender.

✅ What will be the impact of HFFC Home Loan Balance Transfer on my credit score?

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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.

✅ What is the procedure to transfer my loan to another bank?

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The procedure for the transfer of your existing loan to another bank is simple. All you have to do is:

  • Inform the existing bank vide a letter or prescribed form about the balance transfer stating the reasons.
  • Get a NOC from the existing bank.
  • Submit an application for a balance transfer to the new bank along with the KYC documents, NOC from the existing bank, a letter with details of the outstanding balance in the existing loan and a list of property documents.
  • On approval, the new bank will open a home loan account and remit the proceeds to the old bank for the closure of the home loan account.
  • Obtain confirmation from the old bank for the closure of the loan account.
  • Pay the subsequent EMIs to the new bank.

✅ Is there any restriction on the number of times a balance transfer can be done from one bank to another?

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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.