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HDFC Home Loan Balance Transfer Details

Check out some of the important details about HDFC home loan balance transfer listed below - 

Balance Transfer ComponentsDetails
Interest Rate for Salaried & Self-employed8.50% - 9.00%
Processing feeUp to 0.50% of the loan amount or Rs.3,000 whichever is higher, plus applicable taxes.
EligibilityIf 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 Tenure30 yrs.

Current Home Loan Balance Transfer Interest Rates Starting @8.50%, Check EMI & Apply Now

Note: Note: HDFC Ltd. is powered by https://www.hdfc.com/ and the information mentioned here is provided by HDFC.

Kotak Home Loan Balance Transfer Apply

HDFC Home Loan Balance Transfer Interest Rates

Although we know that HDFC is offering the lowest balance transfer rate of 8.50% - 9.00% p.a., it is important to know the exact interest rate which is being offered according to the working condition of the loan applicant. 

Home Loan BT Rate for Salaried & Self-employed Professionals

Balance Transfer ParticularsDetails
Interest Rate per annum8.50% - 9.00%
Processing feeUp to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.

Classification of Self-employed

Self-employed ProfessionalsSelf-employed Non-Professionals (SENP)
Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Company Secretary etcTrader, Commission Agent, Contractor etc.

Home Loan BT Rate for Self-employed Non-Professionals

Balance Transfer ParticularsDetails
Interest Rate per annum8.60% - 9.60%
Processing feeUp to 0.50% of the loan amount or Rs. 3,000 whichever is higher, plus applicable taxes.

Best Home Loan Interest Rates Starting @8.50%, Check EMI & Apply Now

HDFC Home Loan Balance Transfer comparison with other Top Banks

Top BanksInterest RatesProcessing fee
HDFC8.50% - 9.00%Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher + GST
Kotak Mahindra Bank8.85% - 9.40%Up to 0.50% of the loan amount + GST 
IDFC First Bank8.85% - 9.25%Up to 0.50% of the loan amount + GST 
Home First Home8.00% - 22.00%2% of the loan amount
Bajaj Finserv8.50% - 14.00%Up to 0.50% of the loan amount + GST 
Bank of Baroda9.15% - 10.60%Up to 0.50% of the loan amount + GST 
Federal Bank10.15% - 10.30%Up to 0.50% of the loan amount + GST 
HSBC Bank8.60% - 8.85%1% of loan amount or Rs 10000
SBI9.15% - 9.65%Up to 0.35% of the loan amount + GST
ICICI Bank9.00% - 10.05%0.50% - 2.00% of the loan amount or Rs. 3000/- whichever is higher + GST
Canara Bank8.90% - 11.15%0.50% of the loan amount (Min. Rs.1,500 and Max. Rs.10,000)

IDFC First Home Loan Balance Transfer Apply

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

TypeCharges
Check Dishonour ChargesRs.300**
List Of DocumentsUp to Rs.500
Photo Copy Of DocumentsUp to Rs.500
PDC SwapUp to Rs.500
Disbursement Cheque Cancellation Charge Post DisbursementUp to Rs.500
Re-Appraisal Of Loan After 6 Months From SanctionUp to Rs.2,000 plus applicable taxes
Reversal of Provisional Prepayment under HDFC Maxvantage SchemeRs.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

Checkout the complete process of How to Calculate Home Loan Eligibility on Your Own?

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 last 3 months
  • Latest ITR and Form-16
  • Bank Statement for 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 favoring HDFC Ltd.
  • Bank statement for last 6 months showing the repayment of ongoing loans
  • Passport size photograph attached on 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 last 3 years and profit and loss account statement with annexure/schedules (for business entity and individual attested by CA)
  • Savings account statement of individual and current account statement of business entity for 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 their 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 individual shareholding certified by CA and CS in case the business entity is a company
  • Processing Fee Cheque in favor of HDFC Ltd.

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Home Loan Balance Transfer starts at 8.50% p.a for all profiles

Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 8.50% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.

FAQs

✅ How to apply for Kotak Home Loan Balance Transfer?

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You can apply for the Kotak Bank Home Loan Balance Transfer through net banking if you are an existing customer of Kotak  Mahindra Bank.

If you are a new customer, you will have to access the official website of the bank and go through the following steps.

  • On the home page, choose home loan under the ‘Products Option’.
  • Under Home Loan, choose Balance Transfer and click on the ‘apply now button.
  • Give basic details like Applicant Type, Residential Status, Income Type, Name, Email ID, Mobile Number.
  • Agree to the terms and conditions and click on the continue button.
  • Verify the OTP number to go to the next page.
  • Details of PAN, Date of birth and city of residence should be given on this page.
  • With this, the processing of the application will begin.
  • Thereafter you will be contacted by the representative of the bank to take you further with the application process.

✅ What is Kotak Mahindra Bank Home Loan balance transfer?

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Transfer of the outstanding balance in the existing home loan with other lenders other than Kotak  Mahindra Bank primarily to avail the benefit of a lower rate of interest is Kotak Mahindra Bank Home Loan balance transfer.

✅ How can I get the outstanding balance from the Kotak Mahindra bank home loan?

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If you know your CRN, you can log in to net banking and view the outstanding home loan details by clicking on the ‘Instalment Loans’ tab.

If you do not know your CRN, you can get one by sending an SMS to 9971056767 or 5676788 from the registered mobile number and mention CRN. The CRN will be sent instantly.

You can also check the outstanding loan details through Kotak Mobile App by clicking on ‘Loans’ on the home page.

Another way of knowing your home loan outstanding balance is by calling Kotak Bank Customer Care.

✅ What are the benefits of taking a Kotak Mahindra Bank home loan balance transfer?

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The following benefits can be enjoyed by availing of the Kotak Mahindra Bank  Home Loan Balance Transfer.

  • Lower rate of interest at 8.85% for salaried individuals and  8.90% for the self-employed
  • Customised tenure options with a maximum of 20 years
  • EMI options to suit the borrower’s requirements.
  • Loan amount up to 80% of the original loan if the quantum is between Rs. 20.00 lakhs to Rs.75.00 lakhs and 75% of the original loan if the quantum is above Rs. 75/- lakhs.
  • Top-up loan up to the existing outstanding loan to take of your urgent financial requirements
  • Affordable processing charges at 2% to 2.25% of the loan amount
  • Nil prepayment charges if the loan is availed at a floating rate.

✅ How to check the status of Kotak Mahindra Bank Home Loan balance transfer?

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You can check the status of Kotak Bank Home Loan Balance Transfer step-by-step by accessing the official website of the bank.

  • Click on the “Help centre” option at the extreme right of the home page.
  • Choose the loan product and click on loan application status.
  • You can check the status by providing the application reference number and registered mobile number.

You can also call the Kotak helpline number or visit the nearest Kotak Mahindra Bank branch to check the status of the loan application.