Home Loan Balance Transfer

A balance transfer loan allows property owners to transfer their existing Home Loan from one lender to another. The primary goal of obtaining a Balance Transfer Loan is to take advantage of lower interest rates, additional funds, better services or repayment terms

Consider a balance transfer if you find better interest rates, improved services, or enhanced repayment terms.

Yes, the balance transfer of your home loan with Truhome Finance will have a processing charge up to 2% of the loan amount plus applicable taxes along with state level stamping on documentation.

A balance transfer loan allows property owners to shift their existing Home Loan from one financial institution to another FI for better terms, lower interest rates, additional funding or better services or repayment terms. The process involves applying to a new lender, assessing the eligibility and property value, and settling the old loan. Once the loan is disbursed, borrowers start repaying the new lender under the revised terms.

You can transfer your home loan to any lender that offers balance transfer facilities.

A balance transfer loan allows property owners to shift their existing Home Loan from one financial institution to another for better terms, lower interest rates and better services or repayment terms. The process involves applying to a new lender, assessing the eligibility and property value, and settling the old loan. Once the loan is sanctioned, borrowers start repaying the new lender under the revised terms. Costs such as processing fees may apply.

Yes, you will be charged a processing fee for the balance transfer with Truhome Finance.

Benefits include reduced interest rates, additional funding, lower EMIs, and potential savings on interest payments.

Yes, you can transfer your home loan at any point during the loan tenure.

It might be challenging to transfer to a lender with a significantly lower credit score. Truhome Finance offers home loan balance transfer to individuals with a credit score of more than 700.

No, you cannot transfer your existing home loan to another property. You have to apply for a new home loan for the new property.

Yes, it is mandatory to have a good credit score to increase your chances for a home loan balance transfer approval. Truhome Finance offers home loan balance transfer for individuals with a credit score of 700 or more generally.

No, the property should be 100% ready possession must be with the borrower, as per the prescribed product policy.

Yes, you can transfer your home loan multiple times if beneficial.

The existing lender provides a foreclosure letter and property related documents.

Yes, negotiation with the new lender is possible for better rates.

The original home loan tenure is terminated, and a fresh tenure starts with the new lender.

No, you cannot transfer your home loan if you have missed EMI payments as it may downgrade your credit score.

Yes, you can transfer to a lender in a different city, but conditions may apply.

The property's value may be re-evaluated during the balance transfer process.

You need to consider interest rate, loan amount, additional charges and other fees involved in the balance transfer.

The balance transfer timeline will depend on the document verification and other processes required by the lender of your choice. You can contact the customer support of your lender to know the exact details of your balance transfer process.