Home Loan Balance Transfer
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Struggling to manage your existing EMI payments? Many people face a new challenge every month to make timely EMI payments, which affects their peace of mind and happiness levels. A balance transfer from your existing loan to a one with Piramal Finance can ensure that you remain creditworthy throughout the tenure of your home loan. It can provide peace of mind by helping you navigate through challenging times at a more comfortable pace.
If your monthly installment amounts are too high, you can extend your tenure and thus lower the burden on yourself and your loved ones to pay off the loan. If you find that making heavy interest payments is affecting your ability to save and invest your own money then it may be time to transfer your home loan. You can also use the restructuring to help reinvest in your business, carry out renovations and raise funds for other purposes as well.
However, Director of listed Public companies will be treated as Salaried
Interest Rate | |
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Customer Type | Rates |
Salaried / Self Employed | Interest Rates starting from 11.00%* p.a |
Fees & Charges | |
Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate | |
Schedule of Fees & Other Charges | Details |
Processing Fees |
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Part Payment/Pre-closure charges |
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Loan repayment instrument dishonour charges | ₹ 500/- + applicable taxes |
CERSAI charges | ₹ 500/- + applicable taxes |
Loan Pre-closure Statement | ₹ 1000/- + applicable taxes |
List of documents deposited with the Lender | ₹ 500/- + applicable taxes |
Loan Repayment Schedule | ₹ 500/- + applicable taxes |
Change of Loan repayment mode | ₹ 500/- + applicable taxes |
"Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" | ₹ 5000/- + applicable taxes |
No Due Certificate issuance charges | 1st time free; subsequently ₹ 500/- + applicable taxes |
Statement of Account | Free once a year; subsequently ₹ 500 + applicable taxes |
Photocopy of documents | ₹ 500/- + applicable taxes |
Retrieval of original property documents | ₹ 500 + applicable taxes |
Additional Charges | 2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes |
For detailed fees & charges and other Terms & Conditions click here |
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
The rate of interest for the same tenor for different clients can be different depending upon the combination of one or more factors listed above.
The process of transferring the existing principal loan amount on your new house to a new bank is called a home loan balance transfer. It is a way of reducing interest rate payments. Balance transfers are recommended during the early years of your home loan tenure if your lender’s interest rate is comparatively higher than others in the market. You can also do a balance transfer to shift between floating and fixed interest rates and get a higher amount with a loan top up.
If you have been regular in your EMI payments and maintain good records with your lender, you stand a chance of resuming your EMI payments with a new bank at a lower interest rate. You also have the added advantage of taking a loan top up, which is an additional loan amount the new bank will offer which can increase your tenure.
Yes, with the home loan balance transferred to a new bank, you can combine your other home loan installments as one to avail the benefits of lower interest with the new bank.
The lender will have to assess your eligibility again, so the process duration usually ranges from 7 days to 3 weeks.
The process for transferring balance is simple: