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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 61,600 employees, the businesses of ABCL have a nationwide reach with over 1,690 branches and more than 200,000 agents/channel partners along with several bank partners.
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61,600+
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2,00,000+
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INR 5.53 Lakh Cr
Consolidated Lending Book
INR 1.65 Lakh CrCorporate Governance Policies
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Home Loan Balance Transfer
- Convenient transfer process
- Top-Up on your existing loan
- Lower interest rates
- Customisable/ longer repayment tenure
Reasons to Transfer Your Home Loan to ABHF
Competitive Interest Rates
No more high interest rates! Get great interest rates on home loans that ensure savings on your monthly payments and over the loan's duration.
Instant Digital Sanction
Get Instant Digital Sanction for your top-up home loan applying at your convenience anytime anywhere on ABCD app
Easy Repayment Options
Select between EMIs or structured repayments, depending on what aligns more conveniently with your needs and budget.
Restructure Loan
You can opt for a higher or lower loan duration at the time of transfer depending on your situation
Top-up Loan
Avail of a Top-up Loan to cover additional expenses at comparable interest rates. There is no restriction on how you use it.
Transparency
You are informed about each milestone achieved in your loan journey
Which Loans Are Eligible For a Balance Transfer?
If you have any of the following loans from another lender, you can transfer it to ABHFL for a more attractive interest rate.
Home Loan
Home Improvement Loan
Home Extension Loan
Home Construction Loan
Plot and Home Construction Loan
Get A Home Loan In 5 Easy Steps
Compare interest rates and features.
Inform your existing lender requesting a balance transfer.
Get an NOC along with the remaining loan amount.
Fill out the documents with the new lender and restructure your loan if you want to.
Your new lender will assist you with your loan requirements.
Fill out the documents with the new lender and restructure your loan if you want to.
Your new lender will assist you with your loan requirements.
Interest Rates
Available
Find out the interest rates applicable to you.
For Salaried/SEP| Loan Type | Interest |
|---|---|
|
Balance Transfer |
8.25% p.a. to 15.25% p.a.* |
For Self Employed Non Professional| Loan Type | Interest |
|---|---|
|
Balance Transfer |
8.40% p.a. to 17.50% p.a.* |
Balance Transfer Eligibility
Before opting for a Balance Transfer, ensure you qualify and have the necessary documents.
Eligibility criteria
Existing home loan with financial institute other than ABHFL
- NationalityIndian citizen
- Minimum age for applying21 years
- Maximum age at loan maturity60 years for Salaried & 70 years for Self-employed
- Good Credit HistoryCredit score of 650 & above or New to Credit
- IncomeVaried criteria depending upon the loan amount. Existing EMIs will also be accounted for.
Fees & Charges
| TRANSACTIONS | CHARGES |
|---|---|
| Loan Processing/Administration Fee | Home Loans : Up-To 1% Of The Loan Amount Other Loans : Up-To 2% Of The Loan Amount |
| Part Payment/Pre-Closure Charges: |
• Floating rate loans given to individuals, where all applicants and co-applicants are individuals: Nil
• Home Loans (other than floating rate Home Loans to individuals): 2% of principal outstanding |
| Other Charges:
Default Penal Interest Rate / Non Conformance With Any Covenants / Stipulated Conditions |
24% P.A. I.E. 2% Per Month |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
| TRANSACTIONS | CHARGES |
|---|---|
| NACH Failure Charges | ₹750/- per instance |
| Accrued Interest |
As applicable based on actual delayed status or as communicated by the lender from time to time |
| CERSAI Charges | • When the facility amount is equal to ₹5 Lakh or lesser – ₹50 per property.
• When the facility amount is greater than ₹5 Lakh – ₹100 per property. |
| Pre-closure Quotes | ₹1,000/- per instance |
| Request for Any Copies of Any Collateral | ₹750/- per instance |
| Duplicate Statement/Repayment Schedule | ₹200/- per instance |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
| TRANSACTIONS | CHARGES |
|---|---|
| Stamp Duty, Legal and other Statutory Charges, Insurance Premium, Creation Charges with ROC | As per actual, where applicable |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
| TRANSACTIONS | CHARGES |
|---|---|
| Cheque Return Charges | ₹750/- per instance |
| CIBIL Report Retrieval Fee |
• ₹50/- per instance for Consumer and
• ₹500/- for Commercial CIBIL |
| Loan Re-Schedulement (at the discretion of ABHFL) Charges | 0.50% |
| NOC Issuance Charges | ₹500/- |
| Cancellation Charges (if any) | 4.00% of the loan amount disbursed |
| Swap Charges (Fixed or semi-fixed rate to floating and vice-versa) |
2% of the loan outstanding |
| Fees and Other Charges | Applicable GST @ 18% will be levied |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Documents Needed
Proof of Identity and Address
Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)
Proof of Income
Salary slip for the last 3 months showing all deductions and Form 16
Bank statement showing salary
Latest 6 months
Proof of Other Income:
Rental receipts or documents showing receipt of income
Property Documents:
Copy of Title documents and approved sanction plan
Proof of Identity and Address
Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)
Proof of Income
IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years
Bank statement showing salary
Latest 6 months
Proof of Other Income:
Rental receipts or documents showing receipt of income
Property Documents:
Copy of Title documents and approved sanction plan
Balance Transfer Calculator
Find out how much you can save by transferring your home loan to ABHFL.
New eligible loan amount
₹ 0Total Interest
₹ 0Total Payable Amout
₹ 0Amount saved with BT
₹ 0Top Up amount eligible
₹ 0Customer Satisfaction Stories
Don’t just take our word for it. Hear from our customers about their successful financial journey with us
Aditya Birla Housing Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Housing Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
Different financial needs, different loans, one app - ABCD
Looking for a home loan? Apply online with the ABCD app and get a quick loan. Move into your dream home with a hassle-free loan process.
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Seamless digital application -
Check your EMIs to assess the affordability
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Different loan options for different needs
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Fixed Deposit
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Flexible deposit tenures
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₹5 lakh deposits insured by DICGC
FAQs on Home Loan Balance Transfer
A home loan balance transfer is the process of transferring an existing home loan from one lender to another. This is typically done to secure a lower interest rate, better terms, or more favourable conditions. It allows borrowers to potentially save money on interest payments over the life of the loan.
Features:
• Transfer your existing home loan to a new lender.
• Potentially get a lower interest rate, which can save you money on your monthly payments.
• Possibility to extend the repayment term of your loan, lowering your monthly payments.
• Some lenders offer flexible repayment options.
• Possibility to find a lender with better customer service.
Benefits:
• Lower interest rates.
• Extended repayment terms.
• More flexible repayment options.
• Improved customer service.
Here are the steps to apply for a Home Loan Transfer at Aditya Birla Home Finance Limited:
1. Check your eligibility: Before applying for a home loan transfer, ensure you meet the eligibility criteria. This typically includes having a good credit history, a stable income, and a decent repayment track record for your existing home loan.
2. Gather the required documents: Prepare the necessary documents for your home loan transfer application. These typically include identity proof, address proof, income proof, property documents, and details of your existing home loan.
3. Choose the desired loan transfer amount: Determine the loan amount you want to transfer to ABHFL. This should be within the transferable limit set by your current lender.
4. Understand the loan transfer terms: Thoroughly read and understand the terms and conditions including the fine print of the home loan transfer agreement offered by ABHFL. Consider factors like processing fees, prepayment penalties, and any applicable discounts.
5. Submit the loan transfer application: Fill out the home loan transfer application form accurately and provide the required documents to ABHFL. You can apply online or by visiting a branch.
6. Undergo credit checks and property valuation: ABHFL will conduct a credit check to assess your creditworthiness and may also evaluate the property to determine its current market value.
7. Receive loan transfer approval and disbursal: Upon approval, you will receive a loan sanction letter outlining the loan terms and conditions. The loan amount will be transferred directly to your existing home loan account, closing that loan and establishing a new one with ABHFL.
For any assistance, you can also write to us at care.housingfinance@adityabirlacapital.com or call the ABHFL customer care number (1800 270 7000).
Yes, ABHFL offers home loan balance transfers, which allow you to transfer your existing home loan from another lender to ABHFL. This can be beneficial if you are seeking a lower interest rate, more flexible repayment options, or access to additional financing. To apply for a home loan balance transfer, simply select the "refinance" option on the application form. You may also be eligible for an additional top-up loan.
Here are some tips to ensure a smooth and hassle-free balance transfer process:
• Start planning early. The earlier you start planning your balance transfer, the smoother the process will be. This will give you enough time to compare the offerings of different lenders and choose the best one for your needs.
• Gather all the required documents. Before you apply for a balance transfer loan, make sure that you have all the required documents in hand. This will help to expedite the processing of your application.
• Keep your lender updated. Keep your lender updated on your progress throughout the balance transfer process. This will help to avoid any delays or complications.
• Be patient. The balance transfer process can take some time, so it is important to be patient. However, if you follow the tips above, you can help to ensure that the process is as smooth and hassle-free as possible.
Here are some things that you should avoid doing when transferring your home loan:
• Don't rush into a decision. Take your time to compare the offerings of different lenders and choose the best one for your needs. Don't feel pressured to sign a loan agreement with the first lender that you talk to.
• Don't forget to read the fine print. Before you sign a loan agreement, be sure to read the fine print carefully. This will help you to understand all of the terms and conditions of the loan.
• Don't forget to factor in the costs. There may be some costs associated with transferring your home loan, such as processing fees and legal fees. Be sure to factor these costs into your decision.
• Don't forget to inform your existing lender. Once you have decided to transfer your home loan, be sure to inform your existing lender. They will need to release the title to your home to the new lender.
Pros of a balance transfer:
• Lower interest rate: You may be able to get a lower interest rate on your balance transfer loan, which can save you money on your monthly payments and overall interest costs.
• Better terms: Some lenders may offer better terms on balance transfer loans, such as a longer repayment period, lower processing fees, or waivers on certain charges.
• Top-up loan: You may be able to get a top-up loan with your balance transfer loan, which can help you finance home improvement or other expenses.
Cons of a balance transfer:
• Fees: There may be fees associated with a balance transfer, such as processing fees, documentation charges, and stamp duty charges.
• Prepayment penalty: If you have a prepayment penalty on your existing home loan, you may have to pay it when you transfer your loan.
• Risk of rejection: There is a risk that your balance transfer loan application could be rejected. This could happen if you do not meet the lender's eligibility criteria or if you have a poor credit score.
There are no direct tax implications of a home loan balance transfer. However, the interest that you pay on your home loan is tax deductible under Section 24(b) of the Income Tax Act, 1961. This means that you can deduct the interest that you pay on your home loan from your taxable income, which can reduce your tax liability. The maximum amount of interest that you can claim as a tax deduction is ₹ 2 lakhs per financial year.
Whether or not you have to pay a prepayment penalty to your existing lender depends on the terms of your existing loan agreement. Some lenders charge a prepayment penalty of up to 2% of the outstanding loan balance. Others may charge a flat fee. If you are considering transferring your loan, be sure to check with your existing lender to see if there is a prepayment penalty and how much it is.
Here are some tips to improve your chances of getting approved for a balance transfer loan:
• Maintain a good credit score. A good credit score shows lenders that you are a responsible borrower and that you are less likely to default on your loan.
• Have a low debt-to-income ratio. Your debt-to-income ratio is the percentage of your monthly income that goes towards paying your debt. A low debt-to-income ratio shows lenders that you have enough income to cover your monthly loan payments.
• Have a stable job and income. Lenders want to see that you have a stable job and income so that you can afford to make your monthly loan payments.
• Have a down payment. A down payment is a percentage of the purchase price of the property that you pay upfront. Having a down payment shows lenders that you are serious about the loan and that you are less likely to default.
The time it takes to process a balance transfer can vary depending on the lender. However, most lenders can process a balance transfer within 2-4 weeks.
Here are some tips for getting the best deal on a balance transfer:
• Compare offers from different lenders. Don't just apply to the first lender that you come across. Take your time to shop around and compare offers from different lenders. This will help you to get the best possible interest rate and terms on your loan.
• Negotiate with the lender. Once you have found a lender that you are interested in working with, don't be afraid to negotiate with them. You may be able to get a lower interest rate or better terms if you are willing to negotiate.
• Bundle your products. If you have other financial products with the lender, such as a savings account or a credit card, you may be able to get a discount on your balance transfer fees.
• Ask about discounts. Some lenders offer discounts for balance transfer loans. For example, you may be able to get a discount if you are a new customer or if you have other financial products with the lender.
Here are some tips to avoid common mistakes when transferring your home loan:
• Don't rush into a decision. Take your time to compare offers and choose the best one. Don't feel pressured to sign a loan agreement right away.
• Read the fine print carefully. Be sure to read the fine print of the new loan agreement carefully before signing it. Pay attention to the interest rate, repayment schedule, fees, and penalties.
• Factor in all the costs. In addition to the interest rate and processing fees, there may be other costs associated with a balance transfer, such as prepayment penalties, legal fees, and insurance costs. Be sure to factor in all of these costs when deciding whether or not to transfer your loan.
• Don't forget to inform your existing lender. Be sure to keep your existing lender informed of your intention to transfer your loan. You will also need to get an NOC from your existing lender before you can transfer your loan.
Yes, you can use your ABHFL home loan balance transfer to finance home improvement or renovation expenses. ABHFL offers a top-up loan with its balance transfer loans, which means that you can borrow additional funds for home improvement or other expenses.
You can apply for a home loan balance transfer any time after paying off 6 monthly instalments to your current lender. When applying, you must not have outstanding dues on your present loan.
Typically, switching to a lender via a home loan balance transfer takes 5 to 10 days. This duration is also affected by how fast you receive the foreclosure letter and other documents from your current lender.
There is no limit on the amount when transferring the home loan balance. The loan amount granted to you is based on your income profile, CIBIL Score, and the value of your home.
Yes. You are eligible for tax benefits on the principal and interest components of your balance transfer loan under the Income Tax Act, 1961.
• Attractive interest rates
• Extended repayment tenure
• Flexible repayment options
• Convenient customer service
ABC Of Home Loans
*The interest rate constitute the rack rate for all customers. Actual interest rate for any customer and will be as communicated at the time of loan sanction and disbursal. It will be subject to changes from time to time and is at sole discretion of ABHFL.
**ABHFL reserves the rights to call upon additional documents at its discretion. The documents will be collected by ABHFL.