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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?
Home Loan
Home Improvement Loan
Home Extension Loan
Home Construction Loan
Plot and Home Construction Loan
Get A Home Loan In 5 Easy Steps
Interest Rates
Available
Find out the interest rates applicable to you.
For Salaried/SEP| Loan Type | Interest |
|---|---|
|
Balance Transfer |
8.60% p.a. to 15.25% p.a.* |
For Self Employed Non Professional| Loan Type | Interest |
|---|---|
|
Balance Transfer |
8.60% 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
Secure business loans for you
-
Low interest, flexible payments -
One app, quick dispersals
Guaranteed returns with Fixed Deposit
-
Flexible deposit tenures
-
₹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.
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*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.