ABC Solutions
Loans
Home Finance
Personal Finance
SME Finance
Loan Against Securities
Business
Investments
Mutual Funds
Stock and Securities
Portfolio Management Services
Pension Funds
Real Estate Investments
Life Insurance
Health Insurance
Multiply Wellness
Motor Insurance
Travel Insurance
Pay Bills
Pay anyone
Pay on call
Payment Lounge
Cards
ABC Credit Cards
Download ABCD
Playstore
Appstore
Scan to Download the App
Playstore
Appstore
1800-270-7000
Aditya Birla Housing Finance Limited
ABC Solutions
About the Loan
About ABHFL Priority Balance Transfer
ABHFL Priority Balance Transfer offers a seamless way to transfer your existing home loan, with flexible and swift solutions that cater to your financial requirements. This loan product simplifies the process, enabling you to enjoy lower interest rates and better terms for your home
Used for:
- Purchase of ready-built or under-construction residential property
- Self-construction of a residential unit on owned land
- Home improvement, renovation, or extension
- Balance transfer of existing home loans from other financial institutions
Why Choose ABHFL Priority Balance Transfer?
Benefits:
- Instant Digital Onboarding: Enjoy a seamless online application process with quick approvals.
- Flexible Repayment Tenure: Choose a repayment tenure that suits your financial goals, with options up to 30 years.
- Attractive Loan Amounts: Transfer your existing home loan with amounts up to ₹1 crore.
- Affordable EMIs: Repay easily with structured monthly installments tailored to your budget.
- Balance Transfer Facility: Transfer your current home loan from other financial institutions for better terms and access to additional top-up funds.
Additional Advantages:
- Minimal Documentation: Enjoy a hassle-free process with minimal documentation for verification.
- Transparent Processing: No hidden charges, ensuring clarity and trust in every step of the loan process.
- Dedicated Support: Get professional guidance and assistance at every step of your loan journey.
ABHFL Priority Balance Transfer: Eligibility Criteria
To ensure a smooth and hassle-free experience with ABHFL Priority Balance Transfer, we have designed simple and flexible eligibility criteria.
Eligibility Criteria:
- Age: Applicants must be between 21 and 58 years of age.
- Existing Home Loan: You should have an existing home loan from another financial institution that is eligible for transfer.
- Employment Status: Both salaried and self-employed individuals can apply.
- Credit Score: A good credit score to ensure a smooth approval process.
- Repayment Track Record: A positive repayment history for your existing loan is preferred.
- Property Type: Eligible for ready-built, under-construction properties, or self-constructed units on owned land.
Step-by-Step Guide: How to Apply for a Priority Balance Transfer?
Applying for an ABHFL Priority Balance Transfer is quick and easy. Follow these simple steps to get started and enjoy better loan terms and additional top-up funds:
Step 1: Check Your Eligibility Ensure you meet the eligibility criteria, including age, income, and a good repayment track record on your current home loan.
Step 2: Gather Required Documents Prepare the necessary documents such as:
- KYC (Know Your Customer) documents
- Existing loan statement and repayment details
- Property documents (if applicable)
Step 3: Submit the Application Apply online through ABHFL’s digital platform. Fill in your personal, loan, and property details in the application form.
Step 4: Loan Processing Once your application is submitted, ABHFL will process your loan request. Our team will verify your documents and loan history.
Step 5: Approval & Sanction After successful verification, your loan will be approved. You will receive the loan sanction letter with details of the new terms, including the transfer amount and top-up loan eligibility.
Step 6: Transfer the Balance Once you accept the loan terms, we’ll initiate the balance transfer of your existing home loan from the other financial institution to ABHFL.
Step 7: Enjoy Better Terms With your loan transferred, you can enjoy lower interest rates, better terms, and any additional top-up funds for your home.
Documents Required for Priority Balance Transfer
To ensure a smooth and hassle-free process for your ABHFL Priority Balance Transfer, here's a list of the essential documents you'll need to provide:
1. KYC Documents:
- Aadhaar Card (for identity verification)
- PAN Card (for tax identification)
- Passport/Driving License/Voter ID (for address verification)
2. Existing Home Loan Documents:
- Sanction Letter of the current home loan
- Latest Loan Account Statement detailing the outstanding balance and repayment history
- Loan Closure Letter (if applicable)
3. Proof of Income:
- Salary Slip (for salaried applicants)
- Income Tax Returns (ITR) or Bank Statements (for self-employed applicants)
4. Property Documents:
- Title Deed (proof of ownership)
- Sale Agreement (if applicable for under-construction property)
- Occupancy Certificate (for ready-built properties)
5. Application Form:
- Completed application form with personal and loan details
6. Additional Documents (if applicable):
- No Objection Certificate (NOC) from the existing lender (for the balance transfer)
- Property Valuation Report (if required by the lender)
General Priority Balance Transfer Questions
A Priority Balance Transfer can offer you several advantages, including a lower interest rate, reduced monthly EMIs, and a more manageable loan tenure. By transferring your home loan to ABHFL, you may be able to save on interest over the life of the loan and possibly access additional top-up funds for other needs like home renovations or personal expenses.
If you are transferring your home loan from another financial institution and they charge a prepayment penalty, ABHFL will not cover this cost. However, it’s important to check the terms of your existing home loan and account for any prepayment fees in your financial planning before proceeding with the transfer.
Yes, the process is mostly digital for your convenience. You can apply online, submit necessary documents electronically, and track your application status through ABHFL's digital platform. This allows for a quicker and hassle-free transfer process with minimal paperwork.
Yes, self-employed individuals can also apply for a Priority Balance Transfer. The eligibility criteria for self-employed applicants include providing income proof such as income tax returns, bank statements, and business-related documents. ABHFL will assess your financial stability and repayment track record to determine eligibility.
To be eligible for a Priority Balance Transfer, you must be between 21 and 58 years of age, have a good credit score, and meet the income requirements based on your employment status (salaried or self-employed). Additionally, your existing home loan must meet the criteria for transfer, and you should have a positive repayment track record.
The loan amount you can transfer depends on factors such as the current outstanding loan balance and the value of the property. Typically, ABHFL offers home loan transfers up to ₹1 crore, but the exact amount will be determined based on your eligibility and the lender’s evaluation.
Yes, ABHFL offers the option of a top-up loan along with your Priority Balance Transfer. The top-up amount will be based on your existing loan vintage and eligibility, allowing you to access additional funds for home improvement, renovation, or other personal expenses.
While a good credit score improves your chances of approval, ABHFL may still consider applicants with lower scores depending on their overall financial stability and repayment history. A higher score, however, can help secure better interest rates and loan terms.
The interest rate for Priority Balance Transfer is competitive and depends on your eligibility, including your credit score, loan amount, and repayment track record. ABHFL offers attractive rates designed to help you save on interest over the life of your loan.
The interest rate for your Priority Balance Transfer is determined based on factors such as your credit score, loan tenure, property value, and the current outstanding loan balance. ABHFL reviews these factors to offer a rate that suits your financial situation.
While the interest rate is typically based on your eligibility criteria, ABHFL offers competitive rates based on your repayment history and financial profile. If you have a strong credit score and a good track record, you may be eligible for a more attractive rate.
The repayment tenure for a Priority Balance Transfer can be customized to suit your financial goals, with flexible options of up to 30 years. A longer tenure can reduce your monthly EMI, making repayments more manageable.
Monthly EMIs for the Priority Balance Transfer are calculated based on the loan amount, interest rate, and repayment tenure. You can use the ABHFL EMI calculator to estimate your monthly installment and adjust the loan parameters to suit your budget.
The processing time for a Priority Balance Transfer typically takes a few weeks, depending on the completeness of your documentation and the verification process. ABHFL strives to complete the transfer efficiently and keep you informed at each stage.
To apply for a Priority Balance Transfer, you will need to provide KYC documents (Aadhaar, PAN, Address Proof), income proof (salary slips, bank statements, or ITRs), property-related documents (title deed, occupancy certificate), and details of your existing loan (loan statements and repayment history).
Yes, ABHFL offers a digital platform for submitting your application and documents, making the process quick and hassle-free. You can upload your documents online and track the status of your application without needing to visit the branch.
Yes, when you opt for a Priority Balance Transfer with ABHFL, you can also apply for a top-up loan based on your existing loan’s vintage. This top-up loan can be used for various purposes such as home renovation, personal expenses, or other financial needs.
The top-up loan amount is determined based on factors like your current loan balance, the property’s value, and your eligibility. Typically, ABHFL offers top-up loans based on the existing loan amount and your repayment track record.
Yes, the top-up loan can be used for a variety of purposes, including home renovation, personal expenses, or any other financial needs. However, it is important to ensure that the top-up loan amount is within the limits defined by ABHFL based on your eligibility.
If you have defaulted on your existing home loan, it may impact your eligibility for a Priority Balance Transfer. However, ABHFL considers your overall repayment history, and if you have managed to resolve the defaults and are in good standing, you may still be eligible for the transfer. It's best to discuss your situation with ABHFL for a more accurate assessment.
While ABHFL cannot directly assist with past loan defaults, they offer more manageable loan terms, lower interest rates, and flexible repayment options that may make it easier for you to stay current on your payments going forward. A Priority Balance Transfer can help reduce your EMIs and ease your financial burden.
If you fail to repay your Priority Balance Transfer loan, ABHFL may take recovery actions, including charging late fees, reporting to credit bureaus, and initiating legal proceedings to recover the dues. It is important to ensure that you can meet the repayment terms before proceeding with the transfer.
Yes, you can continue to claim tax benefits on your home loan after transferring it to ABHFL. Under Section 80C of the Income Tax Act, you can claim deductions on principal repayment, and under Section 24(b), you can claim deductions on interest paid. These benefits remain applicable as long as the home loan is active.
Yes, the tax benefits on a Priority Balance Transfer are the same as they would be for your original home loan. You can continue claiming deductions for principal and interest payments under the applicable sections, provided the loan is used for a self-occupied property or a property that is rented out.
Once your Priority Balance Transfer is approved, the loan amount is typically disbursed directly to your existing lender to pay off the outstanding balance of your current home loan. Any remaining balance (if applicable) is then disbursed to you or as per the terms agreed upon.
For a Priority Balance Transfer, the property must meet certain requirements such as clear title ownership, valid occupancy certificate (if it's a ready-built property), and proper documentation. The property should also be in a location that is eligible under ABHFL’s lending policies.
Yes, you can transfer your home loan even if your property is under construction, provided that you have the necessary documents like a sale agreement and proof of the construction status. ABHFL will evaluate the property’s value and documentation as part of the approval process.
-
Product Leaflet
- Download
