Reduce your EMI by transferring your loan to another Bank
A balance transfer home loan allows you to transfer your existing home loan to a new lender to change the loan terms on interest rate, loan duration or loan amount. This can reduce your monthly mortgage payments , extend your home loan tenure and increase the loan amount.
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Eligibility criteria
Am i eligible for a term loan
For Salaried
- Employment Status: Min of 6 month employment
- Age: 21 - 65 years
- Income: No fixed Criteria. Loan Amount is extended largely on the basis of your total income, other obligations and some other key factors.
Documents Required
- Identity Proof: PAN/ Passport/ Voter ID card
- Address Proof: Copy of Latest Telephone Bill/ Electricity Bill/ Utilities bill or copy of Passport/ Aadhar Card
- Income Proof: Salary Slip for last 3 months/IT Returns / or Form 16, 6 months bank statement
- List of existing property and loan documents from financier
- Repayment history
For Self Employed
- Employment Status: Working for at least 2 years
- Age: 21 - 65 years
- Income: Based on your total income, other obligations & other factors
Documents Required
- Identity Proof:PAN/ Passport/ Voter ID card
- Address Proof: Copy of Latest Telephone Bill/ Electricity Bill/ Utilities bill or copy of Passport/ Aadhar Card/ Address proof for Office
- Income Proof: Income Proof: Income Tax returns for last 2-3 years, Balance Sheet & Profit & Loss A/c for last 3 years, Last 6 months Bank Account Statements
- List of existing property and loan documents from financier
- Repayment history
*We have compiled this broad criteria based on publicly available information and our experience. Banks may relax the criteria on age and employment history.
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