Balance Transfer For Self Employed Professional (Documents Required)

• Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
• Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
• Business and Office Proof.
• Bank statements for the last six months (from which the loan EMI is paid).
• Photo of Applicant & Co-Applicant.
• Last 3 years balance sheet and profit and loss statement.
• Statement of personal/home loan from current lender.

“GST Certificate”(for self employed) & “Bank Statement”

*Note: The list of documents required varies from bank-to-bank and financial institutes.

Balance Transfer For Salaried Individual (Documents Required)

• Proof of Identity (PAN Card) of residence Applicant & Co-Applicant.
• Proof of Address (Aadhaar Card or Passport) of residence Applicant & Co-Applicant.
• Latest salary slips for the last six months
• Form-16 issued by the current employer.
• Bank statements for the last 12 months (from which the loan EMI is paid).
• Statement of personal/home loan from current lender.
• Photo of Applicant & Co-Applicant.

*Note: The list of documents required varies from bank-to-bank and financial institutes.

Eligibility For Home Loan Balance Transfer

• For existing loans, there shouldn’t be any default on EMIs.
• At least 12 EMI on existing loan should be paid by the applicant.
• For ready property, registration should be completed.
• For under-construction property, the new lender must approve the project.

*Should have a good credit/loan history.

*Note: Different banks/financial institutes have different eligibility criteria.

Eligibility For Personal Loan Balance Transfer

• For existing loans, there shouldn’t be any default on EMIs.
• At least 12 EMI on existing loan should be paid by the applicant.
• There should be a minimum outstanding loan amount toinitiate the balance transfer process (this varies from bank-to-bank).

*Should have a good credit/loan history.

*Note: Different banks/financial institutes have different eligibility criteria.

What Are The Benefits of Balance Transfer?

• Better rate of interest compared to the current lender.
• Longer tenure on home and personal loan compared to the current lender.
• Top-up loan facility, wherein the banks/financial institutes can offer the applicant additional credit.
• Reduced monthly EMI.

In today’s time, switching home/personal loan balance to another financial provider has become straightforward with no penalty. As such, we can help speed up the process, ensuring that you get a better deal.

Fill in the enquiry form if you have queries, and one of our team members will get in touch with you!