Balance transfer and top-up
If your current home loan rate is higher than what other banks offer today, a balance transfer can cut your EMI or the number of years you pay. You can also take a top-up on the same property for renovation, business or education.
What you can use it for
- Lower your EMI at a better rate
- Keep the same EMI and finish the loan years earlier
- Take a top-up for renovation, education or business
- Move from a fixed to a floating rate, or the reverse
Who it suits
- Borrowers paying a rate noticeably higher than current offers
- Anyone unhappy with their current bank’s service
- Home owners who need additional funds on the same property
- Borrowers whose income has grown since the first loan
Eligibility
General guidelines. Each bank has its own policy, and we match your profile to the bank most likely to approve it.
| Repayment track | Usually 12 months of regular EMIs on the current loan |
|---|---|
| Credit score | No missed EMIs in the recent past |
| Property | Same property, with documents available from the current bank |
| Income | Current income proof, as for a new loan |
- Statement of the current loan account
- List of documents held by your current bank
- Foreclosure letter from your current bank
- Sanction letter of the existing loan
Questions
How do I know if the switch is worth it?
Use the balance transfer calculator to compare EMIs and total interest after charges. As a rough guide, a gap of 0.5% or more with over 8 to 10 years left usually pays off.
Will my current bank charge me?
Not for a floating-rate loan taken by an individual. Fixed-rate loans may have a charge, which we include in the comparison.
How long does a transfer take?
Usually two to four weeks once the foreclosure letter and documents are in hand.
Other loans
Talk to Mukesh Kumar
Share the property details and your income. You will know your likely eligibility and the right bank in the same call.
