HDFC Home Loan Balance Transfer

Are you thinking of moving your current house loan to a new bank? Look no further than HDFC Bank for a fantastic loan transfer deal! HDFC Housing Loan Transfer allows homeowners to seamlessly transfer their existing house loans to HDFC Bank, resulting in reduced interest rates and better service terms. This option aims to relieve customers' financial stress by offering affordable interest rates and flexible repayment options. HDFC assists at every stage of the transfer procedure, beginning with the permission application. Customers can also get additional top-up loans at low interest rates during the transfer. This housing loan transfer to HDFC Bank is ideal for people looking to lower their monthly payments or shorten their loan term, making it a sound financial decision.

HDFC Home Loan Balance Transfer Highlights 

Here are some key highlights of the HDFC Bank Home Loan balance transfer:

HDFC Home Loan Transfer Features and Benefits

HDFC Home Loan Transfer offers several features and benefits designed to make refinancing an existing mortgage both appealing and beneficial for homeowners:

• HDFC provides competitive interest rates that can reduce monthly payments and offer long-term savings.
• Loan repayment periods can be extended up to 30 years, providing financial flexibility.
• Adding an earning co-applicant can increase the eligible loan amount, which is useful for larger expenses or property costs.
• Various repayment options are available to suit different financial situations and help manage cash flow effectively.
• Apart from transferring an existing loan, you can also apply for a top-up loan for additional personal or professional needs.
• The transfer process is streamlined with simplified documentation, making it quicker and easier.
• Services are specifically tailored for both salaried and self-employed individuals, addressing the unique needs of different professions.
• HDFC is transparent about all fees and charges, ensuring there are no unexpected costs.
• A wide network of branches makes it easy to access services and get assistance.
• Loans and payments can be managed through HDFC’s easy-to-use online platforms, allowing convenient tracking of loan details.

Eligibility Criteria for HDFC Home Loan Transfer

The eligibility criteria for HDFC Bank Home Loan transfer is designed to assess the borrower’s repayment capacity and financial stability. Here are the key factors considered for the HDFC Home Loan takeover:

• Credit Score: A score of 750+ is preferred for approval.
• Age Limit: Applicants must be 18 to 70 years old at loan maturity.
• Employment: Open to both salaried and self-employed individuals, including professionals like doctors and lawyers.
• Nationality: Must be a resident of India.
• Loan Duration: Available for up to 30 years.
• Co-applicants: Adding an earning family member can increase loan eligibility. All property owners must be loan applicants.
• Loan Amount:

1. Up to 90% financing for properties costing up to ₹30 lakhs.
2. Up to 80% for properties between ₹30.01 lakhs to ₹75 lakhs.
3. Up to 75% for properties over ₹75 lakhs.

Documents required for Home Loan Balance Transfer to HDFC

When transferring your home loan balance to HDFC, you’ll need to prepare a set of documents to support your application. Here’s a list of the common documents required for the process:

• Personal Identification: Provide a PAN card or Form 60 if no PAN is available.
• Proof of Identity and Address: Submit any one of the following:

1. Valid passport
2. Unexpired driving licence
3. Voter ID card
4. NREGA job card signed by a state officer
5. Letter from the National Population Register
6. Aadhaar card (optional)

If the applicant’s name changes, supporting documentation like a marriage certificate is required.

• Financial Documents:

1. Salaried: Last three months’ salary slips, six months’ bank statements showing salary, recent Form-16, and tax returns.
2. Self-Employed: Last two years’ tax returns and financial statements (balance sheets, profit and loss accounts) certified by a chartered accountant.

• Additional Requirements:

1. A letter from the current lender detailing the property documents that have been held.
2. Recent statement showing the current outstanding balance.
3. Photocopies of property documents.
4. Proof of personal contributions towards the property.

• Application Formalities:

1. Attach recent photos of all applicants to the form.
2. Cheque for processing fees payable to HDFC Bank Ltd.

HDFC Home Loan Transfer Fees and Charges

Below are the detailed insights into the HDFC Bank Home Loan transfer charges and fees:

Step-by-Step Process For HDFC Home Loan Transfer

Transferring your house loan to HDFC requires numerous measures to guarantee that everything runs smoothly and quickly. Here’s a step-by-step instruction for the HDFC home loan transfer process:

Step 1: Check your home loan’s current interest rate. Calculate potential savings by transferring to HDFC Bank, which offers a lower rate.

Step 2:Calculate the total cost of transferring the loan, including fees and charges from HDFC Bank.

Step 3: Decide to transfer your loan to HDFC Bank. Consider whether you need to increase the amount on your existing loan to have more financial flexibility.

Step 4: Request a list of all property documents from your present bank. Request a foreclosure letter stating that you are closing your existing loan.

Step 5: Fill out a loan application with HDFC Bank. Provide photocopies of your property paperwork.

Step 6: Wait for the loan approval and sanction letter from HDFC Bank. Accept the terms and sign the new loan agreement.

Step 7: Receive your loan money from HDFC Bank by demand draft or cheque.

Step 8: Collect all of your property documentation from your former bank. To complete the transfer, submit these documents to HDFC Bank.