Balance Transfer Loans

Interest Rates Loan Eligibility Loan Amount and Tenure Fees and other charges Loan Process

  • Comparative Rates: offered by different banks and nbfc to find the most competitive rate 
  • Fixed Vs Floating: Based on risk appetite and market condition
  • Discount and offers: seasonal offers or discounts might lower the effective interest rate
  • Age: Salaried Person – 21 to 60 Years and Self Employed Person – 25 to 65 Years
  • Income Requirements: Minimum monthly income criteria which can vary significantly between lenders
  • Credit Score: A higher credit score (750 above) usually result in better rate of interest and higher eligibility
  • Existing Debts: Assess Debt – to – Income Ratio to ensure you can manage additional debt
  • Loan – to – Value (LTV) ratio to check percentage of property value that can be financed, typically finance up to 75 – 90% of property value. The rest needs to be paid as a Down Payment
  • Tenure Option: Exploring different loan tenures (e.g. 15, 20, 30 years) to estimate equated monthly payments (EMI) based on tenure and Interest rates.
  • Processing Fees: Usually ranges from 0.25 to 1% of loan amount varies from lender to lender and from case to case

The After mentioned details will give a fair idea of fees and other charges                 

  • Administrative charges: Fixed charges that might be applicable.
  • Stamp duty charges: 0.5% of the loan amount
  • Legal and Technical fees: charges for property verification and legal checks
  • Loan agreement fees: rs 300/- stamp duty

Documents Required

Balance Transfer Loans or refinance

We at RL Finservices, Understand you buy your home according to your needs and priorities.We are one stop solution for all your Balance Transfer Loan needs.

KYC Documents
  • Pan Card
  •  Aadhaar
  • Valid Passport,Driving License
  • Comparative Rates: offered by different banks and nbfc to find the most competitive rate 
  • Fixed Vs Floating: Based on risk appetite and market condition
  • Discount and offers: seasonal offers or discounts might lower the effective interest rate
  • Salaried
  1. Last 3 months’ Salary Slips  
  2. Last 6 months’ Bank Statements, showing salary credits
  3. Latest Form-16 and IT returns     
  • Self Employed 
  1. Income Tax Returns along with computation of income for the last 3 Assessment Years (of both the individual and the business entity and attested by a CA)
  2. Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA)
  3. Last 6 months’ Current A/c Statements of the business entity and Savings Account Statements of the individual
  • New Home Loan Purchase

Cost Breakup, Sale Agreement, Own contribution Proof, Demand Letter, NOC from Builder, NOC from Funding Institution(if applicable)

  • Resale Home Loan Purchase
  1. Title Deeds including previous chain of the property documents
  2. Khatha, Taxpaid Receipts, Uptodate EC, NO Dues and NOC from Association
  3. Receipt/(s) of initial payment/(s) made to the seller
  4. Copy of the agreement to sell (if already executed)

If the Property is Under the loan then A letter on the letter head of the existing lender stating the list of property documents held by them

Latest outstanding balance letter from your existing financial institution on their letter head,Photocopy of the property documents (including Own Contribution Proof)

  • Salaried
  1. Own Contribution Proof
  2. Employment Contract / Appointment Letter in case current employment is less than year old.
  3. Last 6 months’ Bank Statements showing repayment of any ongoing loans
  4. Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across.
  • processing fee payment
  1. Self Employed
  2. Own Contribution Proof  
  3. Last 6 months’ Bank Statements showing repayment of any ongoing loans
  4. Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across.
  5. processing fee payment
  6. Business Profile
  7. Latest Form 26 AS
  8. List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
  9. Memorandum and Articles of Association of the Company
  10. Partnership deed in case of the business entity being a partnership firm

Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.

 

Kindly note all and additional documents required are at the Lenders (Banks and NBFCs) discretion

Unlock the door to your dream home with our competitive home loan rates. Apply now and experience seamless, personalized service every step of the way!”. Contact us via WhatsApp, call, or fill out the inquiry form to get started today!”


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