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How to transfer your home loan? April 7, 2018

Real Estate

home loan balance transfer, home loan transfer

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Srishti Chandola

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The borrower can certainly shift the house loan to any other lender who is willing to help with better interest rates. At times, an applicant for the home loan may also expect to increase the tenure of the loan due to numerous reasons. A customer may want to transfer the loan if she or he wants to top-up the present loan and the present lender isn’t willing to proffer the same.

What is the process for transferring the home loan?

For the transfer of the home loan, the present lender requires being paid first before releasing the original documents of the property. The new lenders, however, will not issue the cheque unless one receives the original documents for the property. Thus, how does one do resolve this catch22 situation? A borrower can request her/his existing lender, to issue the letter to a prospective lender. The letter should certainly mention the list of the documents related to property lying with recent lender, outstanding loan amount and undertake the bank will hand over property documents to a prospective lender on the payments of the outstanding amount.

Also, the new lender will carry out the due diligence check on the customer and property to assess title of property as well as the repayment capabilities and the track record of the borrower.

The new lender may willingly not be to transfer the loan unless and until you have good repayment history as well as the credit report is good as well.

What are the charges involved in transferring the home loan?

For shifting the home loan from the lender to another, you may actually have to pay for the charges to both the lenders.

The present bank may levy the prepayment charges on loan. The housing finance and banks organizations are not really allowed to levy any of the prepayment charges on the floating rate

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home loans. Even in the case of the fixed rate home loans, the residential finance companies can’t levy the penalty if the borrower prepays the loan out of his or her own funds other than the borrowing from any of the financial institution.

Also, the borrower may have to pay proceeding charges to a new lender. This might vary from 0.2% to 0.75%, from one to another lender and depends on the profile of the applicant. At times, the banks may also waive the transfer charge a nominal amount.

The applicant should remember that processing fee that is payable to the bank is negotiable and consequently, they bargain to minimize the amount or maybe waiver off the transfer processing fee.

Though new lender may not charge anything for processing of balance transfer application, you may have to pay registration charges and the stamp duty for a mortgage. Also, one may have to pay valuation charges, if the bank takes the decision to go for the fresh valuation of property, either for top-up loans or where the property isn’t approved by the lender.

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