my Home Loan?How to Transfer

STEP 1 You need to submit a letter to your existing lender, requesting for a balance transfer

Existing Bank/ NBFC New Bank/ NBFC

STEP 2Existing lender will give you a letter of consent, a no objection certificate (NOC), a foreclosure letter, a list of property documents (LOD), and a loan statement that shows your EMI payment history

Existing Bank/ NBFC New Bank/ NBFC

STEP 3 Apply to the new lender, and submit all documents that are needed when applyingfor a fresh loan

Existing Bank/ NBFC New Bank/ NBFC

STEP 4 Submit the application form,along with your photographs

Existing Bank/ NBFC New Bank/ NBFC

APPLICATIO

NFO

RM……………….

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STEP 5 Submit an identity proof, a date of birth proof, an address proof, and a signature proof

Existing Bank/ NBFC New Bank/ NBFC

STEP 6Submit documents that prove the ownership of the property for which you are taking the loan

Existing Bank/ NBFC New Bank/ NBFC

OWNERSH

IP

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STEP 7 Submit an NOC from your housing builder/society, along with the documents procured from the first lender

Existing Bank/ NBFC New Bank/ NBFC

STEP 8New financial institution will ask you for proof of income. You will have to show them your salary slips for the last three months and your IT Returns/Form 16 for the last two years

Existing Bank/ NBFC New Bank/ NBFC

SALARY SLIP

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FORM

16……………….

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STEP 9 Provide business continuity proofs if you are a self-employed professional or an appointment letter if you are a salaried individual to the new lender

Existing Bank/ NBFC New Bank/ NBFC

APPOINTMENT

LETTER

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STEP

10Submit bank statements for the last three months

Existing Bank/ NBFC New Bank/ NBFC

BANK

STATEMENT

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STEP 11

New lender will verify all documents, look at your financial history, and evaluate your home loan balance transfer eligibility

Existing Bank/ NBFC New Bank/ NBFC

EVALUATION

STEP 12

If the loan is granted, the new lender will hand over a cheque of the balance principal amount to the old lender. The latter will then transfer all your loan papers to the new firm

Existing Bank/ NBFC New Bank/ NBFC

LOANPAPERS

STEP 13

Your post-dated cheques that lie with the old financial institution will be cancelled

Existing Bank/ NBFC New Bank/ NBFC

CHEQUECANCELLATION

STEP 14

The transfer process will then be complete

Existing Bank/ NBFC New Bank/ NBFC

Home Loan is Transferred