In order to encourage more people to invest in houses, there are many tax deductions one can... Read more
Key Features
Interest Rates Starting At
11.00%* p.a
For detailed fees and chargesClick here *T&C apply
Who Can Apply?
The eligibility criteria mainly depends on your employment. Choose the employment type and check your eligibility.
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Documents Required
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For a Home Loan we require certain documents based on profession / occupation of applicant.
KYC Documents
Proof of Identity & Address
Mandatory Documents*
PAN card
Document Proof
Submit any one
Identity
Address
Aadhaar
Driving License
Voter's Identity Card
Passport
Job card issued by NREGA
Utility bills like Telephone Bill / Electricity Bill etc.
Letter issued by the NPR containing details of photo / name
Income Documents
Proof of Income
Mandatory Documents*
PAN card
Document Proof
Submit any one
Identity
Address
For Salaried
Last 3 months salary slips
Form 16
Bank statements from the previous six months and pay stubs
Documentation of the collateralized property
Property Documents
Land & property related documents
Mandatory Documents*
PAN card
Document Proof
Submit any one
Identity
Address
Property-Related Documents
Stamped agreement of the sale / Sales Deed or the letter of Allotment
NOC from the builder / housing society
Possession Certificate
Detailed Construction cost estimation
Bank Account Statement
In case of Constructed Apartment - Occupancy Certificate
Co-applicants
Mandatory Documents*
PAN card
Document Proof
Submit any one
Identity
Address
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Co-applicant can be spouse or any first blood relative like parents, siblings, children who hav attained age of maturity (s.t income-ownership grid)
All co-owners of property should be on loan structure
Friends cannot be co-applicants (allowed only if they are coming in the capacity of Partners / Directors / Shareholder)
Passport Size photographs
Mandatory Documents*
PAN card
Document Proof
Submit any one
Identity
Address
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Read All 
Advantages of Home Loan Balance Transfer
Simple Process
A simple and hassle-free application process
Flexi Tenure
Flexible tenure and repayment options
Dedicated Relationship Manager
A dedicated relationship manager will answer all queries regarding the loan application process
More Home Loan Products
Frequently asked questions
What is a home loan balance transfer?
The process of transferring the existing principal loan amount on your new house to a new bank is called a home loan balance transfer. It is a way of reducing interest rate payments. Balance transfers are recommended during the early years of your home loan tenure if your lender’s interest rate is comparatively higher than others in the market. You can also do a balance transfer to shift between floating and fixed interest rates and get a higher amount with a loan top-up.
Who Can opt for a Home Loan Bank Transfer?
If you’re a loan borrower with an existing home loan from another HFI/bank where you have a good payment track record of at least one year, you can opt for a home loan balance transfer from Piramal Finance.
What are the advantages of a home loan balance transfer?
If you have been regular in your EMI payments and maintain good records with your lender, you stand a chance of resuming your EMI payments with a new bank at a lower interest rate. You also have the added advantage of taking a loan top-up, which is an additional loan amount the new bank will offer which can increase your tenure.
Home Loan Bank Transfer: Does It Avail of Tax Benefit?
Yes, under the Income Tax Act of 1961, the home loan bank transfer scheme entitles you to tax benefits on the interest and principal amounts. Since the benefits fluctuate and change every year, it’s essential to consult our loan counselor for details on the tax benefits that you can get from the home loan transfer.
Is it possible to merge more than two loans?
Yes, with the home loan balance transferred to a new bank, you can combine your other home loan installments as one to avail the benefits of lower interest with the new bank.
How long does a home loan balance transfer take?
The lender will have to assess your home loan eligibility again, so the process duration usually ranges from 7 days to 3 weeks.
What is the balance transfer process?
The process for transferring the balance is simple:
Can I transfer a home loan before full disbursement?
You can switch your home loan to another lender even if it has been partially disbursed. You will be able to transform your partially disbursed into a fully disbursed loan. You can also change your pre-EMI into an EMI
You are also paying a substantial interest rate because, allegedly, it is determined by the standard rate rather than the MCLR or the Marginal Cost of Funds Rate. This must be transformed into an MCLR rate. It is best to switch to the new institution with the entire loan balance if they offer a lower MCLR than the existing bank does since it has a reduced interest rate.
What are the charges to transfer a home loan to Piramal Finance?
You will have to bear a processing fee, a part-payment/ pre-closure charge, and other fees for transferring your home loan to Piramal Finance. You can obtain details about all the charges by clicking here.
Why You Need to Transfer Your Home Loan
Struggling to manage your existing EMI payments? Many people face a new challenge every month to make timely EMI payments, which affects their peace of mind and happiness levels. A balance transfer from your existing loan to one with Piramal Finance can ensure that you remain creditworthy throughout the tenure of your home loan. It can provide peace of mind by helping you navigate through challenging times at a more comfortable pace.
We at Piramal Finance always advise our customers in Bharat to consider the balance transfer fees and processing charges while refinancing their home loans. If you find the interest rate of the other bank, along with the extra charges, to be less and cheaper than your existing loan, it’s your go-to signal to refinance the loan.
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Piramal Capital & Housing Finance Limited, formerly known as Dewan Housing Finance Corporation Ltd.
CIN: U65910MH1984PLC032639
Registered Address: 601, 6th Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, Opp. Fire Station, LBS Marg, Kurla (W) Mumbai MH 400070
The content of this site is copyright-protected and is the property of Piramal capital and housing limited.
I have taken a Piramal Finance loan for my Business expansion, The Sales Team at the Piramal Finance Branch attended to me with a very professional attitude. They answered all my queries and cleared my doubts. Thank you for understanding my needs.
Rajendra Rupchand Rajput