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 charges Click here *T&C apply
Who can apply?
The eligibility criteria mainly depends on your employment. Choose the employment type and check your eligibility.
Calculate EMI & Check eligibility
- EMI Calculator
- Eligibility Calculator
₹
5L5Cr
Years
5Y30Y
%
10.50%20%
Your home loan EMI is
Principal amount
Interest amount
₹ 25,00,000
₹-25,00,000
Documents Required
Whatsapp me this document list
For a Home Loan Balance Transfer 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
AadhaarRecommended
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
2 Years Form 16.
6 Month Bank Statement With Salary Credit
Bank statements for the last 6 months and salary slips
Documentation pertaining to the property offered as collateral.
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
Whatsapp me this document list
Our Happy Customers
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Advantages Of Home Loan Balance Transfer
Simple Process
Simple and hassle-free application process
Flexi Tenure
Flexible tenure and repayment options
Dedicated Relationship Manager
Answers any and all queries regarding the loan application process
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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 tax benefit?
Yes, under the Income Tax Act, 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 eligibility again, so the process duration usually ranges from 7 days to 3 weeks.
What is the balance transfer process?
The process for transferring 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.
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 home 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.
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.
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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
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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.
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