Home Loan Transfer to HDFC
HDFC home loan balance transfer provides you with an opportunity to move your expensive loan to an attractive and affordable interest rate of 6.80% p.a. onwards. Since home loans are a long-term commitment, switching to lower interest rate reduces the equated monthly instalment (EMI) amount and eventually the total cost of the loan.
In case you have chosen a lender that charges a high interest rate, transfer your loan to HDFC for lower rates (and 0% processing fees, if you're eligible). You can also bag an additional top-up loan of up to Rs. 50 lakh.
HDFC Home Loan comes with a lot of benefits for the borrower. You can avail affordable home loans anywhere in the country and also can get the repayment options tailored as per your needs.
HDFC Balance Transfer Interest Rates
Particulars | Salaried | Self-employed Professionals | Self-employed Non-professionals |
Special Housing Loan Rates | 8.70% p.a. to 9.55% p.a. | 8.70% p.a. to 9.55% p.a. | 8.70% p.a. to 9.55% p.a. |
Standard Balance Transfer Loan Rates | 9.40% p.a. to 9.95% p.a. | 9.40% p.a. to 9.95% p.a. | 9.40% p.a. to 9.95% p.a. |
*All loans at the sole discretion of HDFC Ltd.
Additional charges & Fees
Other Charges and Fees | |
Delayed Payments Charges | Maximum of 18% p.a. of the overdue EMI amount. |
Payment Return Charges | Rs.450 |
Repayment Schedule Charges | Rs.50 for every instance |
Repayment Mode Change Charges | Rs.500 |
CERSAI Charges | Rs.100 |
For the full list of charges associated with your home loan from HDFC, visit their website. | |
Process For Home Loan Takeover
The process that must be followed to transfer the home loan to another bank is mentioned below:
- Check the present rate and calculate the interest savings.
- Calculate approximate cost on account of different fees and charges.
- Choose the bank you want to transfer the loan to and decide if you wish to go for a top-up.
- Obtain the list of the property documents deposited with the current bank. Also, get the foreclosure letter from your current bank.
- Apply for the loan with the new bank and submit all the photocopy of the property documents.
- Obtain the sanction letter and initiate a new loan agreement.
- Avail the disbursement from the new bank by demand draft or Cheque.
- Obtain all property documents from the previous bank and deposit them to the new bank.
Features of HDFC Home Loan Balance Transfer For Salaried Individuals
The main features of the HDFC Home Loan Balance Transfer for salaried individuals are mentioned below:
- You can transfer your outstanding home loan availed from another bank or a lender to HDFC.
- If needed, you could take a top-up loan with HDFC up to Rs.50 lakh.
- Low interest rates mean lower EMIs, making the home loan more affordable.
- Enjoy customized repayment options that suit your requirement.
- No hidden charges associated with HDFC home loan balance transfer.
- HDFC's wide branch network provides loan-related services across the country.
- For Indian Army's employees, HDFC has a special arrangement with the Army Group Insurance Fund (AGIF).
Features of HDFC Home Loan Balance Transfer For Self Employed
The main features of the HDFC Home Loan Balance Transfer for self-employed individuals are mentioned below:
- Transfer your housing loan balance to HDFC to enjoy lower interest rates.
- Receive a top-up loan of up to Rs.50 lakh.
- Enjoy flexible and customized repayment options suiting your requirements.
- No hidden charges for this loan.
- The home loan schemes are innovative.
- Enjoy doorstep assistance with home loan.
- HDFC's all-India network helps you avail loan-related services easily.
Features of HDFC Home Loan Balance Transfer For Salaried NRIs
The main features of the HDFC Home Loan Balance Transfer for salaried NRIs are mentioned below:
- Enjoy lucrative rates of interest with the home loans.
- No hidden charges with the HDFC Home Loan Balance Transfer.
- Loans can be availed by individuals employed in Merchant Navy.
- Home Loan advisory services can be availed with this product.
Documents For HDFC Bank Balance Transfer Home Loan
The following documents are required for HDFC home loan transfer.
- Copy of all property documents including Own Contribution proof
- Latest outstanding balance letter from the existing loan provider on their letterhead
- A letter by the existing lender on their letterhead quoting the list of property documents held by them.
- Identity proof and proof of address for KYC. PAN is a must for KYC.
- Income proof, which can be either last 3 months' salary slips, last 6 months' bank statements or latest Form 16 or I-T returns.
- Do enquire with HDFC about the complete list of documents to be presented before applying for home loan transfer.
FAQs on HDFC Home Loan Balance Transfer
- Can I transfer my home loan to another bank?
Yes, you can. Normally, home loans are transferred by borrowers seeking lower interest rates and charges. A lower rate implies lower EMIs and higher interest savings in the long run. Examine the list of banks offering loans at lower rates, compare your options, and also assess your eligibility for those loans.
- How can I transfer my home loan to HDFC?
You will have to first check if you meet the bank's eligibility criteria. If you do, you will have to initiate the application process and arrange the documents as required by the bank to begin the transfer process.
- What is the benefit of a home loan transfer?
A home loan transfer will help you repay your loan at a lower interest rate, thus reducing your EMI or loan tenure, and ensuring greater savings through your loan tenure.
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