If you wish to transfer your home loan balance or need a top-up on an existing one, then head to Finserv MARKETS today! Smooth online process, minimal documentation, & flexible repayment tenure, what else could you ask for.
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Why choose Finserv MARKETS for Home Loan Balance Transfer?
Features and Benefits of Home Loan Balance Transfer
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Balance Transfer Facility
Transfer your home loan balance to Finserv MARKETS now. That too at lower interest rates and minimal documentation.
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Flexible Repayment Tenure
Repay your loan over a flexible reapayment tenure ranging up to 360 months.
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Loan Top-Up Facility
You can avail a top-up facility along with balance transfer option. No extra documentation is needed.
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Customized Insurance Schemes
With customized insurance plans from us, you needn't worry about your family paying your home loan debt in your absence!
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Financial Fitness Advice
Get your financial fitness report and related-information upon transferring your home loan balance to us!
How it works
Need a home loan balance transfer? Follow the steps below:
All we need from you for Home Loan Transfer
- You must be a citizen residing in India
- You must have at least 3 years of experience.
- Individuals between the age of 23 to 70 are eligible and can apply for a Home Loan.
- KYC Documents
- Address Proof
- Identity Proof
- Form 16 or your latest salary slip
- 3 months bank account statement
Home Loan Balance Transfer
A home loan is a major commitment in one’s life and you need to plan your finances effectively to honour this commitment. With interest rates ranging from or even more, the repayment of home loans causes a big outflow from your monthly earnings. Before it becomes a huge burden, you must look for ways to reduce or efficiently manage your EMIs. In other words, you must explore alternative ways to save money.
The first step that you can probably take is to negotiate further with your bank to reduce the interest rate or to shift the outstanding portion of your home loan to another bank/financial institution, which offers you better terms. This transfer of your loan to the other bank for better interest rates and offers is called refinancing or ’home loan balance transfer.’ This facility allows you to move conveniently from a higher interest rate to a lower interest rate home loan, thus saving a considerable amount of money.
Also read about mudra loan
Home loan transfer with Finserv MARKETS is fast, easy, convenient and comes with minimal documentation.
How should you apply for a home loan balance transfer on Finserv MARKETS ?
Here is a glimpse of the process:
Step 1:
Provide your personal, financial. and employment details
Step 2:
Enter your required loan amount and details of the existing property
Step 3:
You will finally get to know the loan eligibility amount
Step 4:
Submit your property loan document
Step 5:
Pay the secure fee online
Upload all your documents such as identity proof, address proof, photographs, income proof, and signature proof on our website. What’s next? Congratulations! Your loan amount will be disbursed and credited to your bank account most verification and approval of your application
Manage all your queries here
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✔️Is it mandatory to have a co-applicant when applying for a Home Loan? If yes, who can be a co-applicant for my Home Loan?
It is not mandatory to have a co-applicant. If someone is the co-owner of the property in question, it is necessary that he/she also be the co-applicant for the Home Loan. If you are the sole owner of the property, any member of your immediate family can be your co-applicant. -
✔️How do I update my new postal mailing address?
If your new mailing address is the same for which the home loan balance transfer has been taken, you may change the address by logging in to our Customer Portal. If your new mailing address is not the one for which the loan has been taken, you will need to visit us in person at your nearest branch along with an original and self-attested copy of your new address proof and photo identity. For the list of documents, we accept Proof of new residence for verification purposes. -
✔️How do I update my mobile number and the email address registered under my Home Loan account?
You can update your mobile number and email address by logging in to our Customer Portal. -
✔️Is Provisional Interest Certificate provided to the customer?
Provisional Interest Certificate gives the Principal and Interest breakup for the scheduled EMI for a complete Financial Year i.e. from April to March. This calculation can be used for claiming the Income Tax rebates in appropriate cases under Section 80C as well as Section 24 of the Income Tax Act. The calculations are based upon Current Principal Balances, Current ROI and Current EMI along with any changes recorded in the Current Financial Year. Any change that may happen before the end of the Financial Year will alter the calculation and the figures. You can get this by logging in to our Customer Portal. -
✔️Does the Income Tax certificate change when rates change?
The Provisional Income Tax Certificate can change under certain circumstances like change in Interest Rate. The projection is calculated on “as is” basis and does not consider any future change that may happen either on the balance transfer home loan Interest, EMI or the principal. -
✔️How will my Equated Monthly Instalment (EMI) be calculated?
Your online home loan balance transfer EMI consists of two parts—paying back the principal amount you borrowed, plus the interest rates charged ‘on’ it. Three factors come into the equation—how much you borrowed, the rate of interest, and the loan tenure. There are ways to bring your EMI down: for one, it drops automatically if there is a drop in the interest rates, or if you pay back more than you need to (called a ‘partial prepayment’). -
✔️What are my different options for making my EMI payments?
There are two ways of going about this: 1. An Electronic Clearing Service (ECS) is an easy and convenient option, available exclusively to those that have a bank account. Your easy EMIs get auto debited out automatically from your account every month, at a specified date. 2. With us, you may also choose to hand in a fresh set of Post-Dated Cheques (PDCs) ahead of time, from any bank account. Note that this is only for those customers in non-ECS locations. ECS is the preferred mode, as it’s faster and there are no chances of errors. Plus, there’s no hassle of replacing PDCs when the EMI changes, or when they run out. -
✔️How is my Home Loan EMI calculated?
This is done basis the loan amount, repayment tenure and interest rate that is charged. For more information on this, use the monthly EMI calculator on our Home Loan Balance Transfer EMI Calculator page. -
✔️How do I check my eligibility?
Visit the Balance Transfer Eligibility Criteria page, fill in the details and calculate your loan eligibility. -
✔️How can I change the EMI payment amount during the life of a home loan (either balance transfer or top up)?
You can choose to pay your EMIs by electronic methods (ECS), by handing in post-dated cheques, or through direct payments. Going in for the ECS option, you’ll need to pay the revised amount from the subsequent month; you’ll be paying the differential amount separately, during the current month. If you’re going with the PDCs, you’ll need to completely replace your old cheques. You can also choose to increase the EMI amount whenever you choose to during the loan tenure, which will result in reducing the loan balance transfer tenure. To avail this option just logon to our Customer Portal. -
✔️What is negative amortization?
When interest rates go up, the interest component of an EMI also goes up. The EMI is kept constant as explained in the previous section, which results in a lower principal component. If the rates move up continuously, then there might be a situation where the interest Component becomes more than the EMI. In such a situation, principal component (EMI minus interest component) gives a negative figure. Consequently, the outstanding balance, instead of being reduced from the opening principal with the principal component, gets increased with the negative principal component. This is commonly referred to as negative amortization. A loan where the amortization is negative does not get repaid, ever since the regular payments are insufficient to cover the interest component. The unpaid interest gets added to the principal and makes it grow. The situation gets reversed only when interest rates start falling. The customer does part-prepayment or increases the EMI. -
✔️How does any rate change impact the home loan amortization schedule?
In case of a home loan with variable rate, the interest rate used to calculate the interest component is subject to variation. When rates change, one of the following changes can be done to a loan: 1. The term of the Loan is extended (when rates go up) or contracted (when rates go down). 2. The Instalment (EMI) amount is reset (increased in case rates go up & reduced in case rates come down). 3.As a practice, the term of the home loan is extended since the self-employed customer, might have given PDC’s and it would be difficult to replace them on every rate change. However, in case of under construction properties, the Pre-EMI amount is increased by default. -
✔️Is there any early warning mechanism before negative amortization?
In case the latest interest rate component exceeds 85% of the EMI amount at any time, it should be a warning to the customer. This will ensure that variation in interest rates does not cause any inconvenience. -
✔️On what basis does the internal floating reference rate change?
Internal floating reference rate is the benchmark reference rate. This is determined on the basis of market conditions and the cost of funds for the company. These changes depend on various external factors and economic conditions. -
✔️How often do home loan balance transfer interest rates change?
As per our re-pricing policy, home loan interest rates are reviewed every 2 months and a decision is taken whether to change the interest rates or keep that unchanged. -
✔️Do you pro-actively do downward re-pricing?
This is a bi-annual exercise that is yet another an industry first for any NBFC in the country. As a goodwill gesture and to maintain transparency with our valued, existing self-employed customers, we ensure through our pro-active downward re-pricing strategy, that none of our existing customers are more than 100 basic points over and above the last 3 months average sourcing rate. If customers are higher than 100 bps from our last 3 months average sourcing rate, we carry out downward re-pricing of the rate of interest for them. This brings them to maximum 100 bps above the last 3 months average sourcing rate. -
✔️What is part disbursement of home loan with balance transfer facility?
Balance transfer home loans sanctioned for under construction property is disbursed in instalments by us. These disbursements made in instalments are called part / subsequent disbursement.
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✔️How do I take my next part disbursement?
You will need to submit online request for part disbursement along with the following documents. 1. Scanned copy of demand letter from the builder. 2. Receipt of last payment made to the developer.
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✔️Is there any CIBIL impact if I foreclose my Balance Transfer Home Loan?
No, foreclosure of your loan will have no impact on your CIBIL score. Once the loan is foreclosed the same would be reported to CIBIL as ‘Closed’ and it would have no impact on your CIBIL Score. -
✔️What is Pre-EMI interest?
Pre-EMI interest is the interest that you need to pay on the amount you borrow. Commencing from the date of each disbursement, you can pay each month, until EMI payments start. -
✔️What should be my salary based on the city of my residence?
Based on your city of residence, your home loan balance transfer eligibility depends on your salary. This should be the following - (1). Minimum Salary; Rs. 30,000 - For Delhi, Gurugram, Faridabad, Greater Noida, Noida, Ghaziabad, Mumbai, Thane, and Navi Mumbai. (2). Minimum Salary; Rs. 25,000 - For Bangalore, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata, Jaipur, Chandigarh, Coimbatore, Nagpur, Surat, Cochin, Baroda, Indore, Vizag, Nasik, Aurangabad and Lucknow. -
✔️What should be my minimum property value based on the city of my residence?
The minimum value of your property should be as follows: (1). 40 Lakhs - For Mumbai, Delhi (excluding NCR). (2). 30 Lakhs - For Bangalore, Pune, Hyderabad, Chennai, Thane, Navi Mumbai, NCR (Faridabad, Gurgaon, Ghaziabad, Noida and Greater Noida.) (3). 20 Lakhs - For Kolkata, Ahmedabad, Chandigarh, Cochin, Coimbatore, Indore, Jaipur, Nagpur, Surat, Baroda, Nashik and Vijayawada. (4). 15 Lakhs - For Aurangabad, Vizag and Lucknow. -
✔️What is the TAT (Turn Around Time) for Foreclosure Statement?
The TAT for issuance foreclosure statement is typically 7 working days. -
✔️Glossary of terms.
1) Floating Reference Rate – It is a benchmark rate used by Financial Institutions to determine effective interest rates on loans. 2) Outstanding Principal – Principal amount which reduces every month in line with amortization/repayment schedule. It is called as Principal Outstanding (POS). 3) Sanctioned Limit – Sanctioned loan amount is referred as Sanctioned Limit for flexi facilities wherein customers can prepay or withdraw anytime to the extent of available limit. 4) Floating Rate – A floating interest rate is an interest rate that moves up and down according to the rise or fall in the market interest rates. 5) Fixed Rate - A fixed rate is an interest rate that is set to remain the same for the term of a loan.
