In order to get your Home Loan balance transferred to some other lender, you will need to satisfy the conditions laid out by these institutions. You can learn more about the home loan eligibility criteria and use the home loan balance transfer eligibility calculator here.
Below mentioned is the list of Eligibility Criteria for Home Loan Balance Transfer:
You must be a citizen residing in India
You must have a minimum of 3 years of experience
Individuals between the age of 23 to 70 years can apply for a Home Loan – Balance Transfer.
Based on your city of residence, to get a home loan, your salary should be the following -
Minimum Salary – Rs. 30,000; Cities - Delhi, Gurugram, Faridabad, Greater Noida, Noida, Ghaziabad, Mumbai, Thane, and Navi Mumbai.
Minimum Salary – Rs. 25,000: Cities- Bangalore, Pune, Hyderabad, Chennai, Ahmedabad, Kolkata, Jaipur, Chandigarh, Coimbatore, Nagpur, Surat, Cochin, Baroda, Indore, Vizag, Nasik, Aurangabad and Lucknow.
The minimum value of your property should be as follows:
40 Lakhs - Mumbai and Delhi (excluding NCR).
30 Lakhs - Bangalore, Pune, Hyderabad, Chennai, Thane, Navi Mumbai and NCR (Faridabad, Gurgaon, Ghaziabad, Noida, Greater Noida).
20 Lakhs - Kolkata, Ahmedabad, Chandigarh, Cochin, Coimbatore, Indore, Jaipur, Nagpur, Surat, Baroda, Nashik and Vijayawada.
15 Lakhs - Aurangabad, Vizag and Lucknow.
In the case of salaried individuals, they must furnish their latest salary slips going back at least 3 months or Form 16.
In the case of self-employed individuals, the applicant must furnish their audited profit and loss statements.
Last 6 months bank account statements
PAN Card/Aadhaar Card
If you think that you tick off all of the checklist items that you need to with regards to a home loan balance transfer facility, you can apply for Home Loan Balance Transfer at Finserv MARKETS.