Balance Transfer for Self Employed

A home loan balance transfer is a process by which you can switch your existing home loan including the entire unpaid principal amount to another lender or financial institution for a lower rate of interest. Your previous lender will receive the full unpaid amount, while you continue to repay the loan amount to the new lender at the new rate of interest.

Yes, you can transfer your existing home loan to another financial institution. Most people opt for a home loan balance transfer when they realize that they are paying a higher rate of interest as compared to the market rates.

Well, the process is quite simple. After we receive your completed application form, we would examine all the documentation that you’ve submitted. If everything is in order, we would sanction a certain amount – this would depend on several factors like creditworthiness, amount applied for, value of collateral, etc. In case your application gets rejected, a you will be informed about the same along with the steps to be taken then.

Yes! You can do this by simply logging in to our online Customer Portal. The Provisional Interest Certificate will give you the breakup of the principal and interest of your scheduled EMIs for the complete financial year. This can be used for claiming tax deduction under Section 80C and Section 24 of the Income Tax Act, 1961.

Yes! Your Provisional Income Tax Certificate can change based on certain circumstances like changes in interest rate etc. It does not consider any future changes that may take place on the EMI, Principal or Interest. It is calculated on the “current basis”.

Your EMI is based on the principal amount borrowed and the interest rate charged on it.

If there is an unexpected increase in interest rates, we would do everything in our capacity to make things easier for you. The first step in this process would be to increase your loan tenure within permissible limits. If this doesn’t work, we would then have to increase the EMI. Other options in such a scenario include making a partial prepayment or choosing to make a part-prepay online via our Customer Portal.

Home loan interest rates are reviewed every two months after which, a decision is taken to either change the interest rates or not.

Pre-EMI interest is the interest that you pay on an amount that you’ve borrowed from Finserv Markets. This would commence from the date of your disbursement each month right until your EMI payments begin.

If someone is the co-owner of the property in question, then it would be necessary for that person to be the co-applicant for the home loan. However, if you are the sole owner of the property then any member of your family can be the co-applicant.

Home loans that are sanctioned for properties under construction are disbursed in instalments by Finserv Markets. These disbursements are called part disbursements or subsequent disbursements. To make a part disbursement, you would have to make an online request to Finserv Markets.