Home Loan Balance Transfer (HLBT) is a facility under which you can transfer your home loan from your existing lender to another commercial bank or other approved lender. HLBT offers the customer the facility to move to a lender that offers lower interest rates.
Since the principal size for home loans is fairly large, running into several lakhs of rupees, and sometimes even crores, a difference of even a few percentage points in the home loan rate can make a huge difference to the total interest paid by the customer. Union Bank of India (UBI) offers one of the lowest interest rates on HLBT starting at 8.25%. Apply for Home Loan Balance Transfer at Finserv MARKETS today!
Union Bank home loan balance transfer interest rates are among the lowest in India, starting from as low as 8.25%.
There is no prepayment penalty with Union Bank's HLBT facility. This means that not only do you enjoy the lowest cost of borrowing with low Union Bank home loan balance transfer interest rates, but you can also reduce the tenure of your loan in case you wish to pay off your loan earlier than scheduled and save yourself additional interest payments.
Enjoy complete peace of mind with a flexible repayment period ranging from 12 to 360 months that allows you to repay the house loan at your own pace.
UBI’s HLBT transfer process is simple and hassle-free that requires minimum documentation. You can focus on building your dream home while the bank takes care of the paperwork involved in transferring your loan.
With Union Bank of India’s Home Loan Balance Transfer, what you see is what you get. There is complete transparency and no hidden charges.
Union Bank Home Loan Transfer Rates are customized to meet the needs of different customers. There are two main slabs for Union Bank home loan balance transfer interest rates:
8.25% p.a. onwards
8.25% p.a. onwards
Within each bracket, the interest rate varies with the credit risk of the customer.
To be eligible for Union Bank’s HLBT facility, the applicant must be between 18-75 years of age. Additionally, the income of the applicant must be above Rs. 15,000 per month in case of salaried applicants and minimum profit after tax (PAT) must be more than Rs. 12,500 per month in the case of self-employed applicants.
Applying for Union Bank HLBT is simple and hassle-free. All that is required are copies of the following documents:
KYC documents such as Aadhaar Card, PAN Card, Voter ID Card, etc.
Last 12 months’ bank statement.
Form-16/ Proof of Income Tax Returns
Duly Filled Credit information form
Two passport-sized photographs
Salary slip for the last 3 months (salaried applicants only) and Certificate and proof of business existence (self-employed applicants only)
In addition to the above, the following documents relating to your home/property for which the loan has been taken are required:
Title deed/Original Sale Deed/Share Certificate(s) issued by the society (duly registered) and other link parent documents conveying the ownership.
Agreement to sell/Allotment letter.
Copy of approved plan by the local body.
No-Objection Certificate (NOC) from Builder/Developer/Society.
Statutory and regulatory approval of construction of proposed residential units as per state laws.
Not only are Union Bank Home Loan Transfer interest rates among the lowest in the market, but Union Bank also offers low processing fees and complete transparency with additional charges. The bank only charges a processing fee of 0.5% of the loan amount or Rs. 15,000 +GST, whichever is higher.
Yes, one can transfer a loan from one bank to another. This facility is called Home Loan Balance Transfer (HLBT) and is offered by all major banks.
Customers transfer their home loans from an existing bank to another bank that offers a lower rate of interest on the home loan thereby reducing the cost of lending for the borrower. Additionally, other charges such as processing charges are also levied by the banks varying from 0.5% to 1% of the balance amount of the loan. Therefore, the best bank for home loan transfer is the one that offers the lowest rate on interest on your transferred loan as well as the lowest processing charges. Union Bank Home Loan Transfer interest rates are among the lowest in India, starting from 8.25%. Union Bank also offers low processing charges of 0.5% of the balance of the home loan.
Founded in 1919, Union Bank of India is one of the largest government-owned banks in India with a customer base of over 120 million. With 9500 branches in India, it is the fourth-largest bank in India measured by branch network and is ranked among the top 3 Public Sector Banks (PSBs) in India. With over a century of banking expertise and wide coverage, Union Bank Housing Loan transfer interest rates are among the lowest in the country, making it the preferred choice of millions of satisfied customers.