home loan transfer
Post on 15-Feb-2017
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STEP 1 You need to submit a letter to your existing lender, requesting for a balance transfer
Existing Bank/ NBFC New Bank/ NBFC
STEP 2Existing lender will give you a letter of consent, a no objection certificate (NOC), a foreclosure letter, a list of property documents (LOD), and a loan statement that shows your EMI payment history
Existing Bank/ NBFC New Bank/ NBFC
STEP 3 Apply to the new lender, and submit all documents that are needed when applyingfor a fresh loan
Existing Bank/ NBFC New Bank/ NBFC
STEP 4 Submit the application form,along with your photographs
Existing Bank/ NBFC New Bank/ NBFC
APPLICATIO
NFO
RM……………….
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STEP 5 Submit an identity proof, a date of birth proof, an address proof, and a signature proof
Existing Bank/ NBFC New Bank/ NBFC
STEP 6Submit documents that prove the ownership of the property for which you are taking the loan
Existing Bank/ NBFC New Bank/ NBFC
OWNERSH
IP
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STEP 7 Submit an NOC from your housing builder/society, along with the documents procured from the first lender
Existing Bank/ NBFC New Bank/ NBFC
STEP 8New financial institution will ask you for proof of income. You will have to show them your salary slips for the last three months and your IT Returns/Form 16 for the last two years
Existing Bank/ NBFC New Bank/ NBFC
SALARY SLIP
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FORM
16……………….
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STEP 9 Provide business continuity proofs if you are a self-employed professional or an appointment letter if you are a salaried individual to the new lender
Existing Bank/ NBFC New Bank/ NBFC
APPOINTMENT
LETTER
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STEP
10Submit bank statements for the last three months
Existing Bank/ NBFC New Bank/ NBFC
BANK
STATEMENT
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STEP 11
New lender will verify all documents, look at your financial history, and evaluate your home loan balance transfer eligibility
Existing Bank/ NBFC New Bank/ NBFC
EVALUATION
STEP 12
If the loan is granted, the new lender will hand over a cheque of the balance principal amount to the old lender. The latter will then transfer all your loan papers to the new firm
Existing Bank/ NBFC New Bank/ NBFC
LOANPAPERS
STEP 13
Your post-dated cheques that lie with the old financial institution will be cancelled
Existing Bank/ NBFC New Bank/ NBFC
CHEQUECANCELLATION
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