123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

What Are The Documents Required For Home Loan Transfer?

Profile Picture
By Author: Aishwarya Mahurkar
Total Articles: 33
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Most housing loan borrowers receive a lot of transfer offers. If any offer is profitable enough, several borrowers want to use it to their advantage. Documentation for these loans is not easy. You must remember these three basic principles while considering the documents required for home loan balance transfer.

• Documents must aid your application:


You need to submit several documents related to your personal finances. These documents are vital for loan approval. For the most part, borrowers opting for home loan transfer believe consistent and clean repayment record is sufficient. It is very important part. However, you cannot underestimate the importance of loan eligibility. It will depend on your income, other loans, assets and liabilities, professional demand, etc. Therefore, you need to ensure that documents for home loan transfer, which are similar to ones you present with housing loan application, assists you through loan eligibility and approval process.


• Documents required will vary with each lender:


Documents required for home loan balance transfer are not same ...
... for all housing finance companies in India. Each organization has a different way of evaluating borrowers, their repayment ability and their credibility. For most part, basic documents required will be identification proof, address proof, and income proof. However, at times, they won’t be sufficient. You may need to submit additional documents to establish your repayment ability.


• NOC is a must:


A No Objection Certificate from your current lender is compulsory. You will need to obtain it. If you have not missed an EMI, there should be no problem getting NOC from your current lender. However, in all fairness, some lenders are not as prompt in providing it.


If you have the documents that will support your eligibility for home loan balance transfer, then you will just need to submit them and you will receive a offer letter soon enough. Here is the list for your reference.


• Personal documents such as Passport size Coloured Photograph, Photo ID Proof (PAN / Passport / Voter ID), Residence Address Proof (Elec. Bill / Tel. Bill / Ration Card), and Latest 6 Months Bank Statements reflecting Salary Credits

• Income documents such as Copy of Appointment / Relieving Letters for Last 2 to 3 years, Copy of Form 16 for Last 2 Years, Copy of Three Months Salary Slips attested by H.R Department, andcopy of Degree Certificate for Professionals


• Property documents such as Copy of Sale Agreement / Draft Sale Agreement or Copy of Allotment Letter from Builder, Copy of Stamp Duty Receipt, Copy of Registration Receipt, Copy of Building Sanction Plans, etc.


You will need to submit additional documents. However, they will be based on your credibility and repayment ability as per these documents. So, make the best impression possible.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the home loan balance transfer and the home loan transfersector.

Total Views: 444Word Count: 479See All articles From Author

Add Comment

Investing / Finance Articles

1. Top 5 Loan Secrets For Women Entrepreneurs
Author: Mpower Credcure Team

2. Mastering Currency Trading: Strategies For Profitable Returns
Author: hoardingonrent

3. Unlock The Secrets Of Itin Application: Your Guide To Obtaining An Itin Number For Non-us Citizens
Author: itin.support

4. Simplify Your Itin Application Process And Save With Our New Year Discount
Author: itin.support

5. Paystand Named Winner Of Fintech Breakthrough Award For Defi Innovation
Author: Orson Amiri

6. How To Sell Usdt In Dubai: A Comprehensive Guide
Author: cryptodubaiotc

7. Navigating The European Crypto Landscape: A Guide To Buying Usdt In Europe
Author: cryptoeuropeotc

8. Exploring The Rise Of Usdt Otc In Dubai: A Hub For Crypto Investors
Author: cryptodubaiotc

9. Explorez En Toute Sérénité Avec Un Guide Compétent : Voyage Privé En Inde
Author: Voyage en Inde en 2024

10. Mastering The Art Of Profitable Trading: Strategies And Tips
Author: hoardingonrent

11. Take Profit Order - A Quick Review And How It Works?
Author: Growlonix

12. Federal Interest Rate And Forex Market
Author: Shyamkumar

13. How Does A Loan Against Mutual Funds Help A Financial Emergency?
Author: Abhi

14. Crypto Trading Signals – A Better Opportunity To Trade Like A Pro In 2024
Author: Growlonix

15. How To Check Loans Using A Pan Card
Author: Loanswale

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: