What Are The Documents Required For Home Loan Transfer?

By Author: Aishwarya Mahurkar
Total Articles: 33
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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.