Balance Transfer

Balance Transfer Eligibility Criteria:

Balance transfer can be done of any ongoing loan such as Home Loan, Loan Against Property, Personal Loan And Business Loan.

Balance Transfer eligibility depends upon various factors which are as follows:

1. Income –Your income determines the amount of loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45% to 0.60% of your monthly income. So outstanding amount of ongoing loan must not be more than your current loan eligibility.
2. Tenure –The longer tenure you opt for, the more is your loan eligibility and the lesser is your EMI. Maximum tenure is 20 years.
3. Age – Your age will determine your home loan tenure and hence your eligibility. Maximum age to be considered for salaried is 60 years and for self employed is 75 yrs.
4. Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. Lower the interest rate more is the loan eligibity and higher the interest rate less is the loan eligibity.
5. CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan. (Credit score must be above 650).There must not be any type of default in ongoing loans.

Bank wise Rate of Interest for Balance Transfer

Documents required for salaried Balance Transfer :

1. Application Form:Signed with photograph pasted (applicant and co applicant)
2. Identity Proof: PAN card, Passport, Driving License, Aadhar Card, Voter id, (applicant and co applicant) (Any One)
3. Address Proof: Aadhar card, Passport, Driving License, Election ID card, Rent Agreement, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) (applicant and co applicant) (Any One)
4. Income Proof: Form 16, Latest 6 month’s salary slip, Last 6 month’s Bank Statement
5. Stability Proof: Job stability proof must be of 2 years
6. Property Documents: Cc copy, Development Agreement, Chain Agreement, Conveyance Deed, Sale Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.
7. Ongoing Loan Documents: List of Documents (LOD), Outstanding Letter and Repayment Track Record of 1 year.

Documents Required for self employed balance transfer:

1. Application Form: Application Form: Signed with photograph pasted (applicant and co applicant)
2. Identity Proof: PAN card, Passport, Driving License, Aadhar Card, Voter id, (applicant and co applicant) (Any One)
3. Address Proof: Aadhar card, Passport, Driving License, Election ID card, Rent Agreement, Electricity/ Telephone/ Mobile bill/ Bank Statement (not more than 3 months old) (applicant and co applicant)(Any One)
4. Business Address Proof: Address on current account, Rent Agreement, Ghumasta License, Aadhar Udyog, Electricity Bill (Any One)
5. Business License: Ghumasta License, GST Certificate, Government License.
6. Income Proof: last 3 years ITR with CA attested,1 year Bank Statement of current and saving account
7. Stability Proof: Business stability proof must be of 3 years
8. Property Documents: Cc copy, Development Agreement, Chain Agreement, Conveyance Deed, Sales Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.
9. Ongoing Loan Documents: List of Documents (LOD), Outstanding Letter and Repayment track Record of 1 year.