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BEST FOR

Lower EMIs and greater savings

  • Quick and hassle-free online application

  • Long repayment tenures and reduced EMIs

  • Apply and track seamlessly

  • Specialised NRI desk for faster processing

  • Disbursement without visiting India through Power of Attorney

About Balance Transfer Loan

What is Balance Transfer Loan and how does it work?

Balance Transfer Loan is the process of transferring your existing loan to another lender, generally to get better terms like a lower interest rate, long tenure, or top up on your outstanding loan for higher loan amount

How can I transfer my Home Loan balance to another lender?

You can transfer your Home Loan balance by applying with the new lender, providing your loan details, and completing the documentation process. The new lender will settle the outstanding amount with your current lender and take over the loan.

What are the benefits of a Balance Transfer Loan?

Benefits include a attractive interest rate, long tenure or top up on your existing loan for higher loan amount

How does Balance Transfer Loan affect my loan tenure and EMI?

Depending on the new terms, the loan tenure may be extended to reduce EMIs, or you could opt for a shorter tenure to pay off the loan faster. The EMI amount will depend on the new interest rate and tenure.

Customers from which countries are required to submit overseas credit report?

An Overseas Credit Report ( not older than 45 days )must be submitted for NRI/OCI customers belonging to USA, UK, Hong Kong, Singapore, UAE, Australia, New Zealand, Canada, Bahrain, Qatar, Kuwait, Malaysia, Saudi Arabia, Ireland, South Africa, Oman. For other countries, it is not mandatory.

What documents are required to apply for the loan?

Type of document

Salaried 

Self-employed

Application form with passport size photo 

Y

Y 

KYC documents:

- Identity proof: Passport 

- NRI status proof: Visa/ Residence Permit/ OCI Card

- Communication address proof (either Indian or overseas) 

- PAN (For NRIs: PAN is mandatory, For OCIs: either PAN or Form 60)

Y 

Y

Income proof: Latest salary slip for the past month or salary certificate 

Y

N 

Income proof: Overseas bank statements of the last 3 months with salary credit

Y 

N

Business proof: 

- 2 years audited Profit and Loss Statements,  IT returns

- Business Incorporation documents 

-  Overseas operative Bank Account statements of the last 6 months

- Office address, list of Directors 

- List of Directors and the shareholding pattern (if customer is a director in his own company)

N 

Y

Overseas Credit Bureau Reports (not older than 45 days, for specific countries only) 

Y

Y 

For Balance Transfer: Last 1 year's Bank Statement with EMI details

Y 

Y

Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis..

Disclaimer

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