Balance Transfer: Benefits and Eligibility

A balance transfer allows borrowers to move their existing home loan balance from their current lender to a new financial institution offering lower interest rates or better terms.

Key Benefits

• Interest Savings: Significantly lowers monthly EMIs and overall interest outflow.

• Top-Up Loans: Provides an option to raise extra funds for personal or business needs.

• Flexible Tenures: Allows extension or restructuring of the repayment schedule.

Core Eligibility Criteria

• Good Repayment Track Record: A clean history of timely EMI payments for at least 12 to 24 months.

• Strong CIBIL Score: Generally preferred above 750.

• Clear Property Titles: The property must have legally verified, unencumbered documents.

• Sufficient Income: Verified financial stability to ensure seamless servicing of the revised EMIs.