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Yes, with the home loan balance transferred to a new bank, you can combine your other home loan installments as one to avail the benefits of lower interest with the new bank. The processing fee for a home loan is 0.5% to 2% of the loan amount plus Goods and Services Tax , as applicable, for both salaried and self-employed applicants. The next step in the loan application process is the application form. As established earlier, the applicant can either visit the branch office or may take a print out of the application form from the official website.
DHFL housing loans come with a slew of benefits, such as realistic eligibility criteria, easy installment, flexible loan repayment period, and a simple loan procedure. With minimal documentation and home loan interest rates starting from 8.75%, take your home, home today. The presence of flexible loan repayment tenure allows you to spread out your payments at your convenience.
Key Features of Home Loan Balance Transfer
Piramal Finance offers home loans that can go up to INR 75 lakhs for a tenure of 25 years. There are several ways you can increase the chances of getting a home loan. Some of these include improving your credit score, paying off all your existing loans and getting a well-structured repayment plan. A good repayment history demonstrates the creditworthiness of borrowers.
I and my family were planning on buying a new home for which we needed a loan and I chose Piramal Finance. From collecting documents to guiding me at every step, Piramal has been a strong support system through the process. I applied for a home loan with Piramal and I got sanction for the required amount for 29 years under the Gruh Setu Home Loan. I have purchased the row house, and my family and I are happy that we will be moving into our new house soon. With the help DHFL home loan EMI calculator, it becomes easy for you to calculate your EMI anytime.
DHFL Home Loan Balance Transfer FAQ
The company was founded with the aim of providing financial aids in terms of housing loans to the lower and middle class group of the sub – urban and rural population. This deposit taking company is one among the 50 biggest financial companies in India. An in-house reduction in Rate of Interest saves you the hassle of transferring to another bank while reducing your repayment amount. As part of our efforts to make the end consumer services affordable and available at price points which are favourable to the customer, CreditMantri may receive fees / commissions from lenders. Standing Instruction is the best way to repay your home loans if you are an existing account holder with DHFL. Your EMI amount will be debited automatically at the end of the monthly cycle from the DHFL account you specify.
This is a smart move, as it allows you to move your Home Loan outstanding balance to ICICI Bank at a repo rate linked attractive rate of interest. All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC’s products and services. For detailed information about HDFC’s products and services kindly visit the nearest HDFC branch. Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC. This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.
Loan Amount/Tenure
SwitchMe is an end-to-end service that helps you with everything related to your Home Loans - identifying the right lenders to figuring out the best tenure, interest rates to even balance transfers. Our Home Loan Advisor Abhishek, thoroughly explained the SwitchMe process and gained Sunil's trust after which he initiated the loan transfer process. After studying Sunil's details, Abhishek recommended that the loan be transferred to State Bank of India since it was offering an interest rate of 9.85%. The new interest rate would reduce Sunil’s loan tenure by 46 months, saving him a total of Rs. 5.50Lc!
Credibility is an important factor which lenders take into account while deciding whether to process a loan application or not. However, only income does not fulfill the eligibility criteria alone. The applicant, if he is salaried, must have experience and regular flow of salary of more than 2 years. For self – employed persons, their business stability and flow of income of more than 5 years. Age is a very crucial factor when it comes to determining an individual’s loan repayment capacity. The applicant must be at least 21 years of age when applying for the DHFL home loan.
The earlier you apply for the transfer, the higher your long term savings are and the longer you have to get all the necessary documents in place. While a high Rate of Interest is enough for you to consider a loan transfer, it is generally aggravated by the fact that you have to deal with an apathetic customer service. DHFL customers often face frequent service issues like hidden charges and an unresponsiveness to queries and complaints. During the floating rate period, DHFL has some of the highest interest rates in the market, ranging from 10 to 13% of the principal amount. This sudden and large increase in interest rate can cause your monthly finances to go completely off-track. You can apply for the home loan balance transfer by visiting the DHFL website or by visiting the nearest branch.
Therefore, a high CIBIL score means that your borrowing and repayment habits are good and the lender can provide you with the loan without any worries. For those with an annual household income in the range of Rs.6 lakh to Rs.12 lakh, a maximum of Rs.9 lakh can be availed at 6% interest. Those with an annual household income in the range of Rs.12 lakh to Rs.18 lakh can avail up to Rs.12 lakh as loan with 3% interest. Under the Pradhan Mantri Awas Yojana Credit-Linked Subsidy Scheme , subsidies can be availed to construct or purchase a new house.
Once the home loan enters the floating-rate period, some lenders increase the interest rate due to which the EMI suddenly increases putting a great strain on the monthly finances. There is a constant struggle to juggle expenses like income tax, school fees, bills etc and an inflated EMI can be too much to handle. In cases like these, you should always transfer the loan as soon as possible. You can check the home loan balance transfer online by providing the application number or by contacting DHFL home loan customer care number.
CreditMantri is India’s No. 1 site for Credit Analysis and Free Credit Score Online. Let us help you take control of your credit goals and unlock the door to your financial freedom. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
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