A balance transfer is a process of transferring the outstanding balance of a loan from one bank
to another. A loan is transferred to save interest and reduce EMIs by switching to a low rate loan as well as to avail additional top-up loans from the new bank and is generally
done for high-value loans.
A balance transfer can be either Home Loan Balance transfer or Mortgage Loan
Balance transfer.If in the market, the floating rate of interest increases, the lender usually does
not increase the installment amount but they increase the tenure of the installments. So, if you
want to make up for this, you can transfer the loan from one bank to another. The process
is usually hassle-free. This benefits the user with a better rate of interest and helps in saving lots
of money. A person can combine all his loans such as credit card loans, loans against property
or any of his personal loans into one big loan. This is done to avail benefits such as a better rate
of interest and to reduce the debt burden altogether. A person can opt for this loan in a situation
where Current loan is running at a high rate as compared to prevailing market rates or
there is a need for additional funds.
Documents Required for Loan Balance Transfer
Identity and age proof (PAN card/ passport, driving license/ Aadhaar card/ voter id card)
Address proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (anyone).
Good credit score
No EMI defaults on the existing loans
loan statement of loan to be transferred
We at Invincible financial consultancy LLP with our expertise and thorough knowledge guide you with the best possible solution. We are partnered with most of the top banks and assure you the finest rates in town.