HDFC Bank Home Loan Balance Transfer
HDFC Bank Home Loan Balance Transfer
HDFC, one of India’s leading banks, offers a comprehensive range of financial solutions tailored to meet the diverse needs of homeowners. Among its wide array of offerings is the HDFC Bank Home Loan Balance Transfer scheme, designed to empower borrowers with greater flexibility and cost-saving opportunities in managing their existing home loan obligations. The HDFC Home Loan Balance Transfer Scheme allows individuals to transfer their outstanding balance from other lenders to HDFC Bank at attractive interest rates and favorable terms.
HDFC Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
HDFC Home Loan Balance Transfer Interest Rates
Displayed below is the updated HDFC home loan balance transfer interest rate applicable for all types of borrowers, including salaried, self-employed professionals, and self-employed non-professionals:
| Rate Package | Rate of Interest |
|---|---|
| For All Loan Amounts | 9.40% - 9.55% per annum |
HDFC Home Loan Balance Transfer Eligibility Criteria
Understanding the eligibility is paramount, whenever an existing home loan borrower thinks of applying for an HDFC Balance Transfer Home Loan Scheme. Through some eligibility criteria, HDFC Bank determines the risk associated with transferring the balance of a home loan from another lender to the bank.
The HDFC home loan balance transfer eligibility criteria are mentioned below for your quick reference:
For Salaried Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 and Above
For Self-Employed Individuals
Age Range (in years)
21 - 65 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 and Above
HDFC Home Loan Balance Transfer Processing Fee and Charges
HDFC Bank charges processing fees on various accounts and other charges from the applicant to shift the outstanding loan amount to the bank from another lender.
The table below will acquaint you with the HDFC home loan balance transfer charges and processing fees:
| Salaried/ Self-Employed Professionals): Resident Housing Loan/ Home Renovation Loan/ Plot Purchase Loan/ Home Extension Loan | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher); For retention cases: 50% of the applicable fees or Rs. 3000 |
| Self-Employed Non-Professionals: Resident Housing/ Home Renovation Loan/ Home Extension Loan/ Plot Purchase Loan | Up to 1.50% of the principal loan amount or Rs. 4,000 (The higher out of the two will be applicable); For retention cases: 50% of the applicable fees or Rs. 4,500 |
| NRI Loans | Up to 1.25% of the principal loan amount or Rs. 3,000 (The higher out of the two will be applicable); For retention cases: 50% of the applicable fees or Rs, 3,000 |
| Value-Plus Loans | Up to 1.50% of the principal loan amount or Rs. 4,500 (The higher out of the two will be applicable); For retention cases: 50% of the applicable fees or Rs. 4,500 |
| Re-appraisal of loan post 6 months from the sanction date | Up to Rs. 2,000 |
| CERSAI Charges | As applicable |
| Stamp Duty/ Registration Charges | As applicable |
| Late Installment Payment Charges | Up to 18% per annum on overdue installment amounts |
HDFC Home Loan Balance Transfer comparison with other Top Banks
Comparing HDFC Balance Transfer Home Loans with other lenders becomes essential for borrowers to make informed decisions. So, to help you in this, we are now presenting a table of comparison, wherein you can see for yourself the rate of interest and processing fee on home loan transfers from HDFC Bank as compared to the other 4 competing lenders:
- Rate of Interest - 8.70% p.a. onwards
- Processing Fee - Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)
- Rate of Interest - 8.70% p.a. onwards11
- Processing Fee - Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)11
- Rate of Interest - 8.75% p.a. onwards
- Processing Fee - Up to 1% of the principal loan amount + taxes
- Rate of Interest - 9.00% p.a. onwards
- Processing Fee - Rs. 5,000 (including GST)
- Rate of Interest - 8.75% p.a. onwards
- Processing Fee - Up to 1% of the principal loan amount + taxes
Documents Required For HDFC Home Loan Balance Transfer
Know Your Customer (KYC) documents play a pivotal role in the balance transfer of a home loan, serving as a crucial step in the verification process for both the borrower and the lender. HDFC Bank like other lending banks and NBFCs asks for a set of documents from those interested to get a balance transfer home loan scheme.
Have a look at the HDFC home loan balance transfer document required list for salaried and self-employed borrowers:
| For Salaried Loan Applicants | Income Proof (Salary Slip For The Last 3 Months, Bank Statements For The Last 6 Months)
Identity Proof (Voter ID Card, PAN Card, Driving License)
Address Proof (Voter ID Card, Passport, Aadhaar Card)
Copy Of All Property Documents
A No Objection Certificate (NOC) From The Existing Lender Of The Home Loan
A Letter Stating The Outstanding Balance From The Existing Lender |
| For Self-Employed Loan Applicants | Income Proof (ITR, Balance Sheet, P&L Account Statement Of The Last 3 Years)
Identity Proof (Voter ID Card, PAN Card, Driving License)
Address Proof (Voter ID Card, Passport, Aadhaar Card)
Business Profile
Latest Form 26AS
Partnership Deed (For Partnership Firm)
Articles Of Association And Memorandum Of The Company |
How to Apply for HDFC Home Loan Balance Transfer
The HDFC Home Loan Balance Transfer apply online is a simple procedure that can be done by following these steps:
Choose ‘Repay Right’
Visit the official website of BASIC Home Loan and choose ‘Repay Right’ from the drop-down menu under ‘Calculators’
Enter Your Loan Details
Enter the details like current outstanding loan amount, existing tenure, rate of interest, EMI, and new rate of interest, and click ‘Next’
Check Your Savings & Apply
You can now see your total savings; proceed ahead by selecting any of the below three options: Saving As Per Your New ROI, Adjust Your Tenure Or EMI, Top Up. Then, ‘APPLY’ by filling out the online form.
Our Expert Will Reach Out to You
The BASIC Home Loan team will then reach out to you for further assistance in applying for an HDFC Balance Transfer Loan.
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