Saturday, May 28, 2022

9 Documents Required for Home Loan Refinance


Do you have an ongoing home loan account on which you are paying a higher interest rate? 

If yes, it means that you may have been dealing with a bigger EMI amount every month. 

It may also be affecting your outlays. But what is the solution to save? 

You can go for the home loan balance transfer facility. 

Under this, you can transfer your existing housing loan account from one lender to another offering a lower rate of interest. 

It may help you reduce your EMI burden significantly. 

Doing that also gives the top up loan to meet other needs at a lower rate. But to avail the home loan transfer facility, you will need to furnish some documents. 

Read on and know 9 key documents that are needed for the home loan transfer in this post!

#1 Consent Letter 

You need to submit a written application to your current lender notifying it about the home loan balance transfer and seeking the Consent Letter. 

#2 NOC – No Objection Certificate 

Your current lender needs to present you with the No Objection Certificate. It should state that the creditor has no issues in transferring the outstanding amount to a new lender. 

#3 Loan Agreement/Sanction Letter

You will also need to furnish the Loan Agreement/Sanction Letter from your existing financial institution. It is mandatory if you are looking to go for the home loan balance transfer facility.   

#4 Foreclosure Letter 

The Foreclosure Letter is a vital document that is needed to get one step closer to the home loan balance transfer. This letter says that your home loan account is foreclosed on the stated date and you have no outstanding amount pending at all. The letter is obtained after your new lender settles the remaining home loan amount with the old lender. 

#5 Home Loan Statements 

The next home loan balance transfer documents required is your Home Loan Statement. The Home Loan Statement highlights the details of the home loan such as the EMI repayment history and overall record. What’s more, this document also mentions the remaining home loan outstanding amount. You can collect this document from your existing housing finance lender. 

#6 Property Documents  

Another home loan balance transfer document that is needed is the set of property documents that you need to get from your current lender. It is then submitted to a lender you are going for the home loan transfer with. 

#7 Post Dated Cheques  

You will also need to collect post-dated cheques that are pending with your existing lender. These need to be submitted when you obtain the home loan originally. 

#8 KYC Documents

Under the KYC Documents List, you need to submit some vital documents related to your identification and address. Take a look: 

  • Aadhaar Card
  • PAN Card
  • Voter ID Card
  • Driving License 
  • NREGA’s issues Employment ID Card
  • Passport
  • Aadhaar Card
  • Driving License 
  • Voter ID Card

Some of these documents may work as proof of identity and address proof as well.

#9 Financial Documents + others

You will also need to furnish some Financial Documents, along with others to complete your list of home loan balance transfer documents. Take a look: 

  • From 16 from your current employer
  • Latest Salary slips 
  • Previous 6 months Salaried bank account statements 
  • Your Employment/Appointment Letter
  • Property related documents 
  • Property purchase documents/documents to prove the ownership of the property 
  • NOC from your property developer or housing society
  • Registration Certificate
  • Stamp duty papers/Payment receipts 

You just went through the list of documents required for the home loan balance transfer. 

Depending on the lender that you may have the loan account with, you may be asked to submit a few additional documents. 

Thus, before going for the home loan transfer with a new lender, you should check the entire home loan balance transfer documents in advance.  

Read Also: 5 Things to Consider Before Switching Home Loan

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