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.
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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 |
Disclaimer : The HDFC Bank Balance Transfer Home Loan Rate of Interest is subject to change at the bank's discretion, so kindly verify the same before proceeding with the application procedure.
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:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 65 years | 21 - 65 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
| Credit Score | 650 and Above | 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 |
|
|---|---|
| Self-Employed Non-Professionals: Resident Housing/ Home Renovation Loan/ Home Extension Loan/ Plot Purchase Loan |
|
| NRI Loans |
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| Value-Plus Loans |
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| 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 |
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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:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| HDFC Bank | 8.70% p.a. onwards | Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable) |
| SBI Bank | 8.70% p.a. onwards11 | Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)11 |
| Kotak Mahindra Bank | 8.75% p.a. onwards | Up to 1% of the principal loan amount + taxes |
| Cholamandalam Housing Finance | 9.00% p.a. onwards | Rs. 5,000 (including GST) |
| PNB Housing Finance | 8.75% p.a. onwards | Up to 1% of the principal loan amount + taxes |
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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:
1. 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
2. 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
FAQs
- Inform the HDFC Bank about your wish for a balance transfer to another lender
- Get a No Objection Certificate (NOC) from the HDFC Bank
- Submit the required documents to the new lender
- Wait for the confirmation from HDFC that the original loan has been transferred
- Pay the fee to the new lender to start a new loan contract
Yes, a balance transfer can be a beneficial scheme if the existing home loan borrower gets it at a lower rate of interest, reduced monthly payments, and better loan terms.
Applying for a home loan balance transfer may temporarily impact your credit score due to the credit inquiry done by the new bank. However, if managed responsibly, it should not have a significant negative impact on your credit score in the long term.
The specific rules for HDFC Home Loan Balance Transfer may vary depending on factors such as the eligibility criteria, outstanding loan amount, the loan scheme, interest rate, processing fee, prevailing market conditions, documentation, prepayment charges, and the individual borrower’s profile.
Yes, HDFC Bank reserves the right to reject a home loan balance transfer application if the borrower does not meet their eligibility criteria or if there are discrepancies in the documentation provided.
The duration for completing a home loan balance transfer with HDFC depends on factors such as documentation requirements, property valuation, and other formalities asked by the bank. Generally, it is done within a few weeks from the date of application submission.