Before applying for a Home Loan Balance Transfer, you must check the ongoing interest rate on your home loan, check offer of the new lender (proposed to transfer your loan), check how much you are expected to save by transferring your home loan.
Check other financial cost involved for balance transfer of the loan like, processing fees, Admin fees (if any), loan agreement charges etc.
Obtain an early closure letter/loan foreclosure letter from your existing lender along with a letter stating the list of original title documents submitted with the existing lender.
Submit your loan application with the new lender along with your KYC documents, financial statements, copy of the property / title documents, a list of title documents submitted to the existing lender with the loan foreclosure letter.
Post sanction of the loan, sign the loan agreement and submit the same to the new lender with other required disbursal documents.
Collect the pay order from the new lender and deposit the same towards closure of the loan account (with old lender). After the loan account is closed, your old lender should handover the original title documents to you in 7 to 30 days-time. With your help, new lender will collect the documents to keep it in their safe custody.
The entire process may vary with different lender based on their policies and T&C.
