What are the Home Loan Transfer Eligibility Criteria?

Home loans are always a financial burden when you purchase a property or plot of land. It involves a high principal loan amount, which makes it difficult for the individual to repay within a specified loan tenure. If you are struggling to pay your monthly installment amount, you can always go for a housing loan transfer with a new loan provider.

A housing loan balance transfer is a good opportunity to get the best monthly installment, low home loan interest rate, and favorable terms and conditions.

Eligibility for housing loan transfer

When you transfer the outstanding loan amount to a new loan provider, you need to be eligible for it. You cannot simply get your housing loan balance transferred if you are not fulfilling the loan requirements. The current loan provider will only allow you to transfer your outstanding amount if you have a clean track record and have paid all the amount to date. Also, the new loan providers where you will transfer the housing loan will always check your track record and repayment history in the past. If you are defaulting and late on your payments, you will not be eligible to get your housing loan transferred. New loan providers never accept transfer facilities for individuals with a delayed or defaulted track record.

How to be eligible for a balance transfer

You will be eligible for a housing loan balance transfer only if you have a clean track record. Make sure you make your payment by the due date and do not delay or miss out on any payment. Automate the payment option and get notifications on time.

Why go for a housing loan balance transfer?

Housing loan balance transfer is very advantageous. You can easily get a low rate of interest on your home loan for salaried, which makes your monthly installment amount very affordable. This means you will be able to get a low monthly installment amount with a low rate of interest. You can also change your housing loan tenure and go for a long-term loan if you need a higher loan monthly installment amount. It is also easy to get a new source of funds through a housing loan balance transfer with a new loan provider. You can also negotiate for better terms and conditions, which makes your housing loan borrowing experience smooth and hassle-free.

Summing up

When you get a home loan from a source of salary, you need to submit all the home loan documents required. Meet the home loan eligibility requirements to get the best home loan interest rate.