What are the documents required for a home loan balance transfer?

Several borrowers opt for home loan balance transfer facilities to reduce their EMI burden by shifting the outstanding loan amount to another financial institution. In addition to this, borrowers can avail of a sizeable top-up loan during balance transfer. 

However, for a successful home loan transfer, one must submit the required documents and meet eligibility criteria. 

Home loan documents required for a balance transfer

Here is a list of documents borrowers must present while opting for a balance transfer on their home loan. 

• KYC documents like identity and address proofs. 
• Past 6 months bank account statement. 
• Photograph. 
• Latest salary slip (for salaried personnel) or Form 16 and P&L statement and TR document of the past two years (for self-employed individuals).
• Business proof documents, showing 5 years of business vintage in the current enterprise (for self-employed applicants). 

In addition to this, there may be other documents necessary for a home loan balance transfer, depending on the lenders. 

Prior to this, individuals must meet the home loan eligibility for a balance transfer. 

Home loan eligibility criteria for a balance transfer

There are a specific set of eligibility factors for salaried and self-employed individuals. To know more about the home loan eligibility for transferring outstanding loans, one must follow these criteria:

• Borrowers must be residing Indian citizens. 
• Salaried personnel should be between 23 and 62 years of age, and self-employed ones should be between 25 and 70 years. 
• Borrowers with a stable source of salaried income must show 3 years of experience. Alternatively, self-employed individuals should have business continuity for more than 5 years. 

Therefore, upon fulfilling these eligibility requirements and presenting these documents, applicants can enjoy faster processing on their home loan balance transfer.