How do I transfer my Home Loan to another bank
Editor Jul 2021 Guides
Objective : This article has been written to help you get a fair idea of what it takes to transfer (or switch) your home Loan.
If you are a Slash EMI customer, then you definitely have an excisting home loan and are getting our monthly customized alerts , that showcase the market rates and also present calculated savings from the switch.
On the other hand, if you are not yet a Slash EMI customer, and have decided to get your home loan switched, the following sections will help you understand what to expect.
How to transfer from my Home Loan
The Home Loan Balance Transfer or switch involves the following steps:
- Identification of the new lender with a lower rate. (do ensure that you take into account the processing fees before deciding to switch)
- Informing your current lender about the shift (application to shift/pre-close the loan)
- Getting the NOC(no objection certificate) from the current lender
- Submitting the NOC (from the existing bank/NBFC) + the other documents to the new lender (property papers etc may be a photocopy)
- Getting approval from the new bank and a confirmation from the old (that the loan is closed).
Tags - | Balance Transfer
| Home Loans
| Loan Switch