- Salaried individual or self employed individual or self employed professional like doctor, lawyer, etc.
- Aged between 21 years and 65 years.
- Have a good CIBIL credit score.
- Good repayment capacity with fixed & stable income source.
- Employment at a stable company.
Document Required
Following documents are required by financial institutions to process the Balance Transfer and Top Up application:
- Copy of Property Paper [ Complete set of property paper Xerox with OCCC (Occupancy Certificate) and Approved Plan ]
- List of Documents
- Outstanding of loan amount
- Foreclosure Letter
In case of Salaried
- Employment certificate from the employer,
- Copies of pay slips for last few months and TDS certificate)
- Bank Statement (latest 6 months bank)
- Latest Form 16 issued by employer Bank statements
In case of Self-employed
- Copy of audited financial statements for the last 2 years
- Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
- Profit and loss account for the last few years
- Income tax assessment order
Process/Steps
There are various steps involved in getting a Balance Transfer from selecting your property to filling up the loan application. Following are the various stages in Balance Transfer:
- The first step involved in the process is to find the Best Interest Rates on Balance Transfer & simultaneously you can start searching for the lender who can offer the Best Balance Transfer Deal after checking your eligibility criteria.
- Banks offer the Balance Transfer only after checking your existing financial profile & based on various eligibility criteria’s like old interest rate, age, income & salary banks lend you the money.
- Comparing Balance Transfer interest rates is the primary feature in the BT selection; however other fees & charges like Application fees, processing fees, and legal charges should not be neglected when comparing various loan offers. To check the interest rates & other charges incurred by various banks, SBC Wealth craft has brought in a Balance Transfer Comparison Chart across various Banks.
- Applying for the Balance Transfer: After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
- Documentation & Verification Process: You are required to submit the necessary documents to the bank which will be verified together with the details in the application.
- Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
- Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity & Existing Loan records) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application.
- Bank sanctions Loan & Offer letter to the borrower: After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.
- Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.
- Bank checks the legal documents: The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. Or a list of document from previous bank.
- Signing of agreement & the loan disbursal: The borrower signs the loan agreement & the bank disburses the loan amount.