The new loan after takeover can be for an amount of 1 Lakh to a maximum of 1 Crore.
Choose the tenure of the loan for a minimum of 3 years and maximum of 20 years.
Enjoy better home loan interest rates.
There are no charges for foreclosure of the loan.
You can avail this loan when you want to save on interest and reduce your EMI outgo. Takeover of loan is done when you are refinancing your existing home loan with a Public Sector Bank, Private Bank, NBFC or HFC. In order to be eligible for this type of loan, your existing home loan with another financial institution should be more than a year old. Future EMI payments have to be made to Utkarsh Small Finance Bank after successful completion of Utkarsh Home Loan Transfer.
Processing fees are applicable at the time of disbursement amounting to 1% of the sanctioned loan amount, subject to a minimum of 3,000 and maximum of 25,000 plus GST.
Statutory charges in the form of Stamp Duty/MOD/MOE will be payable on fixing of disbursement as per the rules of the respective State where the property is located.
Late payment charges will be added to the monthly interest at 2% per annum over and above the applicable interest rate on the overdue amount for the period of default.
The borrower also needs to pay legal and technical fees on an actual basis.
Cheque/ECS/ACH Bouncing charges will be 300 plus GST.
What are the things to be done before I apply for takeover of loan?
Once you decide to transfer your existing home loan, you need to get the current loan outstanding amount from the existing loan provider in the form of balance confirmation certificate. Once you have determined your eligibility for the loan transfer, you can apply for a Takeover of Loan with Utkarsh Small Finance Bank.
What are the collateral requirements in case of a secured loan?
Usually, the collateral would be the house property which is bought with the loan amount or is associated with the loan.
How much time will it take for Utkarsh Small Finance Bank to transfer my loan?
Since it is as good as a new loan application, the processing of the same will take 15-20 days. Once the procedures are completed, the loan gets transferred.
How will the loan disbursal take place?
Once your loan application is approved, Utkarsh Small Finance Bank will make the payment to your existing home loan provider on the basis of the balance confirmation certificate issued by them. After the clearance of funds, the current lender will hand-over the property documents in their possession to Utkarsh Small Finance Bank.