Home Loan Balance Transfer
At Utkarsh Small Finance Bank, we offer the facility to transfer the balance of an existing home loan through the home loan takeover facility. The new loan after takeover is for an amount ranging from 5,00,000 to a maximum of 5,00,00,000. The tenure for such loans range from three years and maximum of 30 years. We offer affordable and attractive interest rates, charged on reducing balance.
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For more information, reach out to us at our nearest branching outlet.
Salaried individual with minimum 3 year's service with 12 months or more in the current job.
Self employed/businessmen should have been in the business/profession for a minimum period of 3 years .
The entry age of borrower/s shall be less than 60 years for salaried & 65 years in case of self employed at the time of availing the loans.
| S.No. | Charge Name | Charges |
|---|---|---|
| i. | Processing Fees | 0.25% to1% of Loan Amount + applicable taxes |
| ii. | Legal and Technical Charge | As per actuals |
| iii. | Cheque /NACH/ SI Bouncing Charges | 300 + Applicable taxes |
| iv. | Pre Closure / Pre Payment Charges (Loan Priced at Fixed Rate of Interest) | 2% + Applicable taxes on principal outstanding of Home Loan Products where end use is Housing 4% + Applicable taxes on principal outstanding of Non Home Loan Products (Home Loan Plus) where end use is not Housing |
| v. | Penal Interest on Overdue EMI | 2% per month on the Overdue EMI |
| vi. | List of Documents Charges | 100 + Applicable taxes |
| vii. | Photo Copy of Property papers | 500 + Applicable taxes |
| viii. | Duplicate Interest and Principal Certificate issuance Charge | 250 + Applicable taxes |
| ix. | Duplicate No dues Certificate / NOC issuance Charges | 250 + Applicable taxes |
| x. | Swap Charges (Cheque/Instrument) | 500/- per occasion of swapping of the ECS mandate/NACH/ Standing instruction mandate+ Applicable taxes |
| xi. | Duplicate statement issuance Charges | 250/- per instance per set + Applicable taxes |
| xii. | Charges for subsequent set of Photocopy of loan agreement/ documents where requested by Borrower | 250/- per instance per set + Applicable taxes |
Apply to Home Loan Balance Transfer
Loan calculator
|
Interest Rate 8.00% |
Interest Earned 3,50,452 |
|
Maturity Value 13,50,452 |
Maturity Date 20 Apr 2023 |
|
(Indicative interest rates for calculation only. click here for latest rates.) |
|
FAQs
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.
Usually, the collateral would be the house property which is bought with the loan amount or is associated with the 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.
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.
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