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Edelweiss Home Loan Balance Transfer

Home Loan Transfer to Edelweiss: Details

Last Updated 10th Jun 2021

Interest Rate10.50%
Processing FeeNil
Lowest EMI per lakh₹ 944
Loan Tenure25 years
  • Edelweiss offers a home loan balance transfer facility at low interest rates starting at 10.50% for a tenure of upto 25 years.
  • You can transfer your home loan to Edelweiss to reduce EMIs and save more on interest.
  • Avail home loan top up from Edelweiss at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Edelweiss Home Loan Transfer

Edelweiss, the largest HFC in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Edelweiss at the lowest interest rates. To transfer your housing loan to Edelweiss, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of Edelweiss.

Edelweiss Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Edelweiss, compare and calculate all the costs of loan transfer. The table below mentions Edelweiss home loan transfer interest rate and other home loan transfer charges of Edelweiss.

Edelweiss Home Loan Transfer Rates 10.50%
Processing Fees Upto 0.25%
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Edelweiss Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Edelweiss offers lower home loan rates starting at 10.50% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Edelweiss.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Edelweiss, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Edelweiss home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Edelweiss Home Loan Transfer

To transfer your home loan to Edelweiss, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for Edelweiss.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Edelweiss.
  • You must be an Indian resident within the age criteria of Edelweiss. The minimum & maximum age to avail a Edelweiss home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Edelweiss home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to Edelweiss

The home loan balance transfer process to Edelweiss is smooth and quick. To transfer your existing home loan to Edelweiss, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Edelweiss upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Edelweiss and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Edelweiss will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Edelweiss will be completed.

Document Required for Edelweiss Home Loan Transfer

To avail of home loan balance transfer from Edelweiss, you need to submit the following documents to Edelweiss.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to Edelweiss?

Yes, transferring your home loan to Edelweiss is a good idea for home loan borrowers as Edelweiss provides lower home loan rates starting at 10.50%, and minimal processing fee is Nil.

How can I transfer my Edelweiss home loan from one branch to another?

To transfer your Edelweiss home loan from one branch to another, you can request through net banking/mobile banking. Edelweiss also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for Edelweiss home loan balance transfer?

Yes, Edelweiss charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a Edelweiss home loan balance transfer?

If you apply for a home loan transfer to Edelweiss, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my Edelweiss home loan balance transfer?

To know your Edelweiss home loan status, you can call Edelweiss home loan customer care number or visit Edelweiss official website to check the status.


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Edelweiss Home Loan News - Dec 2021
  • 2021-06-10 : Central Bank of India to become co-lending partners with Edelweiss
    Edelweiss Retail Finance Ltd. (ERFL) strengthened its co-lending partnership with the Central Bank of India in order to ensure priority sector lending to the MSMEs. MSMEs can now avail collateral free loans of upto 50 lakhs and Loan against property of upto Rs 10 crores.
  • 2017-02-10 : Edelweiss Financial registers 47 percent growth in its net profit in third quarter of FY17
    Edelweiss Financial has reported a growth of 47 percent in its net profit at Rs. 155 crore during the third quarter of FY17 as compared to Rs. 106 crore for the corresponding period a year ago. The housing finance company also registered a healthy growth of 18 percent in its total income at Rs. 1,609 crore during the quarter as compared to Rs. 1,361 crore a year ago.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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