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HDFC Home Loan Balance Transfer

Home Loan Transfer to HDFC

Last Updated 04th May 2021

Interest Rate6.75%
Processing Fee₹ 3,000
Lowest EMI per lakh₹ 649
Loan Tenure30 years
  • HDFC offers home loan balance transfer facility at low interest rates starting at 6.75% for a tenure of upto 30 years.
  • Transfer home loan to HDFC to reduce EMIs and save more on interest.
  • Avail top up from HDFC at the time of loan balance transfer to fulfil additional fund requirements.
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HDFC Home Loan Transfer

HDFC, 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 HDFC at lowest interest rates. To transfer your housing loan to HDFC, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of HDFC.

HDFC Home Loan Balance Transfer Charges

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

Home Loan Rates 6.75%
Processing Fees Minimum ₹ 3,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of HDFC Home Loan Transfer

To transfer your existing home loan to HDFC, 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 HDFC 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 HDFC and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • HDFC 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 HDFC will be completed.

Eligibility for HDFC Home Loan Transfer

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

  • You must have an existing home loan with any bank except for HDFC.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to HDFC.
  • You must be an Indian resident and fulfil the age criteria of HDFC. The minimum & maximum age to avail a HDFC home loan is 24 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of HDFC Home Loan Transfer

Here are key features of HDFC Home Loan Transfer:

  • Lower Interest Rates: HDFC offers lower home loan rates starting at 6.75% along with ₹ 3,000 processing on home loans. Thus, you can save on your home loan by transferring your loan to HDFC.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of HDFC, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With HDFC home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the HDFC.

Document Required for HDFC Home Loan Transfer

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

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
  • Aadhar 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 HDFC?

Yes, transferring your home loan to HDFC is a good idea for home loan borrowers as HDFC provides lower home loan rates starting at 6.75%.

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

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

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

Yes, HDFC charges home loan transfer fees such as ₹ 3,000 for HDFC home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

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

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

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

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


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HDFC Home Loan News - Jun 2021
  • 2021-05-04 : HDFC cut its home loan rates to 6.75%
    HDFC reduced its home loan rates to 6.75%. The new home loan rates will be effective from 3 March 2021.
  • 2021-03-08 : HDFC cut its PLR to 16.05%
    HDFC reduced its Prime lending rate to 16.05%. The revised rates are effective from March 2021.
  • 2021-03-05 : HDFC cut its home loan rates to 6.70%
    ICICI Bank cut its home loan rates for March 2021. The new home loan rate starts at 6.70%.
  • 2021-02-03 : Low interest rates and property prices kept demand for homes robust
    HDFC reported that the home loan demand has strengthened across different categories. The reasons behind the same is attributed to low interest rates, reduced property prices and concessional stamp duties. The lender’s total loans increased 9% Rs 5.52 lakh crore up from Rs 5.05 lakh crore in the previous year, 76% of the loans to individuals, 11% to construction finance and 6% to corporates.
  • 2020-12-15 : Home loan interest rate to remain for the next 12 months
    HDFC expects that the lower interest rates regime will continue for another six to twelve months that will give the best home buying opportunity for the potential home buyers. The factors like the RBI infusing much-needed liquidity into the home loan sector, various concessions given like the stamp duty relaxations have extended the best buying opportunity for the customers.
*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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