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HDFC Home Loan Balance Transfer

Home Loan Transfer to HDFC: Details

Last Updated 02nd Nov 2021

Interest Rate6.70%
Processing Fee₹ 3,000
Lowest EMI per lakh₹ 645
Loan Tenure30 years
  • HDFC offers a home loan balance transfer facility at low interest rates starting at 6.70% for a tenure of upto 30 years.
  • You can transfer your home loan to HDFC to reduce EMIs and save more on interest.
  • Avail home loan 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 the 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.

HDFC Home Loan Transfer Rates 6.70%
Processing Fees Minimum ₹ 3,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of HDFC Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: HDFC offers lower home loan rates starting at 6.70% 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 and fulfil the eligibility criteria of HDFC, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this HDFC home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for HDFC Home Loan Transfer

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

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

The home loan balance transfer process to HDFC is smooth and quick. 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.

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
  • 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 6.70%, and minimal processing fee Of ₹ 3,000.

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 request through net banking/mobile banking. HDFC also allows the home loan transfer facility through phone banking by calling the home loan customer care.

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

Yes, HDFC 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 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, it 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 - Nov 2021
  • 2021-11-02 : HDFC Bank Net Profit Rises By 32 Percent
    HDFC reported a 32 percent year-on-year (YoY) rise in net profit at Rs 3,780.5 crore. The lenders total revenue from operations rose 4.1 percent on-year to Rs 12, 215.95 crore in the quarter. The assets under management stood at Rs 5.97 lakh crore at the end of the September quarter as against Rs 5.40 lakh crore in the year ago quarter.
  • 2021-10-27 : HDFC Ties with India Post Payments Bank for Home Loans HDFC
    India Post Payments Bank and HDFC have announced a strategic alliance to offer home loans. According to this, HDFC bank will handle credit, technical and legal appraisals, processing and disbursements for all home loans. On the other hand, IPPB will be responsible for sourcing loans.
  • 2021-10-18 : HDFC Bank Posts 17.2 Percent Profits In Q2
    Private sector bank, HDFC Bank has posted a 17.6 percent rise in net profit at Rs 8,834.3 crore in the second quarter ended September 30, 2021. The lender had posted a net profit of Rs 7,513.1 crore in Q2 of 2020.
  • 2021-09-21 : HDFC Bank Introduce Festival Bonanza Offer
    HDFC Bank has come up with a festival bonanza offer which is valid till October 31, 2021. The lender has cut home loan interest rate to 6.70%, the special rate is linked to borrowers credit score.
  • 2021-07-12 : HDFC Ltd. retail disbursements allowed a 14% rise in advances for HDFC Bank
    HDFC Bank registered a 14.4% growth in its advances to over ₹11.47 lakh crore as of June 30 this year. Retail deposits grew by around 16.5% year-on-year, and wholesale deposits remained stable as compared to June last year. These retail disbursements included the home loans sourced from parent company HDFC Ltd. During the quarter, the bank purchased loans aggregating ₹5,489 crores through direct assignment under the home loan arrangement with Housing Development Finance Corporation Limited (HDFC Ltd.)
*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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