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HSBC Bank Home Loan Balance Transfer

Home Loan Transfer to HSBC Bank

Last Updated 23rd Jun 2021

Interest Rate6.64%
Processing FeeNil
Lowest EMI per lakh₹ 684
Loan Tenure25 years
  • HSBC Bank offers home loan balance transfer facility at low interest rates starting at 6.64% for a tenure of upto 25 years.
  • Transfer home loan to HSBC Bank to reduce EMIs and save more on interest.
  • Avail top up from HSBC Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

HSBC Home Loan Transfer

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

HSBC Bank Home Loan Balance Transfer Charges

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

Home Loan Rates 6.75%
Processing Fees Upto 1.00% and Maximum ₹ 10,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of HSBC Bank Home Loan Transfer

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

Eligibility for HSBC Bank Home Loan Transfer

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

  • You must have an existing home loan with any bank except for HSBC.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to HSBC Bank.
  • You must be an Indian resident and fulfil the age criteria of HSBC Bank. The minimum & maximum age to avail a HSBC Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of HSBC Bank Home Loan Transfer

Here are key features of HSBC Bank Home Loan Transfer:

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

Document Required for HSBC Home Loan Transfer

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

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 HSBC?

Yes, transferring your home loan to HSBC Bank is a good idea for home loan borrowers as HSBC Bank provides lower home loan rates starting at 6.64%.

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

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

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

Yes, HSBC Bank charges home loan transfer fees such as for HSBC Bank 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 HSBC home loan balance transfer?

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

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

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


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HSBC Home Loan News - Jun 2021
  • 2021-01-15 : HDFC Bank revised its home loan rates
    HDFC banks revised its home loan rates. The lowest home loan for customers above the CIBIL score of 750 is 6.80%.
  • 2019-07-03 : HSBC lowers MCLR rates by 5 basis points
    HSBC has cut its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points. The move is supposed to make customer loans like home loans and mortgage loans cheaper. For six-months and one-year tenure, the rate has been revised to 8.70% and 8.75% from the earlier rate of 8.75% and 8.80% respectively while the rate for other loan tenure has remained unchanged.
  • 2019-04-03 : HSBC Bank reduces MCLR rates by 10 basis points
    HSBC Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) by 10 basis points across all tenors for the month of April. The move is supposed to make home loans, auto loans and mortgage loans cheaper. Now for 6 months, the MCLR stands at 8.75% as compared to 8.85% earlier while for 3 months, the rate has been revised to 8.50% from 8.60% respectively. The revised rates are effective from April 1, 2019.
  • 2018-07-01 : HSBC Bank revises MCLR
    HSBC Bank has revised its MCLR for the month of July. The new rates stand in the range of 8.05% and 8.60%. Six month MCLR is 8.50% and that of one year is 8.60%. The new rates are effective from July 1, 2018.
  • 2018-05-07 : HSBC hikes MCLR by up to 20bps
    HSBC has raised its MCLR by upto 20 basis points. Six month MCLR is now at 8.60% and that of one year is also 8.60%. The new rates will be effective from May 1, 2018.
*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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