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HSBC Home Loan Balance Transfer

Home Loan Transfer to HSBC Bank: Details

Last Updated 12th Nov 2021

Interest Rate6.45%
Processing FeeNil
Lowest EMI per lakh₹ 672
Loan Tenure25 years
  • HSBC Bank offers a home loan balance transfer facility at low interest rates starting at 6.45% for a tenure of upto 25 years.
  • You can transfer your home loan to HSBC Bank to reduce EMIs and save more on interest.
  • Avail home loan 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 the 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.

HSBC Home Loan Transfer Rates 6.45%
Processing Fees Upto 1.00% and Maximum ₹ 10,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of HSBC Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: HSBC Bank offers lower home loan rates starting at 6.45% 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 and fulfil the eligibility criteria of HSBC Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this HSBC Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for HSBC Bank Home Loan Transfer

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

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

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

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
  • 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 6.45%, and minimal processing fee is Nil.

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

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

Yes, HSBC Bank 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 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, it 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 - Nov 2021
  • 2021-10-19 : HSBC Bank Cuts Home Loan Interest Rate
    HSBC Bank has reduced home loan interest rate by 35 basis points. Currently, the bank is offering a home loan at an interest rate of 6.45 percent. The processing fee on a home loan is Rs 10,000.
  • 2021-10-04 : HSBC Bank Reduces Home Loan Balance Transfer Rates
    HSBC Bank has reduced home loan balance transfer rates by 10 basis points (bps). Now the bank is offering a home loan at 6.45% to the borrowers who want to transfer the loan. The lender has also waived off processing fees for the borrowers.
  • 2021-08-24 : HSBC Bank reduces home loan rate by 0.56%
    HSBC Bank- India’s leading financial institution- has revised the home loan interest rate. The interest rate charged on a home loan is 6.64%, earlier it was 7.20%. A processing fee of a total of 1% of the loan amount sanctioned or ₹10,000 (whichever is lower) will be charged.
  • 2021-08-11 : HSBC Bank increases interest rate on home loan
    HSBC Bank has increased home loan interest rate by 0.40%. Now, the lender is offering home loans at 7.20% to the salaried employees and the interest rate for self-employed and businessmen is 7.30%.
  • 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%.
*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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