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India Shelters Home Loan Balance Transfer

Home Loan Transfer to India Shelters

Last Updated 22nd Jun 2021

Interest Rate12.00%
Processing FeeNil
Lowest EMI per lakh₹ 1,101
Loan Tenure20 years
  • India Shelters offers a home loan balance transfer facility at low interest rates starting at 12.00% for a tenure of upto 20 years.
  • You can transfer your home loan to India Shelters to reduce EMIs and save more on interest.
  • Avail home loan top up from India Shelters at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

India Shelters Home Loan Transfer

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

India Shelters Home Loan Balance Transfer Charges

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

India Shelters Home Loan Transfer Rates 12.00%
Processing Fees Upto 2.00%
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of India Shelters Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: India Shelters offers lower home loan rates starting at 12.00% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to India Shelters.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of India Shelters, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this India Shelters home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for India Shelters Home Loan Transfer

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

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

The home loan balance transfer process to India Shelters is smooth and quick. To transfer your existing home loan to India Shelters, 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 India Shelters 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 India Shelters and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • India Shelters 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 India Shelters will be completed.

Document Required for India Shelters Home Loan Transfer

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

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 India Shelters?

Yes, transferring your home loan to India Shelters is a good idea for home loan borrowers as India Shelters provides lower home loan rates starting at 12.00%, and minimal processing fee is Nil.

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

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

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

Yes, India Shelters 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 India Shelters home loan balance transfer?

If you apply for a home loan transfer to India Shelters, 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 India Shelters home loan balance transfer?

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


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