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Indian Bank Home Loan Balance Transfer

Home Loan Transfer to Indian Bank: Details

Last Updated 15th Nov 2021

Interest Rate7.60%
Processing FeeNil
Lowest EMI per lakh₹ 812
Loan Tenure20 years
  • Indian Bank offers a home loan balance transfer facility at low interest rates starting at 7.60% for a tenure of upto 20 years.
  • You can transfer your home loan to Indian Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from Indian Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Indian Bank Home Loan Transfer

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

Indian Bank Home Loan Balance Transfer Charges

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

Indian Bank Home Loan Transfer Rates 7.60%
Processing Fees Upto 0.23% and Maximum ₹ 20,381
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of Indian Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: Indian Bank offers lower home loan rates starting at 7.60% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to Indian Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of Indian Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this Indian Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for Indian Bank Home Loan Transfer

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

  • First, you must have an existing home loan with any bank except for Indian Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Indian Bank.
  • You must be an Indian resident within the age criteria of Indian Bank. The minimum & maximum age to avail a Indian Bank home loan takeover is 18 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use Indian 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 Indian Bank

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

Document Required for Indian Bank Home Loan Transfer

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

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 Indian Bank?

Yes, transferring your home loan to Indian Bank is a good idea for home loan borrowers as Indian Bank provides lower home loan rates starting at 7.60%, and minimal processing fee is Nil.

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

To transfer your Indian Bank home loan from one branch to another, you can request through net banking/mobile banking. Indian 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 Indian Bank home loan balance transfer?

Yes, Indian 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 Indian Bank home loan balance transfer?

If you apply for a home loan transfer to Indian 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 Indian Bank home loan balance transfer?

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


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Indian Bank Home Loan News - Nov 2021
  • 2021-11-10 : Indian Bank Launches Video KYC Facility
    Indian Bank has launched a Video KYC (Know Your Customer) facility. This facility allows customers to open accounts or avail any other services sitting at home. The VKYC is enabled with VCIP technology developed in conjunction with Gieom Business Solutions.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
*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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