How do I start a home loan balance transfer?

To start a home loan balance transfer, first inform your current financial institution through a letter or form that you intend to switch lenders and require a No Objection Certificate (NOC). Once your loan provider issues the NOC, contact the new lending institution you have shortlisted and submit the NOC along with other essential documents like KYC, income proofs, property papers, loan statements, etc.

The new loan provider will evaluate your profile and issue a final offer letter if approved. Review the terms carefully before accepting. Get confirmation from your existing financial institution that they are ready to close your loan account. This completes the contract with them. Next, pay any applicable transfer fees and sign the agreement with the new lender to finalise the switch.

Make the first EMI payment to the new loan provider to start the updated repayment schedule. Maintain contact with both lenders throughout the transition process for a smooth balance transfer. Following these step-by-step procedures will help you successfully switch your home loan to a better deal.