Even if you have a current home loan with a bank or financial institution, you can transfer the outstanding home loan amount to another home loan company. When the home loan is transferred from one lender to another, it is known as a transfer of the home loan balance.
To carry out the balance transfer with Shubham Housing Finance, you are required to submit only a few necessary documents. '
Below are the documents that are required for Shubham home loan balance transfer:
1. Consent Letter
You need to submit your prevailing lender a formal written application notifying them of the transfer of the home loan and requesting a letter of consent.
2. NOC – No Objection Certificate
Your present lender is required to issue you a No Objection Certificate stating that they have no problems transferring your home loan to the new lender and the outstanding amount.
3. Loan Agreement
Loan agreement or sanction letter from the existing lender is compulsory for a transfer of the balance of the house loan.
4. Foreclosure Letter
This is one of the most important documents required for transfer of the home loan balance transfer. It is a letter declaring that your home loan will be foreclosed and that no outstanding balance amount is pending. This letter is obtained once the new lender settles with the existing lender about the outstanding amount of the home loan.
5. Property Documents
The set of property documents is required for a home loan transfer. This entire set is necessary to submit to your new lender.
6. Post Dated Cheques
Collect all cheques with your current lender that are pending. During the time of obtaining the loan, you are required to submit these cheques to the new lender.
7. KYC Documents
These are to be submitted to the new lending bank. Whether it is a balance transfer or approving a home loan application, with Shubham Housing Finance, you require the standard documents.
-Identification Proof
-Address Proof
-Property Documents
- Property purchase documents
-NOC from the property developer
-Registration certificate
-Stamp duty papers and payment receipt
The documents will vary as per the lender's requirement. Now that you have an extensive list of documents necessary for transferring home loans make sure that you check with your home loan company before you start.
If you have any more queries, do let us know in the comment section below. We are there to help you!
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