As the name suggests it’s the transfer of existing loan to other bank or NBFC’s and getting additional top up on that loan. This can be done on existing Home Loan and Loan against property.
When the existing home loan is balance transferred and a top up is availed the Home Loan part will attract home loan rate while the top up part will attract higher rate. This scheme is useful in those cases where there is high difference in the property value and home loan outstanding amount.
In case of Loan against property balance transfer and top up case, there is no difference in the rate of interest on balance transfer and top up amount. Generally this scheme is availed when the existing lender is unable to give the additional top up loan on existing loan, or in cases where the existing loan is having higher rate of interest and the borrower wants to reduce his rate of interest.
| Sr. No | For Salaried Individuals | Self Employed Individuals having | ||
|---|---|---|---|---|
| Proprietorship Firm | Partnership Firm | Private Limited and Limited Company | ||
| KYC Documents | ||||
| 1 | PAN Card | PAN Card | PAN Card | PAN Card |
| 2 | Aadhar Card | Aadhar Card | Aadhar Card | Aadhar Card |
| 3 | Current resident address proof | Current resident address proof | Current resident address proof | Current resident address proof |
| 4 | Appointment letter | Office Address Proof | Office Address Proof | Office Address Proof |
| 5 | Office ID card | GST Registration Certificate | GST Registration Certificate | GST Registration Certificate |
| 6 | Partnership Deed | MOA and AOA | ||
| 7 | List of partners and shareholding pattern onletter head | List of Directors and Shareholding pattern on letter head | ||
| Income Documents | ||||
| 1 | Salary Slip – 6 months | GST Returns – 1 Year | GST Returns – 1 Year | GST Returns – 1 Year |
| 2 | Form 16 - 2 years | Income Tax Returns – 3 years | Income Tax Returns – 3 years | Income Tax Returns – 3 years |
| 3 | Bank Statement – 1 year | Bank Statement – 1 year | Bank Statement – 1 year | Bank Statement – 1 year |
| Additional Documents Generally Required | ||||
| 1 | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) | Existing loan – Sanction letter (if any) |
| 2 | List of property documents submitted in bank or NBFC’s | List of property documents submitted in bank or NBFC’s | List of property documents submitted in bank or NBFC’s | List of property documents submitted in bank or NBFC’s |
| 3 | Loan Outstanding letter | Loan Outstanding letter | Loan Outstanding letter | Loan Outstanding letter |
| Sr. No | Document |
|---|---|
| 1 | Sale Agreement or Sale Deed with Registration Receipt, Stamp Duty, Index II |
| 2 | Chain of Agreement
with Registration Receipt, Stamp Duty, Index II This is required is there are resale transactions |
| 3 | Share Certificate |
| 4 | Occupancy Certificate ( OC ) |
| 5 | Commence Certificate ( CC ) |
| 6 | Approved Building Plans |
| 7 | Building Completion Certificate |
| 8 | Society Registration Certificate |
| 9 | Tax Paid Challan |
| 10 | Society Maintenance Receipt |
| Note: - As there are different properties types like residential, commercial, industrial, etc. Property documents required will always change based on type of property and location at which the property is located. We have just given the general list of property documents. | |
Call 9167-788-965
