Documents Needed For Home Loan Transfer For Salaried People

Documents Needed For Home Loan Transfer For Salaried People

A salaried individual has a consistent source of income. Though a salaried person’s limited income may prevent them from spending big for a dream house, the availability of a home loan allows them to afford it on easy terms. However, your existing loan may sometimes cost you more than the current loan rates. Here, a home loan transfer can help.

But before doing that, you must check the details and benefits of transferring a home loan to another bank. For this, you can use a home loan calculator. Enter the basic information of the existing loan, such as the outstanding loan amount, mortgage loan interest rates, tenure, etc., to understand the complete details. 

To initiate the process, you should know the list of documents for home loan transfer. 

Home Loan Balance Transfer Documentation

Here is the required list of documents for home loan transfer:

1. Completed and signed home loan application form

2. Identity Proof: (Choose any of the following)

  • PAN Card
  • Passport
  • Aadhaar Number
  • Voter Identification Card
  • Driver’s License

3. Age Proof: (Any one of the below)

  • Aadhaar Number
  • PAN Card
  • Passport
  • Certificate of Birth
  • 10th Grade Marksheet
  • Banking Passbook
  • Driver’s License

4. Identification: (Any one of the below)

  • Banking Passbook
  • Voter ID
  • Ration Book
  • Passport
  • Utility bills ( e.g., telephone bill, electricity bill, water bill, gas bill) 
  • Receipt for LIC Policy
  • A letter from a reputable public authority confirming the customer’s address

5. Income Documentation:

  • Form 16
  • Employer’s certified letter
  • Pay slips from the previous two months
  • Letter of Increment or Promotion
  • IT returns over the last three years

6. Property Documents:

  • Payment receipts (in case of a new house) from the developer 
  • Title deeds, along with the chain of previous property documents
  • Allotment Letter / Buyer Agreement (in case of house resale)
  • A copy of the purchase agreement (if already executed)
  • Receipt of the initial payment made to the house seller
  • Plot title deeds (in case of house construction)
  • A detailed estimate of house construction by a civil engineer or an architect 
  • A copy of the approved plans by the local authorities
  • Evidence of no encumbrances on the property

7. Other Documents:

  • Passport-size photographs of applicant/co-applicant (to be affixed on the application form and signed across)
  • Evidence of personal contribution
  • Bank statements from the previous six months showing repayment of ongoing loans (if any)
  • Loan details in the name of an individual or business entity (such as the outstanding amount, monthly instalments, purpose, remaining loan tenure, and so on) (if any)
  • A check for the processing fee payable to the home loan provider

NRI/PIO Home Loan Transfer Documentation

1. Completed and signed home loan application form

2. KYC Documents:

  • Passport with VISA stamps / PIO Card on Proof of Address indicating the current overseas address
  • Permit to Work
  • Employment Contract/Appointment Letter/Offer Letter (attested by employer/consulate/foreign office/embassy if in another language)
  • The labour/identity card (documents in a language other than English must be translated into English and countersigned by the consulate)
  • Salary Certificates/Slips from the previous three months 
  • Last six months Bank Statements showing salary credits Account NRE / NRO (if any) Credit Bureau Report (in case available in the country where you are residing)
  • A duly acknowledged copy of the previous year’s ITR (except for NRIs/PIOs residing in Middle Eastern countries and Merchant Navy employees)
  • A copy of the applicant’s Continuous Discharge Certificate (CDC) if employed in the merchant navy on Form P60/P45 and the most recent employment contract (for salaried)

If you have a previous loan from another bank or lender, you must provide a loan account statement for the last year.

3. Real Estate Documents

  • Original title deeds delineating the title of the property on the Encumbrance Certificate 
  • Receipts for payments made for purchasing the dwelling unit
  • Receipts for investing margin money through normal banking channels from NRE/NRO accounts in India
  • Most recent tax receipts
  • Letter of allocation from the co-operative society/apartment owners’ association

Conclusion

In the case of a home loan balance transfer, the new lending entity will request the loan statement to check the borrower’s track record and determine if there has ever been a default. The loan repayment schedule demonstrates the borrower’s intent to repay the loan and must be satisfactory. Therefore, if you wish to apply for a home loan, ensure you have the verified copies as per the list of documents required for a home loan before applying. Remember, the clearer the documents, the better the chances of an approved home loan.

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Albert John

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