Balance Transfer and Top up

Looking for a hassle-free Balance Transfer and Top up (BT & Top up) loan in Mumbai? Trust Advit Realinfo Pvt Ltd to guide you through the process from start to finish.

Balance Transfer and Top-up Loan (BT + Top up)

Are you tired of paying high-interest rates on your home loan? Are you struggling to meet your monthly expenses due to high EMIs? If yes, then it’s time to consider a balance transfer and top-up loan for your home loan.

A balance transfer and top-up loan is a facility offered by banks and financial institutions that allow you to transfer your existing home loan to a new lender offering lower interest rates. You can also get an additional top-up loan over and above the balance transfer amount. The top-up loan can be used for various purposes such as home renovation, education, marriage, or any other personal expenses.

Lower Interest Rates:

One of the primary benefits of a balance transfer and top-up loan is that you can get a lower interest rate on your home loan. This will help you save money on interest payments and reduce your overall EMI.

Additional Funds:

You can get an additional top-up loan over and above the balance transfer amount. This can be used for various purposes such as home renovation, education, marriage, or any other personal expenses.

Flexible Repayment Tenure:

The repayment tenure for a balance transfer and top-up loan is usually longer than a regular personal loan, which gives you more time to repay the loan and reduces the burden on your monthly finances.

Improved Cash Flow:

By reducing your EMI, you can improve your cash flow and have more money at your disposal every month.

Debt Consolidation:

If you have multiple loans, you can consolidate them into a single loan through a balance transfer and top-up loan. This will make it easier for you to manage your finances and reduce the burden of multiple EMIs.

Tax Benefits:

You can avail of tax benefits on both the principal and interest components of your balance transfer and top-up loan under Section 80C and Section 24(b) of the Income Tax Act.

Easy Process:

The process of transferring your home loan balance and getting a top-up loan is relatively simple and involves minimal documentation.

Eligibility Criteria for Loan Against Property

To be eligible for a balance transfer and top-up loan, you must meet the following criteria:

  1. You should have a home loan in Mumbai for at least six months.
  2. Your repayment history should be good, and you should not have any defaults or late payments.
  3. Your property should be free from any legal disputes.
  4. You should have a stable source of income to repay the loan.

How does it work?

Understanding Balance Transfer Home Loans

A balance transfer home loan allows you to transfer your existing home loan from one lender to another with lower interest rates. The new lender pays off your existing loan and you start paying the new lender at a lower interest rate. This can help you save a significant amount of money on your monthly mortgage payments.

Understanding Top-Up Home Loans

A top-up home loan is an additional loan that you can take out on top of your existing home loan. This type of loan is available to homeowners who have built up equity in their property. The funds can be used for a variety of purposes, such as home improvements, education expenses, or other personal expenses.

Determine Your Eligibility

Once you have determined your eligibility, you can start looking for a lender that offers balance transfer and top up loans. You can compare the interest rates, processing fees, and other charges of various lenders to choose the one that suits you best.

Find a Lender

Lenders usually have their own eligibility criteria which include factors such as credit score, age, income, and property value.

Apply for the Loan

After you have selected a lender, you need to fill out the loan application form and submit it along with the required documents. You may also need to pay a processing fee at this stage.

Get a Loan Approval

The lender will verify your documents and assess your creditworthiness before approving your loan. They may also conduct a property valuation to determine the loan amount.

Close the Existing Loan

Once your new loan is approved, you need to inform your existing lender about your intention to transfer the loan. You will need to provide them with the necessary documents to initiate the transfer process.

Disbursement of Funds

Once the balance transfer is completed, the new lender will disburse the loan amount to the old lender to close the existing loan. Any surplus amount will be credited to your account.

Apply for Top Up Loan

After the balance transfer is complete, you can apply for a top-up loan with the new lender. The process for this loan is similar to that of a regular home loan.

Get Top-Up Loan Approval

The lender will verify your documents and assess your creditworthiness before approving your top-up loan. They may also conduct a property valuation to determine the loan amount.

Disbursement of Top-Up Loan

Once your top-up loan is approved, the lender will disburse the loan amount to your account.

Get Help from a Professional

If you’re feeling overwhelmed by the balance transfer or top-up home loan process, don’t hesitate to get help from a professional. An authorized bank DSA, mortgage broker or financial advisor can help you navigate the process and find the best possible loan terms, tenure, and interest rates for your needs.

Documents Required for Balance Transfer & Top-up Loan

When it comes to a balance transfer and top-up loan for a home loan in Mumbai, there are certain documents that are required by the lender to process the loan application. Here is a brief explanation of the documents required:

Identity Proof

You need to provide a copy of any one of the following documents as identity proof:

  • Aadhaar Card
  • PAN Card
  • Voter ID Card
  • Passport
  • Driving License

Address Proof

You need to provide a copy of any one of the following documents as address proof:

  • Aadhaar Card
  • Voter ID Card
  • Passport
  • Driving License
  • Electricity Bill
  • Telephone Bill

Property Documents

You need to provide the following documents related to the property:

  • Sale deed or agreement of sale
  • Property tax receipts
  • Khata certificate and Khata extract
  • Building plan approval
  • Encumbrance Certificate
  • NOC from the society or builder
  • Occupancy Certificate or OC of property
  • Registered lease agreement (if the property is rented)

Income Proof

You need to provide the following documents as income proof:

  • Salary slips for the last 3 months
  • Bank statements for the last 6 months
  • Form 16 for the last 2 years
  • Income Tax Returns for the last 2 years
  • Business proof (if you are self-employed)
  • Profit and loss account for the last 2 years (if you are self-employed)
  • Balance sheet for the last 2 years (if you are self-employed)

Existing Loan Documents

You may also be required to submit the following documents:

  • Loan account statement a.k.a. SOA- Showing a repayment track record of the existing loan.
  • NOC from the existing lender – Stating the outstanding loan amount, foreclosure amount, and
  • LOD or the list of original property documents held by the lender.

Other Documents

You may also be required to submit the following documents:

  • Loan application form – To be filled with personal and financial details.
  • Passport-size photographs.
  • Cheque for processing fee.

At Advit Realinfo Pvt Ltd, Mumbai, we’re here to help you every step of the way. Contact us today to learn more about our balance transfer and top-up home loan services in Mumbai. With our expertise and commitment to exceptional customer service, we’ll help you get the loan you need to meet your financial goals.

HDFC LTD.
Balance Transfer Offer - Save on Home Loan!

BALANCE TRANSFER @ ZERO PROCESSING FEES FOR SALARIED CUSTOMER!

We, at Advit Realinfo Pvt. Ltd., are pleased to announce a limited-time offer in partnership with HDFC Ltd. for existing home loan customers.

Say goodbye to the high rate of interest of the home loan and hello to savings with HDFC Ltd.’s special offer. Don’t miss out on this opportunity to reduce your financial burden and achieve your goals.

Low Rate of Interest @ 8.4%

  • For Balance Transfer of Home Loan: 8.4%
  • For Top-up Loan:
    • CIBIL Score +750 : 8.60%
    • CIBIL Score <750 : 8.70%

Maximum Tenure

  • For BT: Maximum tenure up to 30 Yrs.
  • For Top-up: Upto 15 yrs. or up to 60 yrs of applicant’s age whichever is lower.

Processing Fee

For salaried customers: 

Rs. 3,540/- (Note -The customer will initially pay full fees for Sanction & at the time of Disbursement the same would be adjusted towards his Premi / EMI)

For self-employed:

  • For loans up to 2 crores: 0.15% on the loan amount plus GST, or Rs. 20,000 + GST (whichever is lower) 
  • For loans between 2 crores and 5 crores: 0.15% on the loan amount or Rs. 35,000 + GST (whichever is lower).
  • For loans above 5 crores: Rs. 65,000 + GST.

Simply fill out the form below and use the coupon code “ADVITBT0423” to apply for the offer. This offer is only valid until Aug 31st, 2023, so don’t wait too long to take advantage of this opportunity. Act now before it’s too late!

Our team of experienced professionals is here to help you through the entire process, from assessing your current loan to providing you with the necessary paperwork and ensuring a smooth transfer.

APPLY FOR BT & TOP UP IN 3 SIMPLE STEPS