Transferring the outstanding balance of your existing Home Loan to Axis Bank is prudent when you observe a favourable shift in interest rates, particularly if you hold a floating-rate loan where reduced rates can significantly lower your financial burden. Such a strategic transfer is worthwhile, especially if it results in a more attractive interest rate, thus diminishing the overall interest paid throughout the loan's tenure.
Eligibility enhancement also warrants consideration for transferring the remaining amount of your Home Loan. This occurs when an improvement in your credit score or financial standing makes you eligible for more favourable loan terms. The resulting benefits from a Home Loan Balance Transfer process include not just a reduced interest rate but also the possibility of an extended repayment period.
However, it's essential to account for associated Home Loan Balance Transfer charges that may arise. These should be weighed against the potential savings from the transfer. Additionally, Axis Bank offers the option of a top-up on your transferred Home Loan, providing extra funds that can be utilised for a variety of personal financial requirements.
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Documents required for Home Loan Balance Transfer
KYC documents: Valid government-issued identification, proof of address and recent photograph
Income documents: Latest salary slips, tax returns and bank statements
Other documents: Property-related documents, existing Home Loan details, and repayment track record
How to apply for Axis Bank Home Loan Balance Transfer
When you apply for an Axis Bank Home Loan Balance Transfer, it's like a new Home Loan application, with the process being a bit different.
Step 1: Savings calculation
Utilise the Axis Bank Home Loan Balance Transfer Calculator to estimate your savings by transferring your loan to Axis Bank.
Step 2: Online application / In-Person assistance
Visit the Axis Bank website for an online application.
Alternatively, visit an Axis Bank branch or loan centre to discuss and finalise your loan terms.
Step 3: Closure letter
Post the loan terms agreement, you must send a closure letter to your current lender requesting a 'No Objection Certificate (NOC).'
Step 4: NOC and documentation
On receipt of the NOC, present it along with other necessary documents to Axis Bank.
Step 5: Loan disbursement
Following document verification, Axis Bank will clear the outstanding balance with your current lender. A foreclosure certificate will be issued to you.
Step 6: EMI payments
Begin paying your EMIs to Axis Bank as per the terms of your new Home Loan.
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