Step-By-Step Guide To Help You Transfer Your Home Loan

After you decide to transfer your home loan based on different parameters listed in this PropGuide post, we bring to you a step-by-step guide to transfer the home loan from the existing bank to the new one.

Here are the steps involved:

• Submit all property documents, credit scores and other details of your net-worth to the new lender. The new bank will undertake appraisals and will follow a legal verification process before approving the loan, a process, similar to that of a fresh loan.

• After the bank approves the documents submitted and the loan, submit an application to your current lender requesting a transfer.

• Your current bank will then give you a consent letter or a no-objection certificate (NOC) with details of your loan like the amount and outstanding.

• Submit these documents to the bank that you want your loan to be transferred to.

• After the approvals are received, the new bank will clear your loan amount with the old lender.

• The old lender will then hand over your property papers to the new lender. The former will also cancel any post-dated cheques that it has issued to you or your developer. Your loan is officially transferred after this step.