DHFL
Home Loan Balance Transfer

Home Loan Balance Transfer is also known as home loan refinancing. You can transfer your existing home loan to another lender at a lower rate of interest. The facility lets you reset loan repayments with lower EMIs, extended tenure and amount top up.

Apply for home loan balance transfer if you have an offer for lower than your existing home loan interest rate from other lender. Besides low interest rates, borrowers apply for loan refinancing when they are dissatisfied with services of the existing lender, need a loan top up or are looking for resetting of repayment schedule.

Apply for home loan transfer when you are getting lower rate of interest offer from other lenders. Further make sure there is enough residual loan period so that the interest saving is substantial. Loans which are already nearing maturity must not be considered for a home loan balance transfer. Last but not the least, review charges & fees involved before signing up with the other lender.

Yes, you can merge two home loan accounts and avail Piramal housing finance home loan at lower interest rate. The balance transfer will result in interest saving and lower EMIs.

To apply for balance transfer follow a step by step process.

Step 1: Submit a prescribed loan closure application form to the existing lender.

Step 2: The lender upon receiving balance transfer request will perform the backend checks. It will assess loan outstanding and any defaults. Once the account is cleared, they will issue a ‘No Objection Certificate’ for your Home Loan Balance Transfer application along with other documents like the latest outstanding letter, Home Loan Repayment Track Record, etc.

Step 3: With NOC in hand, you can officially apply for home loan balance transfer to the new lender. With submission of documents and NOC, the lender’s legal team will review your application.

Step 4: The new lender will send intimation to the previous lender. On acceptance, the old lender will hand property documents to the new one. With this step, the loan is taken over by the new lender. The lender will issue a sanction letter and credit the proceeds in the loan account. Now onwards, EMIs are required to be paid to the new lender according to the new loan agreement.

It may take 1 to 3 weeks (7- 21 days) to process a home loan balance transfer request.

It is mandatory to apply for DHFL (Piramal) home loan with a co-applicant. In some cases, a woman co-applicant is mandatory. Your spouse or any biological relative like parents, siblings, children can also become the co-applicants. Further, all co-owners of property are also required to be placed on the loan structure. Only partners, directors and shareholders are allowed as non-related co applicants.

To check the status of your existing DHFL home loan, you should login to your home loan account on the lender’s website or mobile app. You can click on the loan statement and save or download it according to your needs. You can also call Piramal Capital & Housing Loan customer care for details of your home loan.