HLBT - Home First

Home Loan Balance Transfer is an option wherein you can shift your loan from the existing lender to another lender, providing a home loan at a better rate to cut down the loan cost. HFFC Home Loan Balance Transfer facility is available up to a maximum of Rs. 50.00 lakhs. Read on for the complete details of the facility.

Home First Finance Home Loan Balance Transfer is a good option if looking for a home loan at better interest rates with good customer service. The details of the HFFC Home Loan Balance Transfer facility are given below:

The features and benefits of Home First Finance Home Loan Balance Transfer are:

• The interest rate is competitive, and if the repayment track is sound and the credit score is above the desired level, then the scope for further negotiation of interest is given.
• You can even opt for a balance transfer of the existing home loan if the customer service of the current lender does not delight you. The customer service at HFFC is commendable. You can experience their excellent customer service right from the stage of applying for a balance transfer facility with them.
• HFFC also provides a top-up loan in addition to the balance transfer if you need additional funds depending on your eligibility.
• There is extreme transparency with regard to the charges collected for the balance transfer. There will be no hidden charges.
• Nominal processing charges at 2% of the loan amount.
• Prepayment is permitted without any charges if an individual avails of the loan at a floating interest rate.

Check Loan Against Property Interest Rate for lowest LAP Interest Rates.

The eligibility for the Home First Finance Home Loan Balance Transfer depends on the following criteria:

• If the home loan was availed to purchase a flat, then the flat should be ready for possession/occupation.
• If the home loan was available for residential property construction, the structure should be complete, and the completion certificate should be available.
• A minimum of 12 EMIs should have been paid to the existing lender.
• The repayment track with the existing lender should be satisfactory,
• There should have been even a single delayed or missed out EMI for the existing home loan.
• The credit score at the time of applying for the balance transfer should be 750 and above or should not have declined from the level it was at the time of the existing loan.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Residence Proof:

• Voter’s ID Card
• Aadhar Card
• Passport
• Driving Licence

Identity Proof

• PAN Card
• Passport
• Voter’s Id Card
• ID card issued by the employer
• Driving Licence

Income Proof for salaried individuals

• Salary Certificate for the last three months
• Form 16
• IT Returns
• Bank statement for the last six months

Income Proof for the self-employed

• Audited Balance Sheet and Profit and Loss Account for the last three years
• IT returns for the last three years
• Bank statement for the last 12 months.

Property documents

• Copy of all the documents submitted to the existing lender
• Any other documents required by HFFC to prove the marketable title to the property.

Other documents 

• A letter from the existing lender mentioning the list of property documents in their safe custody
• NOC from the existing lender to transfer the outstanding balance under the existing home loan to HFFC.
• A cheque for processing charges
• Two passport size photographs.

The rate of interest for Home First Finance Home Loan Balance Transfer is 8% to 18% p.a. The interest rate depends on the loan amount, credit score and income of the borrower.

Additional Info: Also Apply Home First Home Loan

The preclosure charges of the existing lender for closing the loan before maturity and the processing fee collected by the new lender for opening a new loan account for the outstanding balance should be considered before opting for the Home Loan Balance Transfer. If the interest cost saved is much less than the prepayment charges and the processing charges, then the balance transfer option will not be worthwhile.

The processing schedule and other charges for HFFC Home Loan Balance Transfer are given below.

You should arrive at the EMI difference on account of the rate of interest offered by the new lender for balance transfer before applying for the facility. Your EMI burden may come down if the new lender provides you with an extended repayment tenure. For instance

Repayment period provided for an existing loan: 20 years

Residual repayment period: 15 years

The maximum repayment period for the home loan provided by the new lender is 25 years.

If the new lender permits a repayment tenure of 25 years on balance transfer, the EMI burden will come down.

After ensuring the terms for the balance transfer for Home First Finance Home Loan Balance Transfer, you can calculate the EMI with the help of the EMI calculator available on the official website of HFFC. In addition, you should follow the steps given below to calculate the EMI.

• Visit the official website of HFFC.
• Choose ‘Home Loan Balance Transfer’ under the ‘Products’ option.
• Choose the Home Loan EMI calculator under the ‘Calculators’ option.
• Provide the loan amount, tenure and rate of interest.
• The EMI will be calculated immediately, and the result appears on the screen.

Additional Info: Also check SBI Home Loan EMI Calculator

There are dedicated Customer Care numbers for existing customers and new customers for queries regarding HFFC Home Loan Balance Transfer.

Existing customers: 91-8880649911

New Customers: +91-8880549911