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Apply For Fast Loan Balance Transfer

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Home Loan Balance Transfer: Features & Online Transfer Process

Q: What is Balance Transfer Loan and how does it work?

Balance Transfer Loan is where a borrower chooses a new lender against a better repayment plan and/or interest rates. Once the assessment of the borrower’s application and transfer documentation is complete, the borrower needs to start repaying EMIs to the new lender.

Q: What is the maximum amount allowed for Home Loan Transfer Online?

Depending on your eligibility, the maximum amount you can Home Loan Transfer Online could be the balance on your outstanding loan, or a top up on your existing loan.

Q: How do I repay the loan after the Home Loan Balance Transfer?

Once the Home Loan Transfer Online process is complete, you owe the Balance Transfer Loan to your new lender. You can continue to repay the Balance Transfer Loan as per the terms and conditions of the new lender

Our home loan should not take a lifetime to repay. Nor should it take a large portion out of your savings or monthly salary. A home loan balance transfer may be a good solution if you are looking for ways in which you can manage your ongoing home loan EMIs better.

Pursuing your dream of owning a home by availing of a loan should not stop you from fulfilling other responsibilities. You should be able to provide for your child’s education, take care of your parents and support your family.

This is why, at SMFG Grihashakti, we offer attractive home loan balance transfer options. Apply for a home loan balance transfer today and enjoy a host of benefits.

Apply Now Apply Now

Features Especially for Your Home

SMFG Grihashakti balance transfer loan offers a string of benefits:

Top-up your loan

In addition to your existing loan, depending on your eligibility, we allow you to borrow additional funds* when you opt for a home loan balance transfer from us.

Attractive Home Loan Balance Transfer interest rates

We have some of the most attractive home loan transfer interest rates in the industry. Don’t believe us? Get in touch with us today!

Customised repayment options

Need a repayment plan that does not affect other expenses? We will create one just for you that meets your unique needs and requirements.

Lower EMIs

Our attractive interest rates on balance transfer loan, transparent fees and charges, and flexible tenures can help you manage your EMIs comfortably within your budget

Benefits of SMFG Grihashakti Home Loan Transfer:

More Funds in Your Wallet:

When you opt for a home loan balance transfer with us, our reasonable interest rates and exciting offers on top-up loan amounts allows you to avail more funds to fulfil your needs comfortably.

Readjust Your Repayment Period:

With our home loan transfer online, you can always increase or decrease your repayment tenure to suit your finances. This helps you to plan your expenses more efficiently.

Home Loan Balance Transfer Loan Interest Rate

Apply with us today to transfer the outstanding balance of your home loan at an attractive interest rate. Our home loan interest rates are competitive and are determined based on the applicant’s profile, eligibility, and our policy at the time of loan application.

Documents Required for a Balance Transfer Loan

Following are the documents required for home loan balance transfer for salaried and self-employed borrowers

Type of Document	Salaried Applicants	Self-Employed Applicants
Proof of Identity	PAN Card Voter ID Driving Licence Employee Card	PAN Card Voters ID Driving Licence
Proof of Income	Last 3 months’ salary slips 2 years’ Form 16 6 months’ bank statements with salary credits	Last 2 years’ ITR with computation CA audited financial, wherever applicable 6 months’ primary bank statements
Proof of Residence	Aadhaar Card* Latest electricity bill/piped gas monthly bill Ration Card Property tax/water bill	Aadhaar Card* Latest electricity bill/piped gas monthly bill Ration Card Property tax/water bill

Type of Document

Salaried Applicants

Self-Employed Applicants

Proof of Identity

PAN Card
Voter ID
Driving Licence
Employee Card

PAN Card
Voters ID
Driving Licence

Proof of Income

Last 3 months’ salary slips
2 years’ Form 16
6 months’ bank statements with salary credits

Last 2 years’ ITR with computation
CA audited financial, wherever applicable
6 months’ primary bank statements

Proof of Residence

Aadhaar Card*
Latest electricity bill/piped gas monthly bill
Ration Card
Property tax/water bill

Aadhaar Card*
Latest electricity bill/piped gas monthly bill
Ration Card
Property tax/water bill

Documents pertaining to the property will also be requested.

*Terms and conditions applicable. Loans are sanctioned at the discretion of SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.

Home Loan Balance Transfer Eligibility Criteria

Following are the Home loan balance transfer eligibility criteria for salaried and self-employed borrowers

Salaried Applicants	Self-Employed Applicants
MNCs/Listed Public Limited Companies/Government Organisationst	Individual businessmen/Sole proprietorship
Private Limited Organisations/Unlisted or Closely- Held Companies/Partnerships/Proprietorship Firms	Professionals – Doctors/Architects/CAs
	Partnership Firms
	Private Limited Organisations/Unlisted or closely-held companies

*Terms and Conditions apply. Loans are at the sole discretion of SMFG India Home Finance Co. Ltd.

Fee and Charges on Home Loan Balance Transfer

There is a processing fee of 3% of the loan and an interest rate conversion fee of 1%*.

Apart from this, application fees would be charged. Here are the details –

INR 2,500 for loan amounts up to INR 10 lakhs
INR 3,500 for loan amounts between INR 10 lakhs and 25 lakhs
INR 4,500 for loan amounts between INR 25 lakhs to 50 lakhs
INR 6,000 for loan amounts above INR 50 lakhs

Documentation fees would also be charged. Here are the details

INR 1,500 for loan amounts up to INR 25 lakhs
INR 3,000 for loan amounts exceeding INR 25 lakhs

Stamping fees are as per state laws.

Quick Links

Home Loan

Home Loan EMI Calculator

Home Loan Eligibility Calculator

Home Loan Interest Rates

FAQs

What is the difference between a home loan and a home loan balance transfer?

A home loan is a loan taken by borrowers from lenders to own a property. The borrower commits to pay EMI till the end of its tenure. Whereas, a home loan balance transfer lets you make a change in your existing home loan lender by transferring out the principal amount outstanding to a lender who offers better terms - such as a lower interest rate, better customer service, etc.

What is a balance transfer loan and how does it work?

In a balance transfer loan, the borrower chooses a new lender against a better repayment plan and/or interest rates. Once the assessment of the borrower’s application and transfer documentation is complete, the borrower needs to start repaying EMIs to the new lender.

How do I apply for a balance transfer loan?

If you want to apply for a home loan balance transfer with SMFG Grihashakti, please follow these steps:

Click on the “Apply Now” button on this page.
Select the type of loan you wish to transfer
Select your location
Verify your mobile via OTP
Enter the requested information, and submit.

Our representatives will get in touch with you to take the home loan balance transfer ahead. Alternatively, you are welcome to give us a call at 1800 102 1003 or visit your nearest SMFG Grihashakti branch**

What is the maximum amount allowed a for home loan transfer online?

Depending on your eligibility, the maximum amount you can home loan transfer online could be the balance on your outstanding loan or a top-up on your existing loan.

How do I repay the loan after the home loan balance transfer?

Once the home loan transfer online process is complete, you owe the balance transfer loan to your new lender. You can continue to repay the Balance Transfer Loan as per the terms and conditions of the new lender

What are the factors that affect my home loan balance transfer eligibility?

A balance transfer loan is where a borrower transfers their home loan to a new lender against a better repayment plan. Once the assessment of the borrower’s application and transfer documentation is complete, the borrower owes the balance transfer loan to the new lender. Additionally, the following factors will also play a role

Income source & stability
Total disposable income (monthly income minus monthly obligations)
Credit score and history
Existing debts
Repayment history
Location
SMFG Grihashakti’s policy at the time of balance transfer application.

How long does it take to get a home loan balance transfer sanctioned?

The tenure for the home loan transfer online process is the same as applying for a new home loan. So, it typically takes anywhere between 15-20 days, provided the property and loan documents from the previous lender are submitted on time.

What are the types of balance transfer loans online offered by SMFG Grihashakti?

With SMFG Grihashakti, you can opt to transfer your home loan or loan against property.

What are the balance transfer loan interest rates with SMFG Grihashakti?

We offer home loan balance transfer at affordable rates depending on the applicant’s eligibility and our policy at the time of loan application. To know more, please apply now or contact us today.

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Mr. & Mrs. Kaithepalli Harishkumar, Vishakhapatnam

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Mr. R Sarvanakumar, Chennai

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N. Durga family, Chennai

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“Having a home is a special feeling and we experienced this when we moved from our rented accommodation to our own home. We feel fortunate to come across Grihashakti, who made the entire loan journey so simple and fast. My favourite place in the home is the living room, where I can relax with my wife after a day’s work."

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Ms.Reema Chandiramani, Bhopal

Our home being the first home of our own is very special to me. It has also been a symbol of security for us. SMFG Grihashakti has been really quick in their processes and helped us through the entire loan process. Every corner of our home reflects a part of us – happiness and peace!"

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Disclaimer: *Please note that loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, and disbursal process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.