To plan a housing loan balance transfer, it is important to have all the home loan documents required by the bank or non-banking companies. Apart from the common documents, there are some specific balance transfer documents from the existing loan provider.
The balance transfer in a housing loan is done only when the existing loan provider offers consent and a no-objection certificate. If you are planning to do a housing loan balance transfer, the following is the documentation that you need to complete.
Home loan balance transfer documents from the existing loan provider
Consent letter
A consent letter is a formally written document from your existing loan provider in order to get your balance transfer done. You need to get a consent letter for the balance transfer from your existing loan provider. Without their consent, you will not be able to go through the home loan balance transfer process. A consent letter will be required at the time of the balance transfer application.
NOC - Certificate of No Objection
You need a "no objection" certificate for your existing housing loan. The "no objection" certificate is a formal document issued by your existing loan provider. It clearly states that your existing loan provider does not have any issue with transferring the housing loan amount to a new loan provider. It will have the outstanding amount of transfer clearly stated with no objection from the existing financial institution.
Loan agreement
Existing loan agreements or housing loan sanction letters are important for housing loan balance transfers. Individuals need to produce the existing loan sanction letter to the new loan provider. The loan agreement is an official document that has all the terms and conditions, details, and information of the existing housing loan.
Foreclosure letter
It is one of the most important letters that is issued by the existing loan provider for housing loan balance transfer. This formal foreclosure letter clearly declares that the particular housing loan is foreclosed on a particular date. It clearly mentions that there is no outstanding balance pending on the existing housing loan.
Home Loan Statement
The housing loan statement highlights all the important details and information regarding the housing loan. It includes all the records and repayment history of the existing home loan. This statement tracks the outstanding payment that is on the housing loan. The home loan statement clearly states the entire transaction history that has taken place. You can get this from your existing financial institution.
Wrapping up
If you need a home loan for salaried individuals, you need to have all the home loan documents required. By meeting the home loan eligibility criteria, you can get a low home loan interest rate.
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