A balance transfer is applied for when one wants to transfer a fully or partly disbursed home loan from the financer/bank. This might just be a standalone balance transfer or might accompany a top-up on balance as well.

Balance Transfer Features

• Transfer your existing outstanding Home Loan from another Bank / Financial Institution for interest rate benefit
• Top-up loan available over and above the outstanding amount subject to eligibility and property value
• Integrated network and centralized processing for taking easy home loans from anywhere
• Easy and Hassle free documentation and application processing
• Home Loan available for all profile of customers

What is PMAY

• A credit linked subsidy scheme was launched in June 2015 under PMAY
• Housing for all , for the purpose of purchase / extension / construction or improvement of a house.
• Property to be built as per sanction plan/ by laws of stipulated sanction authority.
• Interest subsidy under PMAY scheme is subject to Regulatory Approvals
• It caters to :
  • Economically weaker sections of the society (EWS) - Maximum Income : Upto Rs 3 lacs , Maximum Prperty area : NA
  • Low Income groups (LIG) - Maximum Income : Upto Rs 6 lacs , Maximum Property area : NA
  • Middle Income group I (MIG-I) - Maximum Income : Rs 6 lacs to Rs 12 lacs , Maximum Property area : 120 sq. mt.
  • Middle Income Group II (MIG-II) - Maximum Income : Rs 12 lacs to Rs 18 lacs , Maximum Property area : 150 sq. mt.

Loan Details & Eligibility

20 Years

Loan Tenures (MAX)

Age Limit (At the time of loan maturity)

• Salaried Individuals - 60 Years of age or retirement, whichever is earlier.

Min Age Criteria

• Income applicant should be min 21 years old
• Non income applicant should be min 18 years old

Max Loan Amount

Max Loan Tenor

Max Loan Eligibility

Document Checklist

Proof of both identity, age, and residence (any combination that fulfills both.)

S.No	Documents	ID Proof	Address Proof	Relationship Proof	Age Proof
1.	Aadhar Card/E Aadhar issued by UIDAI
2.	Valid Passport
3.	Pan Card
4.	Driving License issued by the RTO
5.	Voter ID Card issued by EC

Income (Only for salaried applicant)

• Last 3 months salary slip
• Last 2 years Form 16
• Bank statements for last 6 months reflecting salary credits
• Appointment letter with salary breakup if current employment is less than 1 year old

Details of current loans

• Bank statement reflecting last 6 months EMI payment/ SOA of running loans

Property related documents (If Property has been identified)

• Copy of the Allotment Letter / Buyer Agreement/Sale Deed
• Receipts of payments made to the Builder/ Developer/Seller

Additional Documents

• Last 12 months banking showing EMI/ PEMI debit
• RTR of BT loan is mandatory at the time of login
• SOA of the BT loan (preferred but not must).
• Sanction letter of the BT loan (preferred but not must).

Fees & Charges

• Initial Money Deposit Upto Rs. 3000+ Taxes for Cheque Salaried.
• Initial Money Deposit Upto Rs. 5000+ Taxes for Others.

• Processing Fees on loan disbursal - Upto 1% + Taxes for Cheque Salaried.
• Processing Fees on loan disbursal - Upto 3% + Taxes for Others.

Rate of Interest : Floating

• A) All Individual Borrower(s)/Co-Borrower(s) : Nil*
• B) Non Individual Borrower/Co-Borrower :
  Tenor Served 1Months-12 Months: 3% + Taxes
  Tenor Served > 12 Months: 2% + Taxes

Rate of Interest : Fixed

• A) All Individual Borrower(s)/Co-Borrower(s) :
  Tenor Served 1Months-12 Months: 3 % + Taxes
  Tenor Served > 12 Months: 2% + Taxes
• B) Non Individual Borrower/Co-Borrower :
  Tenor Served 1Months-12 Months: 3% + Taxes
  Tenor Served > 12 Months: 2%+ Taxes

*In case of Fixed Rate Housing Loan to Individuals (borrowers/co-borrowers), Nil Pre-payment charges if the loan is pre-closed through own source. If the loan is pre-closed from a bank/HFC/NBFC/ a financial Institution, pre-payment charges as per the above grid shall be applicable.

Rate of Interest : Floating

• A) All Individual Borrower(s)/Co-Borrower(s) : Nil
• B) Non Individual Borrower/Co-Borrower : 2%+ Taxes

Rate of Interest : Fixed

• A) All Individual Borrower(s)/Co-Borrower(s) : 2%+ Taxes
• B) Non Individual Borrower/Co-Borrower : 2%+ Taxes

*Minimum Payment: 3*EMIs/Rs. 50000 (whichever is higher)/Maximum 4 part payments allowed in a year.

Terms & Conditions

Submission of all relevant documents as mentioned by HHFL in the sanction letter/ Loan Agreement; Clear, marketable title of the property in favour of the Borrower; All the security documents prescribed have been executed by borrower/co-applicant (s)/ guarantor/s A valid mortgage (equitable or registered if equitable mortgage is not possible) has been created in favour of the HHFL as per the laws of the State.

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Annexure

S.No	Document	Age Proof	ID Proof	Address Proof	Relationship Proof
1.	Last 2 Utility bills/Electricity Bills/Gas Connection/Telephone
2.	Consumer Gas connection card/passbook along with receipt for gas supply not older than two months with due entry for gas supply
3.	Certificate from the postal office confirming address of applicants either on letter heads or under office seal and signed by Post Master/Asst Post Master
4.	Original letter from Central /State Govt departments/defence dept or Public Sector Units/Banks/employer certifying the residential address of employee/applicant. Signature of the employee/applicant has to be attested on the letter head
5.	Quarter allotment letter issued by Central/State Govt. Dept/PSUs/RBI/SEBI/Public Sector/SIDBI/EXIM Bank. Letter to be on the letter head or under office seal with signature of issuing authority
6.	Registered leave and licence agreement along with utility bill not older than 2 months in the name of the landlord( Notarized agreement not accepted as address proof)
7.	Property tax bill along with receipt should not be older than more than one calendar year from the bill issuance date
8.	Water Tax bill along with receipt (not more than 6 months old)
9.	PAN intimation letter to be accepted for the first six months from the date of issue of PAN (Customer’s communication address visit is mandatory
10.	Secondary school leaving certificate/passing certificate issued by Examination board/university indicating date of birth (id proof if documents is with a photograph and should be accepted till the age of 25 years only
11.	Hand written ration card containing signature and stamp of the official authority
12.	Birth certificate issued by registrar of birth and death (municipal corporation or zila parishad, gram panchayat) or birth certificate issued by Private nursing home (Guardian account should be more than six months old ) confirming DOB, name of the child & guardian name

Additional documentation for disbursement

• List of Documents in custody of BT Bank/ HFC (LOD)
• Copy of Foreclosure statement of BT Bank/ HFC (FC)
• Where original LOD not submitted, copy to be OSV by HHFL employee.

Additional legal drafts for BT

• Power Of Attorney (POA) from all Borrowers (favouring in this document should be kept blank and to be filled by the Legal Vendor at the time of transaction) (HHFL draft)
• Declaration cum Undertaking by all borrowers (HHFL draft)