LAP Balance Transfer - Normal Salaried

Helps in financing the transfer of a fully/partly disbursed Loan Against Property from a lender. The balance transfer might be a standalone one or might be accompanied by a Top-Up/ Enhancement.

LAP Balance Transfer Features

  • Transfer your existing outstanding 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

LAP can be availed for

  • Purchase/Acquisition/Renovation of property
  • Loan consolidation
  • Personal Needs / Travel/ Business / Marriage etc
  • Higher Education
  • Balance Transfer of existing HE / LAP
  • Business or Working Capital Requirement.

Loan Details & Eligibility

15 Years
Loan Tenures (MAX)

Age Limit (At the time of loan maturity)

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

Minimum Age Criteria

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

Max Loan Amount

Metro & Non Metro 1Cr

Max Loan Tenor

  • Up to 15 years

 

Max Loan Eligibility

Maximum Funding
LAP Residential - 70% of property value
LAP Commercial - 65% of property value
LAP resi plot - 50% of property value
LAP mixed use - 50% of property value
LAP Industrial - 50% of property value

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
6. Job card issued by NREGA duly signed by an officer by the state Govt

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).
Note: All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.

Fees & Charges

Loan Application charges
  • Initial Money Deposit Upto Rs. 3000+ Taxes for Cheque Salaried.
  • Initial Money Deposit Upto Rs. 5000+ Taxes for Others.
Loan Disbursement charges
  • Processing Fees on loan disbursal - Upto 1% + Taxes for Cheque Salaried.
  • Processing Fees on loan disbursal - Upto 3% + Taxes for Others.
Prepayment and Foreclosure charges

Rate of Interest : Floating

  • A) All Individual Borrower(s)/Co-Borrower(s) : Nil
  • B) Non Individual Borrower/Co-Borrower :
    Tenor Served 1Months- 36 Months: 3% + Taxes
    Tenor Served > 36 Months: 2% + Taxes

Rate of Interest : Fixed

  • A) All Individual Borrower(s)/Co-Borrower(s) :
    Tenor Served 1Months- 36 Months: 3% + Taxes
    Tenor Served > 36 Months: 2% + Taxes
  • B) Non Individual Borrower/Co-Borrower:
    Tenor Served 1Months- 36 Months: 3% + Taxes
    Tenor Served > 36 Months: 2% + Taxes
Part Payment charges

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.

Got Questions?

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The eligibility criterion of a balance transfer is similar to that of a regular home loan which depends upon the credit health and the repayment capacity of the borrower.
Following are the documents required:

For Salaried:

• Identity proof
• Address proof
• Documents related to the existing loan
• Last 3 month’s salary slips
• Last 6 months’ bank statements
• Passport size photograph

For self-employed:
• Identity proof
• Residential address proof
• Documents related to the existing loan
• Last 3 years’ Income Tax Returns along with computation of income
• Last 6 months’ bank statements
• Last 3 years’ balance sheet and profit and loss account statements
 

LAP BT Top-up is when the borrower shifts from one lender to another lender because of lower interest rates with a charging of a minimal fee. The borrower can also seek an additional amount against the property.

LAP balance transfer with top up can be repaid in the form of EMI (Equated Monthly Instalments).

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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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