Shriram Housing Finance Home Loan Balance Transfer

Apply for a Shriram Housing Finance Home Loan Balance Transfer and save on EMIs. The interest rates start from just 11.50% p.a., and you can repay the amount conveniently over a tenure of 25 years. Enjoy perks like a simple transfer process, minimal documentation and zero hidden charges. Also, get additional amounts to fulfil your needs with the help of a top-up loan.

Here are the interest rates and charges you need to be aware of before opting for this facility:

Interest Rate	11.50% p.a. onwards
Loan tenure	Up to 300 months or 25 years of repayment tenure (subject to your retirement age)
Processing Fee	Processing Fee: Up to 2.5% of the loan amount plus applicable taxes Foreclosure Charges:  Nil for Floating Rate Loans As per MITC for Fixed Rate Loans

*Disclaimer: These rates are subject to change at the lender’s discretion.

While the extra charges add to your borrowing cost, a lower interest rate can help you save. A lower interest rate can help ease your EMI burden and reduce repayment costs. Let’s understand this better with an example. 

 

Assume you took a home loan worth ₹50 Lakhs for a tenure of 20 years. The interest charged on this loan by your current lender is 15% p.a. Here, the EMI payable amounts to ₹65,839.48. Now, how does a home loan balance transfer help? Check the following table:

Let’s say you transferred your loan to Shriram Housing Finance and received an interest rate of 11.50% p.a. The change in interest rate leads to a drop in your EMI amount. Your instalment amount decreases to ₹53,321.48. This enables you to save a considerable amount on your loan repayment.

Meet the following eligibility criteria to enjoy a hassle-free application process:

• You must be a salaried individual or a self-employed professional/non-professional. A non-individual entity can also apply.

• You must be at least 24 years old when applying and lower than 70 years old at the time of maturity

• Your monthly income must be more than ₹30,000

• If you are a salaried individual, you need to have a work experience of minimum 2 years

• If you are self-employed, your business vintage must be at least 3 years

 

Here is the list of the documents required for Shriram Housing Finance Home Loan Balance Transfer:

1. Basic Documents:

• Completed Loan Application

• ID proof such as PAN card, Aadhaar card, passport, voter ID, etc.

• Address proof such as ration card, Aadhaar card, passport, etc. 

2. Income Documents:

Salaried Individuals:

• Form 16

• Certified letter from the Employer

• Updated 6 months’ bank statement

• Pay slips for the last 2 months, Increment or Promotion letter

• Investment proofs (like fixed deposits, shares, etc.)

• I-T returns (for 3 years)

• Passport-size photographs

 

Self-Employed Individuals:

• Updated 6 months bank statement

• A brief introduction of his or her profession/business

• Income tax returns for the last 3 years and the computation of income. These must be duly attested by a Chartered Accountant.

• Balance Sheet and Profit & Loss account for the last 2 years of the firm. These should be duly attested by a Chartered Accountant 

3. Property Documents:

• Sale deed, agreement of sale with the builder (original copy)

• Land and building tax-paid receipts

• Location sketch of the property certified by the revenue authorities

• Possession certificate

• An approved copy of the building plan 

• Original receipts of the advance payments that are made towards the purchase of flat

 

Disclaimer: The list of documents required is not exhaustive. Kindly refer to the official website for the complete list of accepted documents.