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Home loan balance transfer checklist
Checklist (.pdf)Two pages. Print it or keep it on your phone.
How to use it
- Get your foreclosure statement and current rate from your lender.
- Collect offers from two or three lenders and compare total cost, not just rate.
- Work out the break-even month with the Switch or stay tool.
- Apply, then keep paying your old EMI until the new lender confirms payoff.
Common questions
What documents do I need for a balance transfer?
Identity and address proof, income proof, your sanction letter and loan statement, and the property papers. The checklist has the full list.
How long does a balance transfer take?
Usually two to four weeks, depending on how fast your old lender releases the property papers.
Is there a penalty for transferring?
Not on floating rate home loans taken by individuals. Check for processing and legal fees at the new lender.
Estimates only, not financial advice. Check figures against your lender's documents.