Checklist of documents for a home loan balance transfer

To ease your home loan balance transfer process, here is an extensive list of documents required. The list comprises of every document that will be required from the beginning to the end of the procedure. Since, there are two lenders involved in this process, you will have to collect certain documents from your existing lender and submit them to your new lender.

1. Letter of consent
   You need to submit a formal application to your existing lender informing them about the home loan transfer and ask for a consent letter.
    
2. No Objection Certificate
   A ‘No Objection Certificate’ or an NOC states that your existing lender has no issues transferring your home loan to the new lender.
    
3. Foreclosure letter 
   Finally, a foreclosure letter stating that your home loan is foreclosed on the stated date and no outstanding balance is left. This letter will be obtained once your new lender pays your outstanding loan amount to your existing lender.
    
4. Home loan statement
   Collect a statement of the home loan displaying your EMI repayment track record. This statement will also have the outstanding loan amount.
    
5. Property documents
   You will need to collect your property-related documents from your existing lender.
    
6. Post-dated cheques
   You must have submitted post-dated cheques while taking a home loan. Make sure to collect the pending cheques.

1. KYC documents

This is for the verification purpose of your identity. You will have to present at least one document from the below mentioned list:

• Voter's ID
• Driving license
• Job card issued by NREGA
• Aadhar card
• PAN card (PAN card only as identity proof)

2. Address proof

This is to verify your address details. You will have to present at least one document from the below mentioned list:

• Passport
• Voter’s ID card
• Driving license
• Aadhar card

3. Financial documents

This is to verify your repayment capacity and income source. You will have to present the following documents:

• Form 16
• Latest salary slips
• Bank statements of salary account for the last six months

4. Property-related documents

This is to verify the purchase of your property. You will have to present the following documents:

• Property purchase documents or documents that prove the ownership of the property
• NOC from your developer/housing society
• Registration, stamp duty payments

5. Documents of your existing home loan

This is to verify your existing loan details and that your lender has no objection in transferring your home loan. You must collect these documents from your existing lender and present them to your new lender:

• Your loan sanction letter or loan agreement with the existing lender
• Approvals from your existing lender (Letter of consent, NOC, Foreclosure letter)
• Home loan statement till date
  If all the above-mentioned documents are in place and verified, your balance transfer process will be smooth.

Make a note of this checklist of documents and start collecting them if you wish to take advantage of the balance transfer facility.