Transfer your Home Loan to Bank of Maharashtra- Steps You Should Know

Transferring your home loan to Bank of Maharashtra can help you take advantage of lower interest rates and better terms. Additionally, being a nationalised bank, you can be sure that you are in the best deal possible.

This blog will guide you through the steps to transfer a home loan and highlight the benefits of home loan transfer to Bank of Maharashtra. Through this blog, we will also try to address key considerations before a home loan balance transfer and outline the list of documents for a home loan transfer.

Why Transfer Your Home Loan to Bank of Maharashtra?

Bank of Maharashtra is one of the lowest-interest home loan banks, with rates starting at 8.10% per annum. This makes it a great option for those looking to reduce their EMIs and overall interest burden. Besides, the bank offers flexible repayment options for upto 30 years for Housing Loans.

Here are the steps to transfer a home loan to Bank of Maharashtra

What is the Process of Home Loan Transfer?

Step 1: Application Submission

The first step in transferring your home loan is to submit a detailed application form. You can do this online through Bank of Maharashtra's home loan application portal. The form will require personal, financial, and property-related information.

Step 2: Document Collection

Once your application is submitted, you'll need to provide the necessary documents for background verification and eligibility assessment. This includes income proof, identity proof, address proof, and property documents.

Below is a list of documents required for a home loan transfer:

• Loan outstanding statement from your current lender
• Loan account statement for the last 12 months
• Sale deed, approved plan, and NOC from the builder or society
• Income proof, identity proof, and address proof
• Bank statements for the past six months

Step 3: Loan Evaluation and Approval

After submitting your documents, Bank of Maharashtra will evaluate your loan application based on your credit score, financial stability, and the value of your property. Once approved, you'll receive a sanction letter outlining the loan amount, interest rate, and other terms.

Step 4: Balance Transfer

Upon approval, Bank of Maharashtra will disburse the loan amount directly to your existing lender to pay off the outstanding balance. Once your current loan is closed, your property documents will be transferred to the Bank of Maharashtra.

Benefits of Home Loan Transfer

Transferring your home loan to Bank of Maharashtra offers several benefits:

• Lower Interest Rates: As one of the lowest home loan interest rate banks, Bank of Maharashtra helps you save on interest costs
• Flexible Repayment Options: The bank offers a repayment tenure of up to 30 years or until you turn 75
• No Prepayment Charges: You can make prepayments or pre-close your loan without any additional charges

Before the Home Loan Balance Transfer

Before initiating a home loan transfer, consider the following:

• Check the Remaining Tenure: Ensure that transferring your loan makes financial sense considering the remaining tenure
• Evaluate Total Costs: Calculate the total costs involved, including any pre-payment charges and mortgage registration charges
• Compare Interest Rates: Compare the interest rates of different banks to ensure you're getting the best deal
• Review Terms and Conditions: Thoroughly review the terms and conditions of the new loan

Documents Required for Home Loan Balance Transfer

To transfer your home loan, you'll need the following documents:

• Loan outstanding statement from your current lender.
• Loan account statement for the last 12 months.
• Property documents, such as sale deed and approved plan.
• Income proof, identity proof, and address proof.
• Bank statements for the past six months.

These documents are essential for verifying your eligibility and facilitating the transfer process.

How to Transfer a Home Loan to a New Buyer?

If you're selling your property and the new buyer wants to take over the existing loan, the process involves:

• Informing the current lender about the sale
• The new buyer applying for a loan transfer with the same bank
• Submitting the necessary documents for verification
• The lender transfers the loan to the new buyer after approval

Transferring your home loan to Bank of Maharashtra can provide significant financial benefits. Transacting with one of the lowest home loan interest rate banks, you get flexible repayment options, and attractive concessions. This makes it a smart choice for homeowners.

Ensure you have all the documents required to transfer a home loan from one bank to another and understand the steps to transfer a home loan. By doing so, you'll enjoy lower EMIs and better loan terms, making homeownership more affordable and manageable.

Author: Bank of Maharashtra
Date of Publish: 16 Jul, 2024