Not knowing how to transfer a loan from one bank to another, many customers are putting up with poor service at their bank. But transferring loan from one bank to another is not a big deal. If your bank’s home loan interest rate is high or if you are inconvenient with the bank’s service, you can easily switch your bank loan. The steps are very simple.
The Reserve Bank of India has recently increased the repo rate and after increasing the repo rate, many banks are now increasing their lending rates. In such a situation, the cost of home loan in banks is increasing.
It is natural to think that if you know that the interest rate on a home loan purchased from your bank is high, why not switch it to another bank? The process of transferring a loan from an old bank to a new bank is very easy.
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How to transfer credit?
Check the home loan interest rates of various banks to decide which bank to switch the loan to. Choose a bank from among them. You will have to pay less EMI with a new bank and it will be profitable for you.
After deciding to transfer the loan, you have to apply to the old bank for the same. Know the procedures of the bank. Then get the account statement and property documents from the bank. After this, all these documents need to be deposited in the new bank.
Old bank will issue NOC
Before transferring to the new bank the old bank will issue a no-obligation certificate called NOC. A letter of approval will also be provided. This letter should be deposited in the new bank.
All the documents related to the bank loan should be given to the new bank. To transfer the loan to a new bank, you will have to pay a processing fee of 1 percent.
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Documents to be given to the new bank
KYC
Property document
Loan balance
Completed application form
New bank approval letter
Once all these processes are completed, the new bank will take the approval letter from your old bank and close the loan based on that. A loan agreement should be entered into with the new bank. After that the loan agreement with the new bank will start.
Pay the loan balance due from the new bank to the old bank. After this you have to pay your new bank monthly installment ie EMI every month.
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