The document outlines the step-by-step process for transferring a home loan from one lender to another. Key steps include submitting a transfer request to the existing lender, gathering necessary documents like consent letters and proof of income, applying to the new lender, and verifying eligibility. Once approved, the new lender will settle the old loan and finalize the transfer.

1. my Home Loan?
How to Transfer

2. STEP 1 You need to submit a letter to your existing
lender, requesting for a balance transfer
Existing Bank/ NBFC New Bank/ NBFC

3. STEP 2
Existing lender will give you a letter of consent, a no
objection certificate (NOC), a foreclosure letter, a list
of property documents (LOD), and a loan statement
that shows your EMI payment history
Existing Bank/ NBFC New Bank/ NBFC

4. STEP 3
Apply to the new lender, and submit all
documents that are needed when applying
for a fresh loan
Existing Bank/ NBFC New Bank/ NBFC

5. STEP 4 Submit the application form,
along with your photographs
Existing Bank/ NBFC New Bank/ NBFC

6. STEP 5
Submit an identity proof, a date of birth
proof, an address proof, and a signature
proof
Existing Bank/ NBFC New Bank/ NBFC

7. STEP 6
Submit documents that prove the
ownership of the property for which
you are taking the loan
Existing Bank/ NBFC New Bank/ NBFC

8. STEP 7
Submit an NOC from your housing
builder/society, along with the documents
procured from the first lender
Existing Bank/ NBFC New Bank/ NBFC

9. STEP 8
New financial institution will ask you for proof of
income. You will have to show them your salary slips
for the last three months and your IT Returns/Form 16
for the last two years
Existing Bank/ NBFC New Bank/ NBFC

10. STEP 9
Provide business continuity proofs if you are a self-
employed professional or an appointment letter if you
are a salaried individual to the new lender
Existing Bank/ NBFC New Bank/ NBFC

11. STEP
10
Submit bank statements for the last three months
Existing Bank/ NBFC New Bank/ NBFC

12. STEP
11
New lender will verify all documents, look at your
financial history, and evaluate your home loan
balance transfer eligibility
Existing Bank/ NBFC New Bank/ NBFC
EVALUATION

13. STEP
12
If the loan is granted, the new lender will hand over a
cheque of the balance principal amount to the old
lender. The latter will then transfer all your loan papers
to the new firm
Existing Bank/ NBFC New Bank/ NBFC
LOAN
PAPERS

14. STEP
13
Your post-dated cheques that lie with the
old financial institution will be cancelled
Existing Bank/ NBFC New Bank/ NBFC
CHEQUE
CANCELLATION

15. STEP
14
The transfer process will then be complete
Existing Bank/ NBFC New Bank/ NBFC

16. Home Loan is Transferred