At A Glance
- Purpose
- Transfer an existing loan for potential interest/EMI benefits and/or additional Top-Up funding*
- Eligible Products
- Home Loan / Land Loan / LAP / Commercial Property / Specialised Property / LRD / Loan Against Land*
- Loan Amount
- Up to ₹7.5 Crore for specified eligible profiles; other profile limits may vary*
- Tenure
- Up to 30 Years – Home Loan / Up to 15 Years – Non-Home Loan*
- LTV
- Up to 75%; Commercial Property Purchase may be considered up to 80% depending on profile*
The Short Version
What Balance Transfer & Top-Up actually does for you.
A balance transfer means moving your current loan to another lender that may offer better terms. We put your existing loan next to offers from other lenders, in writing, so you can compare before you decide. If you choose to switch, we guide you through the whole process. A top-up may also be possible if your profile qualifies.
What's included
- Better pricing available on home, LAP and business loans
- Top-up sanctioned at mortgage-linked pricing, not personal-loan pricing
- Trim the EMI or shorten the tenure — you choose which
- We liaise with your existing lender on foreclosure and transfer
Do you qualify?
- A track record of on-time EMIs for at least the last 12 months
- No recent bounces or delayed payments on the existing loan
- Income documents and property papers ready for a fresh credit review
- Resident Indian with an existing home loan; NRIs can transfer with select lenders (see the NRI section below)
- Salaried, self-employed professional or self-employed business owner
- If salaried, generally at least 1 year with your current employer
- A CIBIL score of around 700 or above may help you get the better rate; lower scores are reviewed case by case
- A residential property already mortgaged, with its papers in order
Which One Are You
Fees and other charges
Besides interest, a lender may charge a few fees. It helps to know them before you apply, so there are no surprises.
Processing fee
A percentage of the loan amount plus GST, often somewhere between about 0.5% and 1.5%. Some lenders reduce or waive it during offers.
Legal and valuation charges
A fee for the lender's legal check of the property papers and for a valuation visit. It is usually a fixed amount and depends on the lender and the property.
Stamp duty, registration and insurance
Stamp duty and registration follow your state's rules. Property or loan insurance is charged only where you take it.
Foreclosure and part-prepayment
Floating-rate loans to individuals generally carry no prepayment or foreclosure charge under RBI rules. A fixed-rate loan may charge a small percentage of the amount you prepay.
These are general guides and every lender sets its own fees. Your expert will share the exact charges in writing before you sign.
Balance transfer for NRIs
If you are an NRI with a home loan in India, you can move it to another Bank or NBFC for a lower rate or better terms, just like a resident. The new lender checks your overseas income and your account again, so a few of the NRI documents are needed.
Who can transfer
NRIs, and often PIO and OCI cardholders, whose existing loan has a good repayment record.
What the new lender checks
Your overseas income, your job or business abroad, your credit history, and the property that is already mortgaged.
Your existing loan
You will need the sanction letter, the loan statement and the list of documents held by your current lender, plus a foreclosure letter from them.
Costs to weigh
The new lender's processing fee and any charge from your current lender. Floating-rate loans to individuals generally carry no foreclosure charge, but check your own loan terms. Our balance transfer calculator shows what you could save.
Signing from abroad
A registered Power of Attorney in favour of a trusted resident Indian can sign the new loan papers in India for you, attested as the lender requires.
Repayment
EMIs are usually paid from your NRE or NRO account in India, as with your current loan.
NRI questions answered
Can an NRI transfer a home loan to another lender?
Yes. Several Banks and NBFCs take over NRI home loans. They look at your overseas income, your repayment record and the property, much as they would for a new loan.
Do I need to be in India?
Not always. Much of the process can be done online or by courier, and a Power of Attorney can cover the signing. Some lenders may ask for a visit or a video verification.
Is it worth it?
That depends on how much lower the new rate is, how long your loan still has to run, and the costs of moving. Try the balance transfer calculator, or ask us to compare lenders for you.
NRI lending is governed by RBI and FEMA rules and each lender's own policy, and the rules can change. We share general information here. Your expert will confirm what applies to you.
Why Growth Capital Services
One conversation, many lenders to compare.
We are a loan consultant, not the lender. We help you compare options from 75+ Banks and NBFCs, prepare your documents, and follow your application through each step.
Important note: Interest rate, loan amount, tenure, charges, eligibility, approval and disbursement depend on the policy of the respective Bank or NBFC, your profile, credit assessment and the applicable terms. Growth Capital Services is a loan consultant and does not lend money itself. The details on this page are for general information.
Run the numbers
Calculators for your Balance Transfer & Top-Up
Try your own figures before you apply — nothing is saved or sent.
Step-by-step guide
Balance Transfer & Top-Up process, step by step.
Moving your loan only makes sense if you save. Here is how we check that and carry out the switch.
- 1
Share your current loan
Give us your outstanding amount, rate, remaining tenure and a recent loan statement.
- 2
Compare real savings
We set other lenders' offers beside your loan, counting every fee, so you see the true saving.
- 3
Apply with the new lender
If you decide to switch, we prepare your documents and file the new application.
- 4
Closure at the old lender
The new lender pays off your old loan, and your original property papers move across.
- 5
Top-up and new EMI
If you need extra funds, a top-up may be added. Your new EMI then begins.
With GCS, your expert looks at your profile, matches it with suitable lenders, and coordinates with the banks for you. That means less confusion and more confidence when you apply.
Worth Comparing
The rest of Property Finance
So you can weigh Balance Transfer & Top-Up against everything else we arrange in this category before deciding.
Still deciding on Balance Transfer & Top-Up? Ask us directly.
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