Home Loan Balance Transfer – Save More on Your EMI
Already have a home loan? Switch to a lower interest rate lender and reduce your EMI instantly. With Mars Fincorp, get quick processing, minimal paperwork, and the option to add a top-up loan for extra needs.
Why Transfer Your Home Loan?
- ✔ Lower interest rate, lower EMI
- ✔ Save on total interest outgo
- ✔ Top-up loan available
- ✔ Flexible tenure options
- ✔ Quick digital process
- ✔ Transparent fees, no hidden charges
Eligibility
- Existing home loan with repayment track record (usually 12+ months)
- Indian resident, age 21–65 years
- Salaried, self-employed, or business owners
- Valid KYC, income proof, and property documents
- Credit score usually 650+
Documents Required
KYC – PAN, Aadhaar, Passport/Voter ID
Income Proof – Salary slips, ITRs, bank statements
Property Docs – Sale deed, registration, latest tax receipts
Loan Statement – Existing lender’s sanction letter & EMI track record
Foreclosure Letter – From existing lender for closure
How It Works
- Apply: Share details of your existing loan & documents.
- Compare Offers: We connect you with lenders offering lower rates.
- Sanction: New lender approves loan; issues cheque to old lender.
- Switch & Save: EMI starts with new lender at reduced rate.
FAQs
How much can I save by transferring?
Depending on your current interest vs. new rate, you can save thousands to lakhs over the loan tenure.Can I get extra funds along with transfer?
Yes. Many lenders offer a top-up loan with balance transfer, usable for renovation, education, business, etc.Do I need to close my existing loan first?
No. The new lender issues a cheque directly to your old lender for foreclosure, after which your EMIs start with the new lender.Are there any charges?
Processing fees apply as per new lender. Foreclosure charges on floating home loans are waived as per RBI rules.Switch Smart. Save Big.
Lower EMIs, top-up options, and better loan terms await you.