Can A Home Loan Be Transferred From One Individual To Another?
Published: Feb 23, 2023
Most Indians prefer taking a home loan to buy their dream home. It is one of the most common types of loans in India. There are many top home loan companies in India. One can easily find an NBFC offering a home loan. However, if a person no longer wishes to pay their home loan they can transfer their home loan to another individual. They can do so by selling the home to the new buyer and using that money to pay off their loan and transferring the ownership into the name of the new buyer. This is referred to as an internal balance transfer and the lender remains the same in this case. Here is a list of things that you need to keep in mind in case of a home loan transfer from one person to another:
● The previous owner needs to give the new owner the foreclosure letter of the loan of the property.
● The new owner needs to fill out the home loan application form and pay the home loan transfer charges as well.
● The new owner needs to get a No Objection certificate from the authorities.
● The new owner needs to complete all the KYC formalities with the lender.
● The cost of the property will be determined by a team of experts after examining the property.
Benefits of Home Loan Transfer
The best part about having the same lender in case of a home loan transfer is that the documentation will take significantly less time to complete. Since the lender already has already verified your documentation in the past. The new owner might be interested in the transfer if the lender offers lower interest rates. Otherwise, it would be better to apply for a new home loan from a different lender at a reasonable interest rate.
Why Capri Loans?
If you are planning to get a home loan from NBFC then we would suggest that you check out Capri Loans. They are the best NBFC offering home loans in India. They make sure that the home loan transfer process takes little time for the convenience of the customer. Capri Loans make sure that your dream of owning a home comes true. They understand the dreams and aspirations of the common man and that is why they provide a helping hand to those who need financial assistance. Capri Loans offer loans for the purchase, construction as well as renovation of homes. Here are the 5 simple steps for home loan approval:
● Fill out the application form.
● Submit documents.
● Disbursal for the loan agreement.
● Verification for sanction letter.
● Credit home loan in a bank account.
Apart from that, Capri Loans also provides assistance with the Pradhan Mantri Awaas Yojna scheme which ensures that every Indian citizen has a home. Their home loans are designed to suit the unique requirements of both salaried and self-employed individuals looking for a home loan. This way both professionals and non-professionals can get a home of their own.