Home Loan Refinance: Documents for Smooth Processing
Posted on August 10th, 2020
Borrowers can negotiate with other lenders for better terms on their home loans such as more competitive interest rate, top-up loans, etc. If they successfully manage a better deal, then they have the provision to shift their loans. During this process, the existing financial institution will receive all its dues, and individuals are required to repay the remaining EMIs to their new lender.
Applicants have to submit a list of essential documents to their existing and new lender to successfully complete this process.
At first, borrowers need to collect a series of documents from their current lender. These are –
- Consent letter (individuals have to submit an application requesting home loan transfer to avail this letter).
- NOC or no objection certificate (mentioning that the current lender has no issues with this transfer).
- Foreclosure letter.
- Home loan statement.
- Property documents.
- Post-dated cheques.
- KYC documents.
- Address proof.
- Income proof, i.e. salary slips, Form 16, etc.
- Bank account statements for the previous six months.