Overview of Balance Transfer Loan in Sonipat

Balance transfer loans in Sonipat allow you to transfer existing home, personal, or other loans to a new lender with lower interest rates, saving on EMIs and offering top-up loan options for extra funds.

Eligibility Criteria

Criteria Details
Applicant Type Salaried, self-employed
Age 21–65 years
Loan Type Home, personal, mortgage, vehicle loans
Credit Score 750+
Existing Loan Minimum 12 months repaid, no defaults
Income ₹3 lakh p.a. (salaried), ₹4 lakh p.a. (self-employed)

Documents Required

  • Identity Proof: Aadhaar, PAN Card
  • Address Proof: Utility bill, Aadhaar
  • Income Proof: Salary slips (3 months), ITR (2 years)
  • Bank Statements: Last 12 months
  • Existing Loan Documents: Loan agreement, repayment schedule
  • Property Documents: For home/mortgage loan transfers

Benefits of Balance Transfer Loan in Sonipat

  • Lower interest rates starting at 7% p.a.
  • Top-up loans for additional funding
  • Extended tenures up to 20 years (for home loans)
  • Reduced EMI burden
  • Quick processing within 7–15 days

Compare Balance Transfer Loan Lenders in Sonipat

Lender Interest Rate Loan Amount Tenure Processing Fee
HDFC Bank 7% p.a. Up to ₹75 lakh 20 years 0.5%
SBI 7.5% p.a. Up to ₹50 lakh 15 years 0.75%
ICICI Bank 8% p.a. Up to ₹60 lakh 15 years 1%

Frequently Asked Questions

What is a balance transfer loan?

It allows you to transfer an existing loan to a new lender with lower interest rates or better terms.

Which loans can be transferred in Sonipat?

Home loans, personal loans, mortgage loans, and vehicle loans are eligible.

How much can I save with a balance transfer?

Savings depend on the interest rate difference and remaining tenure, often reducing EMIs significantly.

Is a top-up loan available?

Yes, many lenders offer additional funds as a top-up during balance transfer.

Are there any charges for balance transfer?

Processing fees (0.5–1%) and foreclosure charges from the existing lender may apply.

What happens if I default on a balance transfer loan?

The lender may initiate recovery, seize collateral (if applicable), and your credit score will be impacted.

Promotional Offers for 2025

  • Interest rates starting at 7% p.a. for balance transfer loans in Sonipat
  • Waived processing fees for applications before 31st May 2025
  • Free balance transfer eligibility check via Loanpao
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