Switching your ongoing home loan to the My Mudra Home Loan Balance Transfer scheme. This way, you may concentrate more on the more important aspects of life, like spending time with your family, thanks to a smooth home loan balance transfer process.
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With My Mudra Fincorp, transferring your existing home loan to My Mudra Home loan is super easy. Accessing funds is easier than ever thanks to our easy home loan eligibility requirements and minimum documentation requirements. We endeavor to make it easier for people to seek quick housing finance, and we optimized the experience to match the needs of different types of borrowers.
My Mudra Home Loan Balance Transfer Eligibility Criteria
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Salaried Individuals |
Self-Employed Individuals |
Business / Company |
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Entitled Borrowers |
Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses
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Proprietor / Partners / Directors Self Employed Professionals such as a Chartered Accountant, Company Secretary & Doctors |
Partnership or Private Limited firms engaged in Manufacturing, Servicing or Trading |
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Age |
The person should be 21 years old at the time of loan application and his maximum age should be 65 years |
Applicant must be a minimum of 21 years of age at the time of application and should be a maximum of 65 years at loan maturity. |
Proprietor / Key Partner / Main Director must be a minimum of 25 years at the time of loan application and should be maximum of 65 years at loan maturity. |
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Income |
Net monthly salary should be Rs.20,000 |
Gross annual income should be of minimum Rs.3 lakh |
Annual turnover should be a minimum of Rs.10 lakh |
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Experience/ Vintage |
Minimum 1 year of work experience |
Minimum 2 years in current business / profession |
Business stability / vintage of minimum 3 years in the same business |
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Citizenship |
Individuals with Indian citizenship |
Individuals with Indian citizenship |
Proprietor / Partners / Directors with Indian citizenship |
Documents Required To Avail My Mudra’s Home Loan Balance Transfer
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Salaried Individuals |
Self-Employed Individuals |
Firm / Company |
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Identity Papers |
PAN Card
Aadhaar Card
Passport (Valid)
Driving License with Photo
Voter’s Identity card issued by the Election Commission of India
Job Card issued by NREGA duly signed by an officer of the State Government |
PAN Card
Aadhaar Card
Passport (Valid)
Driving License with Photo
Voter’s Identity card issued by the Election Commission of India
Job Card issued by NREGA duly signed by an officer of the State Government |
Firm/Company PAN Card
GST Registration Certificate (If applicable) and Other Applicable Registration
KYC of Partners / Directors PAN Card and Aadhaar Card |
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Address Proof |
Aadhaar Card
Passport (Valid)
Driving License with Photo\
Voter’s Identity card issued by the Election Commission of India
Job Card issued by NREGA duly signed by an officer of the State Government
Letter issued by the National Population Register containing details of name and address |
Aadhaar Card
Passport (Valid)
Driving License with Photo\
Voter’s Identity card issued by the Election Commission of India
Letter issued by the National Population Register containing details of name and address |
Electricity bill for owned premises
Rent agreement for Rented premises
Passport for Partner / Directors |
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Income Documents |
Salary slip for the past 3 months Form 16 |
Income Tax Returns for latest 2 years
Profit/Loss statement and balance sheet for the past 2 years |
Income Tax Returns along with calculation for the last 2 years
Profit/Loss statement and balance sheet for the past 2 years GST Returns |
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Bank Account Statement |
Latest 6 months’ bank statement showcasing salary deposits. |
Operative bank account statement for the latest 6 months. |
Running bank account statement for the last 6 months. |
*The aforementioned list of documents for a home loan is suggestive. Extra documents may be needed at the time of loan processing.
Follow these tips to improve your Home Loan Balance Transfer Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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