TRANSFER YOUR HOME LOAN FROM OTHER BANKS TO US TO SAVE BIG

Attractive Interest Rates | Simple Procedure | Reduced EMIs

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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Home Loan Balance Transfer

 

Eligibility & Documentation


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

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

 

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

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.

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

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

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

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

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

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

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

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.

 

 

eligibility

How to improve your Home Loan Balance Transfer Eligibility?

Follow these tips to improve your Home Loan Balance Transfer Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

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.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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