Loan Transfer BT TopUp

Loan Transfer BT TopUp

What is Loan Against Property?

‘Loan Against Property’, also known as LAP or mortgage loan is a type of secured loan that comes handy in times of any of your immediate financial needs. As per the name, the borrower can apply for this loan from Banks or NBFCs by keeping their property as collateral. The type of property that can be kept as collateral can be residential or commercial. A borrower can keep one or more properties as collateral that belongs to him or her. Banks or NBFCs will evaluate the current value of the particular property and provide loan amount between 40% – 70%* of the property’s value. Even though your property is kept as a mortgage to the financial institution, you are allowed to live in or use the property as you desire.

What is Loan Against Property Balance Transfer with Top Up?

Many times this happens that you take a loan from a bank or NBFC providing lower loan against property interest rate at the time of taking loan. But after a while you realize that there is some other bank or NBFC which offers the same loan but with lowest interest rate compared to your current loan provider. Here you may regret your decision of choosing current lender or for having to pay the extra interest rate when there is another lender where you can pay less. So you can easily switch your loan amount from your current lender to the new one of your choice. This transfer is done swiftly with very minimal fees. You start paying the loan amount to the new lender of your choice with lowest interest rate. You don’t have to repay the amount you already paid to your first lender. You can start with the remaining amount. Also if you feel like you need additional amount against your property along with the transfer, this option is also possible. The additional loan amount is known as a top up loan. So here when you transfer your LAP from one lender to another, you get desired lower interest rate along with extra loan amount. Thus this type of loan is called as loan balance transfer with top up. In case of loan against property, it becomes LAP balance transfer with top up.

What are the features of LAP Balance Transfer with Top Up?

  • LAP balance transfer with top up is a type of secured loan. A borrower has to mortgage the residential or commercial property for LAP transfer without top up. The mortgaged property transfers from one lender to another when you transfer the loan.
  • You can get LAP balance transfer with top up by keeping residential as well as commercial properties as mortgage
  • The interest rates on this transfer are decided considering various aspects of applicant’s profile. Like applicant’s monthly salary, income details of self employees or businessmen, amount taken as loan etc. As this is a type of secured loan, banks and NBFC’s offer lower rate of interest.
  • The top up amount is decided on the value of the property and other debt obligations of the borrower. The evaluation of the property is done on the basis of government decided and declared norms
  • This is a long tenure loan as the repayment period is as long as 15 years. Banks and NBFCs offer higher loan amount for longer tenure with enchanting interest rates as compared to other loan plans.
  • The borrower is also supposed to pay all the hidden and extra charges such as processing fee and administrative fee. The transfer fee starts from 1%* of the current principal amount. It changes from bank to bank
  • The process of obtaining LAP balance transfer with top up is very quick and hassle free. Some banks approve the transfer and top up as quickly as within three days.
  • Mortgage loans prove to be the best option for debt consolidation. That means you can pay off multiple debts by bringing them under a singular debt.
  • You can use your collateral property while repaying the LAP, unlike gold where the gold ornaments remain with the Banks /NBFCs and you don’t get them back until the loan is paid in full.
  • If the property is owned by partners or directors of a company, the transfer and top ups can be done in the name of that firm.

What are the Eligibility Criteria to avail a LAP Balance Transfer with Top Up?

Banks offer LAP balance transfer with top up to borrowers who fulfill their designed eligibility. The eligibility criteria changes from bank to bank and the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a LAP balance transfer with top up from any bank. The common and generic factors are listed below:

The common and generic factors are listed below:

  • The borrower has to be an Indian citizen.
  • Professional stability and savings history of the borrower also play a major role in approval of the LAP balance transfer with top up.
  • The borrower should have a good credit history at his/her disposal with proven track record of timely loan EMI and credit card bill repayment.
  • Steady and healthy relationship with bank also help you to get the loan quicker and you might get exempted from the hidden charges and processing fee.
  • The eligibility is also decided on the value of your mortgaged property.
  • The property should currently exist and should be in applicant’s name. The LAP balance transfer with top up can be taken as co-applicants if the property is registered under multiple names.
  • The borrower should be paying the loan EMIs to the current lender for minimum 9 months. Then he or she can avail the loan transfer.

What are the Types of Home Loan?

Home Purchase Loans

Obvious to the name, this type of loan is given to the borrower specifically to buy a home. Be it a flat or a bungalow, all banks and NBFCs offer home purchase loan. This is the most popular type of loan and highest number of consumers opts for this type of loan.

Home Loan to Purchase a Piece of Land

Consumers, who want to live in a self-built house, need a piece of land or property to do so. People also buy a land with an intention of sheer investment. To buy such a land in your name costs a fortune. Here you can opt for this type of loan. But this type of loan is not necessarily offered by all banks or NBFCs. You can get this type of loan only if you are purchasing a vacant plot. The term, the interest rate and procedure for this type of loan is similar to basic home purchase loan.

Pradhan Mantri Awas Yojana

This government scheme also known as PMAY, was earlier known as Indira Gandhi Awas Yojana. In June 2015, the government announced Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana which gives every Indian citizen a chance to get his/her dream house. Almost all banks offer loan in coalition with this scheme.

NRI Home Loan

People who are living outside India, also known as Non-Resident Indians (NRI) buy property in India for investment or for their family back home. The terms, requirements, interest rates and procedures are different for them as compared to the basic home loan. These are specifically designed for NRI's.

Home Loans for Extension/Renovation

Many times consumers wish to further construct or renovate their existing house. Like adding an extra floor or renovating the exteriors and interiors keeping the original structure the same. These loans are becoming popular day by day as people are more interested in renovating existing house than buying a new one. Also this type of loan offers similar interest rates as basic home loan.

Home Conversion Loan

Many time consumers change their residence. It can be for any personal or professional reason. But moving into another house doesn't come cheaper either. If one already has a home loan on an earlier purchased house and wishes to move into a new house by opting for a new home loan, this comes as a savior for them. The home conversion loan helps you to transfer the current loan from your old house to your new house.

The Eligibility Criteria for LAP balance transfer with top up also changes based on applicant's profession. The details of the same are given below:

Salaried Applicant

  • The applicant should be a permanent employee with the government or a reputed company.
  • The applicant should be an employee with the existing company or government for minimum 3 months.
  • The minimum age to avail LAP balance transfer with top up for salaried applicant is around 24 to 25 years.
  • The applicant should currently be employed with existing organization.
  • The applicant should also have a good CIBIL score.

Professional Applicant/ Self-Employed Applicant

  • This category is further divided into two:

    Self-Employed Professional: Doctor, architect, chartered accountant, etc.

    Self-Employed Non-Professional: Trader, commission agent, contractor etc.

  • The minimum age to avail LAP balance transfer with top up for professional applicant is 25 years and the maximum age has to be 65 years.
  • The applicant should be involved in his/her business for 3 years.
  • The applicant should be filing income tax returns regularly.

The property which is being mortgaged also has to be eligible to be kept as collateral in the bank or NBFCs. The property eligibility criteria are given below:

  • The property which will be kept as collateral should not be involved in any legal tangles.
  • The property should have clear titles registered in the name of the applicant.
  • The market value of the given property should be higher as the loan amount you’ll get will depend on the current value of property.
  • The property should not be kept as a mortgage with any other financial institution while applying for loan.

What are the Documents Required to avail a LAP Balance Transfer with Top Up?

The list of documents for availing LAP balance transfer with top up changes whether you're a salaried applicant or a self-employed professional/businessman. The process of getting a LAP balance transfer with top up can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria. The list of required documents differs from bank to bank. But we have given a generic list of required documents below:

Documents Required for Salaried Applicant:

  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof – Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof – Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof – Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Salary slips of last 3 months from application date.
  • Form-16 issued by current employer.
  • Bank statements of last 6 months from application date.
  • Copy of details of all existing loans.
  • A cheque covering the administrative costs/processing fees incurred by the bank in processing the application.
  • Property papers with OC and CC.

Documents Required for Self-Employed Businesspersons:

  • Neatly signed and filled loan against property application form.
  • Passport-size photographs.
  • Identity and signature proof – Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof – Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof – Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • IT Returns of the three years preceding the one in which loan is applied for.
  • Copy of details of all existing loans.
  • Property papers with OC and CC.

Documents required for self-employed professionals:

  • ement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof – Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.
  • Proof of educational qualification which includes certificates, degrees, diplomas, and other academic credentials.
  • Business proof (registration of business)
  • Copy of ITR/Assessment Orders of 3 years
  • Copy of challans proving that Advance Income Tax has been paid.
  • Copy of details of all existing loans.
  • Bank statements of last 6 months from application date

Why Choose Richi Loans & Financial Services To Apply For LAP Balance Transfer with Top Up?

Richi Loans & Finance Services is one of India's leading financial loan distributor. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for LAP balance transfer with top up with Richi Loans & Financial Services' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get a business loan. Our easy to use online procedure allows consumers to upload their documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your loan as per your budget.

Privacy policy

Richi Loans & Finance Services understands the value of your documents and keeping them safe and secure. Hence be rest assured as your loan applications are processed electronically with complete privacy and transparency.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a personal loan with us, gives you a chance to avail the best offers and deals from top Banks & NBFCs.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, without charging a dime

How to Apply For a LAP Balance Transfer with Top Up on Richi Loans & Finacial Services?

  • Applying for a LAP balance transfer with top up on Richi Loans & Financial Services involves few easy steps:
  • Step 1: Go to the ‘LAP’ menu on our website and click on Loan Transfer Balance Transfer with Top Up option and click on ‘Apply Now’ box.
  • Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5: Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions

How to repay my LAP balance transfer with top up?

LAP balance transfer with top up can be repaid in the form of EMI (Equated Monthly Installments).

Can I repay the loan ahead of schedule?

Yes, you can repay the loan ahead of schedule. Very few banks charge any prepayment fee if you repay the loan quicker.

Apply Now