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Loan Transfer

Loan Transfer

Loan Magic offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat.


  • Transfer your outstanding Home Loan availed from another Bank / Financial Institution to Loan Magic and get an additional Top Up Loan of up to ₹50 lacs
  • Attractive interest rates that make your Home Loan affordable and easier on your pocket
  • Customised repayment options to suit your needs
  • No hidden charges
  • Integrated branch network for availing and servicing the loan anywhere in India
  • Special arrangement with AGIF for Home Loans for those employed in the Indian Army

When does a home loan balance transfer make the most sense?

You can't transfer your home loan to a new lender every time there is a rate cut. Here are a few situations when a home loan balance transfer is advisable:

1. When the remaining home loan tenor is considerable When your home loan is in the initial years, a balance transfer is profitable. However, if you are approaching the end of your home loan, it doesn't make sense to incur the cost of transferring the home loan.
2. When the unpaid home loan amount is substantial If a major portion of the home loan is remains unpaid and you get a lower interest rate with a new lender, it makes sense to transfer the home loan. On the other hand, unpaid home loans are just 5 to 10% of the total amount, it won't be a wise decision to transfer your home loan.
3. Overall reduced cost Most borrowers just look at the lower interest rate while transferring the home loan. You must know there will be a cost involved in transferring your home loan to a new lender. Consider the overall cost of transferring the home loan and then look at the benefits involved. If the benefits are higher than the costs, you may proceed with the home loan transfer facility.

What is the Home Loan Transfer Process?

• Apply: Before initiating a Home Loan Balance Transfer, you need to inform your present lender that you wish to do so. You can do this via a letter listing why you opt for the transfer or an application form, whichever your bank requires.
• No Objection Certificate (NOC) or Consent Letter: After applying, the original lender will offer you a NOC or consent letter. This document is essential for applying for the transfer with a new lender.
Submitting the Documents: Now that you have the NOC, you can hand the required documents to the new lender. Along with the NOC, you might have to submit KYC paperwork, property papers, loan balance, and interest statements. Along with this, you need to submit all the mandatory documents as cited by the bank.
• Confirmation from Old Lender: After handing over the documents, wait for confirmation from your old lender that the original loan has been closed.
• Payment of Fees: Once you receive the confirmation, you can pay the requisite fees to the new lender and begin a new loan contract.

Loan Transfer



Loan Transfers for construction,renovation,
improvement and purchase

Door step services

Door to Door servicing to enjoy maximum convinience


Flexible repayment tenure


Easy and Hassel free documentation

Low interest rates

Attractive Loan Transfer interest rates

Loan sanction

Sanctions for Loan in record time

  • Eligibility criteria
  • Documents required
  • How to apply

What is Home Loan Transfer Eligibility Criteria?

    For self-employed individuals:

  • Must be an Indian resident
  • Should be between 23-70 years of age
  • Must have minimum 4 years of business continuity
  • Must earn minimum ₹1.5 lakh per annum
  • Tenure duration: 12 months to 300 months

  • For salaried individuals:

  • Must be a resident or non-resident India
  • Should be between 21-60 years of age
  • Must have minimum 3 years of work experience
  • Must earn minimum ₹1 lakh per annum
  • Tenure duration: 12 months to 360 months

What are the Documents Required for Home Loan Balance Transfer?

  • Identity proof
  • Address proof
  • Documents related to the existing loan
  • Last 3 month’s salary slips
  • Last 6 months’ bank statements
  • Last 3 years’ balance sheet and profit and loss account statements (Self-Employed)
  • Passport size photograph

How to Apply for a Loan Transfer?

With Loan Magic, you can apply for a housing loan in various ways:

  • Visiting our Branch

You can visit your nearest Loan Magic branch to apply for a Loan Transfer offline. Our executives there will guide you through the entire process.

  • Through the phone

What are the Advantages of Getting a Home Loan?

  • Buy or Construct a House

Owning a house is a dream for everyone. You can fulfil this dream of yours by getting a housing loan from Loan Magic. With home loan finance of up to Rs. 5 crores, you can buy or construct a house for yourself and your family members. You can also avail of a home loan to purchase a plot or land.

  • Invest for the Future

Real estate properties are one of the best investment avenues in India. The appreciating value of a housing property can fetch you good returns in the future. You can avail of a home loan to invest in a housing property and secure your financial future.

  • Fix Anything That’s Broken

Even the best of houses suffers from wear and tear with time. You can avail of a housing loan finance to renovate or reconstruct your house and make it a beautiful place to live in. This may include repainting, carpentry, or masonry works.

  • Upgrade Your House

You want to upgrade your house to make it more eco-friendly and more liveable. For example, you may want to add more space to your living room or turn your children’s room into a fantasy playground for them. You can apply for a house loan to meet all these expenses.

Why Us

Why we are the right fit for you

Loan Magic, a name you can trust

With the customers’ individual desires and needs in mind, our team at Loan Magic guides you at every step and offers specific financial solutions.

We offer tailor-made loans

Our personalised approach gives us the edge and has left countless of our customers satisfied. You are not just an application form to us. We understand that one size doesn’t fit all.

We’re not going to bother you about collateral

No collateral? No problem. We don’t want you to give any security to cover the loan.

We’re flexible

We let you choose the loan amount, tenure, and EMI period for which you need the loan.

We Won’t Make You Run Around

We only ask for minimal documents to process GoldLoan applications. You won’t have to run from pillar to post to get your Gold Loan with us.

We’ve been in the industry for a long time

This means we understand your needs and we will tailor our services to your needs. If you look good, we look good.