EveOn Money

What is a Home Loan?

● A Home Loan is a secured loan provided to individuals for purchasing, constructing, or renovating a residential property.

● It is repaid in monthly installments (EMIs) and usually comes with flexible tenure and competitive interest rates.

CALCULATE YOUR ELIGIBILITY

Documents Required

For Salaried Individuals

Identity Proof:
PAN Card, Voter ID, Aadhaar Card, Passport, or Driving License.

Address Proof:
Passport, Utility Bills (less than 2 months old), Aadhaar Card, Driving License, or Ration Card.

Income Proof:
Salary slips (last 3 months), Bank statements (last 6 months), Form 16 or IT Returns (last 2 years).

Employment Proof:
Employment certificate or appointment letter.

Property Documents:
Sale agreement, allotment letter, or property tax receipts.

Photographs:
Recent passport-sized photographs.

For Self-Employed Individuals

Identity & Address Proof:
Same as salaried individuals.

Income Proof:
IT Returns (last 2 years), Audited balance sheet & P&L accounts, Bank statements (last 6-12 months).

Business Proof:
GST registration certificate (optional), Company registration license or Shop Establishment Certificate.

Property Documents:
Sale agreement, allotment letter, or property tax receipts.

Photographs:
Recent passport-sized photographs.

Eligibility Criteria for Salaried Individuals

Terms	Eligibility
Age	21-60 years at loan maturity.
Income	Minimum monthly income ₹20,000.
Employment	At least 1 year total work experience.
Credit Score	650 or above preferred.

Eligibility Criteria for Self-Employed Individuals

Feature	Description
Age	21-65 years at loan maturity.
Income	Minimum annual turnover ₹15 lakhs.
Business Continuity	At least 2 years in current business.
Credit Score	650 or above preferred.

What is a Balance Transfer with Top-Up?

● Balance Transfer allows transferring an existing loan to another lender with better terms.

● A Top-Up Loan provides additional funds over the existing loan.

Benefits of Balance Transfer with Top-Up

Lower Interest Rates:
You can transfer your loan to a lender offering a lower interest rate, reducing your EMI and total interest outgo.

Additional Loan Amount:
Get extra funds for personal or business needs without applying for a separate loan.

Longer Tenure Options:
Opt for a longer tenure with the new lender, reducing your monthly EMI burden.

Cost Savings:
Consolidating your loan with a top-up can help avoid higher interest rates of personal loans or credit cards.

Flexible Usage of Top-Up:
Top-up funds can be used for any purpose like renovations, education, medical expenses, or debt consolidation.

Eligibility Criteria for Balance Transfer with Top-Up

Existing Loan Repayment Track Record:
A good repayment history (no missed EMIs) on your existing loan is essential.

Remaining Loan Balance:
Most lenders allow balance transfers only if the outstanding loan balance meets their minimum requirement (e.g., ₹1 lakh or more).

Income Proof:
Your monthly income should demonstrate that you can manage the new loans EMI comfortably.

Loan-to-Value (LTV) Ratio:
For home loans, the LTV (loan amount as a percentage of property value) after the top-up should not exceed 80-90% (varies by lender).

FOIR/DTI Compliance:
Fixed Obligation to Income Ratio (FOIR) or Debt-to-Income (DTI) ratio must align with the lenders standards (40%-60% of income).

Documents Required for Balance Transfer with Top-Up

KYC Documents:
- PAN card, Aadhaar, or passport for identity and address proof.
Income Proof:
- Salary slips (last 3 months), Form 16, or IT returns for self-employed individuals.
Existing Loan Documents:
- Loan sanction letter, repayment schedule, and foreclosure letter from the existing lender.
Property Documents (for Home Loan):
- Title deeds, property valuation report, and previous loan agreement.
Bank Statements:
- Last 6 months statements showing EMI payments.

Steps for Balance Transfer with Top-Up

Check Offers:
- Compare lenders for better interest rates and top-up loan options.
Submit Documents:
- Provide the required documents to the new lender.
Loan Assessment:
- The new lender assesses your eligibility for the balance transfer and top-up.
Foreclosure of Existing Loan:
- The new lender pays off your existing loan to the previous lender.
Disbursement of Top-Up:
- Additional funds (top-up amount) are credited to your account.

Costs Involved

Processing Fees:
- Charged by the new lender for balance transfer and top-up (usually 0.5%-2% of the loan amount).
Foreclosure Charges:
- Charges by your current lender for prepaying the existing loan (varies; often waived for home loans after a certain period).
Legal and Valuation Fees:
- For home loans, the property may be revalued by the new lender.

When Is Balance Transfer with Top-Up a Good Option?

When your current loan has a higher interest rate:
- Transferring the balance to a lower interest rate can save you money in the long run.

When you need additional funds without opting for a new loan:
- The top-up amount provides extra funds for your personal or business needs.

When you want to reduce your EMI burden by extending the tenure:
- A longer loan tenure reduces the monthly EMI, making it easier to manage payments.

If the lender offers better terms, such as lower fees or improved service:
- Its a good idea to switch if the new lender offers better overall conditions.

Common FAQs

Can I use the top-up loan for any purpose?
- Yes, most lenders allow unrestricted use of top-up funds.

Is it mandatory to transfer the balance for a top-up?
- Yes, top-up loans are typically offered only as part of a balance transfer.

Can I transfer my loan multiple times?
- Yes, but frequent transfers might result in higher costs due to processing fees.

Are self-employed individuals eligible?
- Yes, subject to income proof and repayment capacity.

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