Transferring your home loan balance from one lender to another is referred to as home loan transfer or home loan takeover. You pay nominal processing and transfer charges for better service or lower interest rates.
Here, we will cover the top banks that offer home loan balance transfer services.
All banks that offer housing loans also offer home loan transfer services. To know which bank is best for home loan transfer, go through the list of the top contenders and their charges -
|
Bank |
Interest Rate |
Processing Charges |
|
State Bank of India |
8.50% onwards |
0.35% + GST; minimum Rs.2,000 and maximum Rs.10,000 + GST |
|
HDFC Bank |
Between 8.75% and 9.95% |
Between 0.50% or Rs.3,300 (whichever is higher) and 1.50% or Rs.5,000 (whichever is higher) |
|
Bank of Baroda |
Between 10.15% and 12.10% |
100% waiver on processing charges, subject to recovery of out of pocket expenses between Rs.3,500 and Rs.10,000 + GST |
|
ICICI Bank |
Between 9.10% and 12.05% |
0.50% + tax |
|
Punjab National Bank |
Between 9.40% and 12.10% |
Rs.2,500 |
|
Axis Bank |
Between 8.75% and 14.00% |
Up to 1.00% |
|
LIC Housing Finance Limited |
8.50% onwards (floating interest rates) |
Up to 0.50% |
|
IDFC First Bank |
8.85% onwards |
3.00% + tax, whichever is higher |
|
TATA Capital |
8.75% onwards |
Rs.5,000 + GST for salaried and Rs.10,000 + GST for self-employed applicants |
Home loans are generally long-term loans, thus any decision related to them should be taken carefully. Here are some things you must check before you transfer your home loan to a new lender -
Check the processing fee and transfer charges, if any
Compare the interest rates between your current and new lender
Consult the new lender to check for any hidden charges
Compare the services, payment methods, and ease of transacting
Based on how many EMIs are left to pay, see if transferring makes sense
If you are not happy with your current home loan provider, don’t think that you are stuck with them. Since home loans may extend up to 30 years, if you get any chance of saving money, you should opt for it.
You can easily transfer the balance home loan to another lender. If you are considering transferring your home loan, look out for offers from other lenders. You can take the opportunity to negotiate a lower interest rate and longer tenure.
However, make sure to check all aspects before making a decision. Calculate if you will be actually saving money after deducting the fees, charges, and new interest rates.
You can transfer your existing home loan to one of Moneyview’s partner lenders. To know more, visit the Moneyview website or download the app.
Is it a good idea to transfer your home loan from one bank to another?
Which bank is best for home loan transfer?
Do banks charge a fee for transferring your home loan?
What are the major disadvantages of a home loan transfer?
Flexibility loan amount1
You can check your eligibility on the moneyview website or app in just 2 minutes.
Flexibility loan amount2
You can check your eligibility on the moneyview website or app in just 2 minutes.
Flexibility loan amount3
You can check your eligibility on the moneyview website or app in just 2 minutes.
Flexibility loan amount4
You can check your eligibility on the moneyview website or app in just 2 minutes.
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