HDFC home loan balance transfer provides you with an opportunity to move your expensive loan to an attractive and affordable interest rate of 8.25%. Since home loans are a long-term commitment, switching to lower interest rate reduces the equated monthly instalment (EMI) amount and eventually the total cost of the loan. In case you have chosen a lender that charges a high interest rate, transfer your loan to HDFC for lower rates (and 0% processing fees, if you’re eligible). You can also bag an additional top-up loan of up to Rs. 50 lakh.
HDFC Home Loan comes with a lot of benefits for the borrower. You can avail affordable home loans anywhere in the country and also can get the repayment options tailored as per your needs.
|Particulars||Salaried Borrowers||Self-Employed Borrowers|
|Home Loan Interest Rates*||Loans up to Rs. 30 lakh: 8.25% onwards|
|Rs. 30.01 lakh to Rs. 75 lakh: 8.50% onwards|
|Rs. 75.01 lakh or more: 8.60% onwards|
|Loan Tenure||A maximum of 20 years, subject to the borrower's age, age of property at loan maturity, the chosen repayment scheme & other conditions at HDFC.|
|Processing Fees||0.50% of the loan amount or Rs. 3,000 whichever is higher along with applicable tax as processing fees.||Up to 0.50% of the loan or Rs.3,000, whichever is higher, plus applicable GST. A self-employed non-professional borrower will be charged up to 1.50% of the loan or Rs.4,500, whichever is higher, plus taxes.|
|* interest rates vary across loan schemes and as per borrower’s profile and credit requirement. Interest rates for NRIs are similar to those for salaried and self-employed borrowers.|
|Other Charges And Fees|
|External Opinion Fees||For seeking external opinion from advocates / technical valuers, you will be charged an amount on actual basis to be paid directly based on the nature of assistance so rendered.|
|Delayed Payments Charges||Additional interest up to 24% per annum will be charged for delayed payment of interest or EMI.|
|Statutory / Regulatory Charges||A borrower is required to pay all applicable charges related to stamp duty / MOD / MOE / Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) or such other statutory / regulatory bodies, and applicable taxes. For more info, you can refer to www.cersai.org.in|
|Re-Appraisal Of Loan After 6 Months From Sanction||Up to Rs.2,000 plus applicable taxes|
|Increase / Decrease In Loan Term||Up to Rs.500 plus applicable taxes|
|For the full list of charges associated with your home loan from HDFC, visit their website.|
Step:1 Check the present rate and calculate the interest savings.
Step:2 Calculate approximate cost on account of different fees and charges.
Step:3 Choose the bank you want to transfer the loan to and decide if you wish to go for a top-up.
Step:4 Obtain the list of the property documents deposited with the current bank. Also, get the foreclosure letter from your current bank.
Step:5 Apply for the loan with the new bank and submit all the photocopy of the property documents.
Step:6 Obtain the sanction letter and initiate a new loan agreement.
Step:7 Avail the disbursement fro the new bank by demand draft or Cheque.
Step:8 Obtain all property documents from the previous bank and deposit them to the new bank.
The following documents are required for HDFC home loan transfer.
1. Can I transfer my home loan to another bank?
Yes, you can. Normally, home loans are transferred by borrowers seeking lower interest rates and charges. A lower rate implies lower EMIs and higher interest savings in the long run. Examine the list of banks offering loans at lower rates, compare your options, and also assess your eligibility for those loans.
2. How can I transfer my home loan to HDFC?
You will have to first check if you meet the bank’s eligibility criteria. If you do, you will have to initiate the application process and arrange the documents as required by the bank to begin the transfer process
3.What is the benefit of a home loan transfer?
A home loan transfer will help you repay your loan at a lower interest rate, thus reducing your EMI or loan tenure, and ensuring greater savings through your loan tenure.
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