A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Home Loan Balance Transfer

    We found 46 Home Loan Balance Transfer

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 8.7% Floating
    Up to 0.5% (min. ₹5750) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (min. ₹11,500) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,500) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.70% - 9.25% Floating
    0.50% (min. ₹10,000) + S.T.
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.65% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 8.55% Floating
    10,000 + S.T. One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.5% - 17% Fixed/Floating
    2% One time fee
    2L - 1Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + S.T. One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 9.89% Floating
    0.5% One time fee
    30L - 5Crs
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria

    Home Loan Balance Transfer is Rated as "Great!" by 22213 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Where there are home loans, there are home loan balance transfers (also known as Refinancing or Balance Transfer). A home loan transfer helps the customer avoid high applicable interest rates as listed by one lender and migrate to a lower interest rate structure with another lender. Why pay a higher interest when cheaper options are readily available? Home loan transfer is a smart investor’s magic wand!!

    Why and when must you avail the Home Loan Balance Transfer option?

    • If you are paying a higher home loan interest rate with bank
      1. when bank
      2. offers a lower interest rate.
    • When you deliberate with your bank to reduce the interest rate on your home loan, considering your fine repayment history and generally cordial relationship with the bank, and are refused such an option.
    • If you have a track record of 12- 18 months unblemished loan repayments on your current home loan.
    Home Loan Transfer

    Eligibility Criteria for Home Loan Transfer:

    When choosing to move your existing home loan to another bank, take care of the following requirements:

    • The applicant’s age must not be lesser than 21 years and not over 60 years at the time of application. The latter is 65 years for Self-Employed individuals.
    • The applicable loan amount is based on a number of factors, including, age of the applicant, current income, number of co-applicants, debt, the applicant’s retirement age, etc.
    • The applicant must have a clear history of 12-18 months worth of unbroken repayments on his/her current home loan.
    • The applicant must have a minimum work experience of 2 years, with the last 1 year spent in the current organization. For self-employed individuals, the expectation is 2 years in the same profession with the filing of the requisite ITR.
    • Additionally, some banks may require a definite gross family income and a clear credit history, minus any red flags and a minimum CIBIL score of 700 points.

    Documentation Required for Home Loan Transfer :

    Kindly carry along the following documents when you approach your prospective lender with regards to the home loan balance transfer. The success of any enterprise is in the documentation, right?

    • Fully completed Application form.
    • The applicant’s self-attested photographs.
    • Identity proof (could be any government issued ID- PAN Card, Voter’s ID etc).
    • Residential address proof.
    • Proof of Age (10th or 12th Marks Cards, PAN Card, Voter’s ID etc).
    • Official Address (Applies for self-employed, can be rent agreement, utility bills, lease etc).
    • Income Proof in terms of prior 6 months bank account statements that shows salary credit, last 6 months salary slips and Form-16 accounting for the last 3 years.
    • For Self-Employed individuals, the income proof is established by-
      1. Last 3 years ITR (self and business),
      2. Last 12 months bank account statement (self and business),
      3. Profit and Loss Account,
      4. Balance Sheets that are thoroughly audited by a certified CA,
      5. Complete Business Profile and Proof of Business Existence.
    • Bank statements amounting to last 12 months of the account from wherein the home loan EMIs were deducted.
    • A complete list of documents relating to the property, that is currently in possession of the present home loan lender. Also, the Loan statement copy.

    Home Loan Balance Transfer Process - The Do’s and Don’ts!

    The process of shifting your home loan from one lender to the next is surprisingly simple and quick. True, you are breaking off a banking relationship with your current home loan lender, however, your new lender is cutting down on the payable interest rate, and generally will be offering additional perks over the loan. Thus, the shifting makes sense. However, do take the following concerns into consideration to avoid a possible bitter taste in the mouth that results from a hasty, ill-timed or ill-planned move-

    Credibility: Ensure that the prospective lender is credible and the current slashed interest rate offering isn’t a short term promotional gimmick.

    Service Quality: In most cases, bad service negates the good graces earned by a competent product or service. Kindly certify that the new lender isn’t a big disappointment when it comes to customer support.

    Estimate Applicable Costs: Spending too much in the process of the home loan balance transfer isn’t a very good idea. Applicable costs include processing fee, stamp duty and other documentation charges. Also, ensure that you are well aware of the inherent numbers and calculations using a good home loan balance transfer calculator . Hail technology!!

    Read the Fine Print: This applies on both ends- from your current lender and the exit procedures, as well the new lender and the on-boarding process. Many delays and inconveniences can be avoided by reading through the loan documents and other associated literature, while being aware of conditions like the submission of notice to the current lender, confirming upon the new bank’s eligibility criteria etc. that could potentially cost time.

    After the above concerns have been negated, the actual home loan balance transfer process is fairly straightforward-

    • Submit a request to your current home loan lender with regards to a prospective home loan transfer.
    • In response to your request, the bank will issue a No-Objection-Certificate (NOC) and a statement mentioning the outstanding amount.
    • Submit this NOC and account statement to your new lender. The latter will raise measures that ensures the closure of your home loan account with the earlier bank.
    • After both banks are in sync, the associated property documents will be transferred from your old bank to the new bank. All pending ECS or post-dated cheques will be deemed cancelled.
    • In some cases, your current bank may levy a prepayment penalty that amounts to about 2%-5% of the outstanding amount. However, most banks have now abolished this practice and many more are following suit.
    • Voila! Your new home loan profile with the new bank comes with a brand new, and comparatively lower interest rate. Next, smile!

    Why waste or wait-out a good thing? With the sky-rocketing cost of living and the ever incrementing inflation rate, small pleasures like the home loan balance transfer are welcomed with open arms. Almost all Indian banks that specialize in home loans do offer the option to transfer existing home loan to another bank. Avail this option, save on home loan interest rates and enjoy the subtle art of financial planning.

    News About Home Loan Balance Transfer

    • Gift Vouchers Worth Almost Rs.15,000 Granted on Home Loan Transfer

      Grab your chance now!

      The most diversified financial services provider in the country, Bajaj Finserv, has made available a great offer to its customers who wish to transfer their present home loan for a lower rate of interest. Individuals who make an application for a home loan balance transfer between the 20th and 26th of March can avail a truly attractive rate of interest along with a gift voucher from Tanishq as well as a 3-EMI holiday. What’s more? The approval of the loan could be complete within five minutes. Customers can also make the most of flexi schemes, part prepayment facility, and loan top-ups. Individuals who apply for a balance transfer and the value of the loan is more than Rs.30 lakhs can win a Tanishq voucher worth Rs.30,000. For loan amounts that range from Rs.20 lakhs to Rs.29.99 lakhs can win a Tanishq voucher worth Rs.10,000.

      23rd March 2017

    • Time to change your home loan as some banks slashes rates

      Grab your chance now!

      In less than a day after RBI announced the landmark 50 bps cut in its chief policy rates during their fourth bi-monthly fiscal policy, State Bank of India has followed suit by bringing down the rate by .40 percent and the new rate currently stands at 9.30 percent. As India’s largest public sector bank, this step of SBI has set a high benchmark for other banks. Following suit, even smaller banks like Andhra Bank are reducing their rates by at least 25 bps, and the current rate is 9.75 percent as a result. This trend points to the fact that now is the ideal time to keep an eye on these rate shifts, particularly if you are planning to purchase a house with home loan or if you have a pending housing loan and switch accordingly.

      14th January 2016

    • Processing Fees Waived for Transfer of Home Loan to SBI

      The State Bank of India has offered a complete waiver of processing fees on transfer of home loans from other lenders. SBI has made this move to combat an ongoing battle for market share with top banks like HDFC and ICICI bank. In an effort to establish itself as a serious retail lender, SBI already offers the lowest home loan interest rates at 9.70% for women borrowers and 9.75% for others.

      With RBI’s ban on pre-closure penalties applicable on floating home loans, customers in India have been moving from one lender to another to get better interest rates. SBI’s home loan book had a 10% increase only due to transfers from other lenders and housing finance companies. This waiver will further strengthen the bank’s position as the preferred lender for home loans, with unbeatable interest rates.

      29th June 2015

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  • Home Loan Balance Transfer Reviews

    • LIC Housing Home Loan
      "Excellent"
      0.5 3.0/5 "Satisfactory"
      I am quite happy that my home loan has been approved by LIC of India and It was pretty hassle pretty hassle free, documentation part was really bad after submitting all the documents they are calling every 15 to 20 days and saying please provide this documents that documents and all. Processing time was around 2.5 months but I had to take loan so only I am ok & satisfied with the services offered by LIC. Rate of interest is 9% & documentation charges where 4000 rupees.
      Was this review helpful? 1
      , vadodara
      Reviewed on May 25, 2017
    • ICICI Bank Home Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      Once I approached ICICI bank for a housing loan. When I was inquiring with them about the loan process, they quoted some high rate of interest. I was totally disappointed becasue they are not considering the customers account history and their promptness but blindly they are quoting the highest interest rate. So I stopped approaching ICICI for the loans. I recently taken the loan from SCB.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • DHFL Home Loan
      "Response has to be improved"
      0.5 3.0/5 "Satisfactory"
      DHFL service is not up to the mark, they wont respond well for any queries. But their loan process was good but their response has to be improved. I have the loan amount of Rs.10 lakhs for the tenure of 15 years, I already paid it for five years remaining I should pay for ten y ears. They offered the interest rate of 12% on home loan
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 25, 2017
    • review Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      CANFIN Homes Ltd provided fast service on home loan, within ten days of time they sanctioned the loan. Process was made simpler, where I had to submit the required documents to them, they had done a great job. I have taken the amount of Rs.17 lakhs with the tenure of 20 years with the interest rate of 8.7% it is floating one, I am very much happy to avail their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 25, 2017
    • Citibank Home Loan
      "Descent"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the CITI bank and the interest rate was around 8.5% and now they have increased it up to 14% like I got it before thirteen years of time. Tenure is around four to five years of times are remaining. Rest of the rate of interest everything works in the good way.
      Was this review helpful? 1
      , satara
      Reviewed on May 24, 2017
    • Axis Bank Home Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken a housing loan from Axis bank. The interest rate is of 9% and I am comfortable with the bank. If I get lesser interest rate than this with any other bank, I will transfer my loan. Customer service provided by them is wonderful
      Was this review helpful? 0
      , thrissur
      Reviewed on May 24, 2017
    • Punjab National Bank Home Loan
      "Excellent and Quick Service"
      0.5 4.5/5 "Excellent!"
      I am from Chennai. I contacted through an online channel. Instantly they started working on from next day. Especially that Representative name Mr.Rajasekaran who is very active, even he is updating each and every day status. If our documents are very crystal clear, they will complete within 7 days. Even he done my loan process within 9 days (including Sat-Sun). Though, Bank is not provide us to check the loan status upfront, but Rajasekaran updating every single activities in the bank. Also, I would thanks to Mr. Vinoth (his manager). Thanks Elumalai J.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Federal Bank Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 23, 2017
    • Punjab National Bank Home Loan
      "overall good experience"
      0.5 4.0/5 "Great!"
      I have overall good experience with this home loan provider in terms of customer service and prompt response. This got better after they have ticketing system on service request on newly launched customer portal. If office is in reachable distance your all concerns will be addressed for sure.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Awesome "
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com process was good one for me and all the bankers have approached regarding the preferences. Website of the Bankbazaar.com is good and I got instant response and everything works in a very good manner with Bankbazaar.com..
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaaar.com from the last three to four months of time. I am happy with Bankbazaar.com in every aspect. I had got a call from them as per their commitment, what they had given for my inquiries also I am very much happy with the service provided by them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Communication part was not good with the HDFC limited on my home loan like that did not stick to their commitments. Rate of interest was not at all constraint and I would like to suggest that they need to call the customer at a specified time..
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • Karnataka Bank Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      Long back I had taken a housing loan from Karnataka bank. The loan amount is 75 lakhs with tenure of seven years. I almost completed the loan in 4 years and the pending amount is for 2.72, it will be done early. The current interest rate is 9.23%. The bank supported me a lot as I am a long term customer of them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "One perfect solution for all financial products"
      0.5 5.0/5 "Blown Away!"
      The best I like about bankbazaar is their response, when ever I need a call back they called me back and fulfilled my requirement. They kept on tracking my home loan application and I had received 2 phone calls to check the status of the product. Even after disbursement too, as an extension of service, they call the customer to find out the status of the loan. I am using this site for the past 6 months. This is my first product which I had taken with the support of bankbazaar. The portal is easy to use and customer friendly. I would certainly declare the service offered by bankbazaar to at-least 10 to 15 members.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Best interest rates with long process"
      0.5 3.0/5 "Satisfactory"
      The major drawback with HDFC LTD is their process. as it is very slow, also they don't respond nor they provide the status of the loan. I had applied for the loan during the month of November, but I got the loan during the month of April which is too long. Totally, they took around 4 to 5 months of time to disburse the loan. The rate of interest is very much nominal but for the documentation and for the processing they had charged around 22k. Expect for the interest rate everything else has to be improved and they need to focus a lot on the communication with the customer. Also they need to be more clear their process and in providing the application status.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Great experience"
      0.5 5.0/5 "Blown Away!"
      I had got the best response from bankbazaar. I am with bankbazaar for about 3 years. I basically got to know about bankbazaar through web search for the housing loan. The portal is too easy to use and user friendly. To conclude, I would say it was a good experience in all.
      Was this review helpful? 1
      , chennai
      Reviewed on May 22, 2017
    • ICICI Bank Home Loan
      "Need a slight improvement with the service"
      0.5 3.0/5 "Satisfactory"
      I was not briefed in detail about the loan process, out of my own interest I questioned them and later they gave clarification about the product. Till date I did not receive any loan sanction letter or any other document confirming my loan approval. However, ICICI process was very smooth quick and fast they hardly took 15 days of time for the loan disbursal, even their rates are low and it is line with the market rate. My only suggestion for them would be work on their service, as they need to be more customer centric.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
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