A "low interest" loan shouldn't mean you have very little interest in paying it back!
Sign up for a home loan balance transfer plan for a period of up to 30 years and calculate your EMI with lowest interest rates offered at 8.40% p.a. The processing fee applicable ranges from 0.25% to 2% of the loan amount.
| Interest Rate | 8.40% p.a. |
| Processing Fee | 0.25% to 2% |
| Loan Tenure | Up to 30 years |
| Lowest EMI (per lakh) | Rs.769 |
Note: Interest rates starting from 8.40% p.a. onwards. The lowest EMI is calculated by using home loan calculator, considering a loan amount of Rs.1 lakh for a period of 30 years with the interest rate and processing fee being 8.40% and 0.25% p.a. respectively.
| Banks | Transfer Rates | Current RLLR |
| SBI | Contact the bank for details | 8.50%+CRP |
| HDFC Ltd | 8.50% - 9.00% | 18.30% (RPLR) |
| LIC Housing Finance Limited | 8.45% - 8.50% p.a. | 16.80% (LHPLR) |
| Axis Bank | Contact the bank for details | 6.50% (Repo Rate) |
| Bank of Baroda | 8.50% p.a. | 9.15% |
| Canara Bank | Contact the bank for details | 9.25% |
| Union Bank of India | 8.75% p.a. onwards | 6.80% |
| Kotak Mahindra Bank | Contact the bank for details | - |
| IDFC First Bank | 8.85% p.a. | - |
| Federal Bank | 10.15% p.a. | 6.50% (Repo Rate) |
| Karur Vysya Bank | 9.48% p.a. | 10.75% (Base Rate) |
| Dhanalakshmi Bank | Contact the bank for details | 8.50% |
| Tamilnad Mercantile Bank | 9.10% p.a. | 9.10% |
Note: These are just starting rates that go above the rates mentioned depending on various factors and the final rate offered is at the sole discretion of the concerned lender.
With technology inculcated into finance, one can effortlessly estimate the details and benefits he/she would receive from transferring a home loan to another bank. One simply needs to enter the basic details of the existing loan like outstanding loan amount, interest rate, tenure, etc. By entering these details, the calculator would be able to estimate the savings you would incur by transferring your balance to another bank.
The amount of money you can save will depend on the following factors:
For example, if the outstanding principal amount is Rs.40,00,000, the current EMI paid per month is Rs.40,000, the tenure of the current loan is 240 months (20 years), the interest rate offered by the new lender for balance transfer loan is 8.85% and, if the required tenure for the new loan is 240 months (20 years), you will save an amount of Rs.10,55,040. Your monthly EMI will reduce from Rs.40,000 to Rs.35,604.
The total amount to be paid will reduce from Rs.96,00,000 to Rs.85,44,960. If you opt for a shorter tenure, you may not save a lot of money but you can pay off the loan faster with while paying a similar amount of EMI as your existing loan.
Step 1 - Go to the concerned bank’s website.
Step 2 - Check all the terms and conditions along with the interest rate and processing fee.
Step 3 - If you are satisfied with the scheme, apply for balance transfer.
Step 4 - You will need to fill in the required fields, including your name, property type, tenure of the existing loan, and the bank’s name, among others.
Step 5 - Upon completion, you will be able to view your loan offer.
Step 6 - Pay all the necessary fees and upload your documents.
Step 7 - Complete your application and wait for the approval.
Process to Transfer your Home LoanWhen refinancing a home loan, one must always take into consideration the processing charges and balance transfer fees. If the new bank’s interest rate plus these additional charges still prove to be cheaper than the current loan, only then should a customer choose to refinance the loan.
A home loan balance transfer can be availed 12 – 18 months after faithfully paying off your existing housing loan.
Home loan – A home loan is a loan availed from a bank or other financial institutions in order to purchase a house, land, construct a property or simply to renovate an existing property. A lot of documentation and verification is required to avail a home loan. It also is considerably harder to get a housing loan application approved.
Home loan balance transfer – This is when you transfer an existing home loan from one bank to another. Also known as refinancing, this also helps an applicant avail lower interest rates and better services. There is lesser documentation involved in home loan balance transfer and it easier to attain when compared to a home loan
The amount of money you can save will depend on the following factors:
For example, if the outstanding principal amount is Rs.40,00,000, the current EMI paid per month is Rs.40,000, the tenure of the current loan is 240 months (20 years), the interest rate offered by the new lender for balance transfer loan is 8.85% and, if the required tenure for the new loan is 240 months (20 years), you will save an amount of Rs.10,55,040. Your monthly EMI will reduce from Rs.40,000 to Rs.35,604.
The total amount to be paid will reduce from Rs.96,00,000 to Rs.85,44,960. If you opt for a shorter tenure, you may not save a lot of money but you can pay off the loan faster with while paying a similar amount of EMI as your existing loan.
Step 1 - Go to the concerned bank’s website.
Step 2 - Check all the terms and conditions along with the interest rate and processing fee.
Step 3 - If you are satisfied with the scheme, apply for balance transfer.
Step 4 - You will need to fill in the required fields, including your name, property type, tenure of the existing loan, and the bank’s name, among others.
Step 5 - Upon completion, you will be able to view your loan offer.
Step 6 - Pay all the necessary fees and upload your documents.
Step 7 - Complete your application and wait for the approval.
Process to Transfer your Home LoanWhen refinancing a home loan, one must always take into consideration the processing charges and balance transfer fees. If the new bank’s interest rate plus these additional charges still prove to be cheaper than the current loan, only then should a customer choose to refinance the loan.
A home loan balance transfer can be availed 12 – 18 months after faithfully paying off your existing housing loan.
Home loan – A home loan is a loan availed from a bank or other financial institutions in order to purchase a house, land, construct a property or simply to renovate an existing property. A lot of documentation and verification is required to avail a home loan. It also is considerably harder to get a housing loan application approved.
Home loan balance transfer – This is when you transfer an existing home loan from one bank to another. Also known as refinancing, this also helps an applicant avail lower interest rates and better services. There is lesser documentation involved in home loan balance transfer and it easier to attain when compared to a home loan
After making on-time payments on your current mortgage for 12 to 18 months, you may apply for a home loan balance transfer.
Only once the lock-in term for the same loan has passed may you move your mortgage to a different bank. A house loan's lock-in period typically lasts between six months and a year. You can inquire about the lock-in time for the same with the lender you borrowed money from.
When the amount of the outstanding debt is bigger, it is desirable to transfer a mortgage. A home loan's EMI consists of the main amount and the interest amount, just like any other EMI. The principle balance is gradually paid off when the loan matures, lowering the total amount still owed.
No, provided you repay your EMI on time post the balance transfer, your CIBIL will improve.
Although there is no rule prohibiting you from servicing more than one home loan at a time, you are free to have as many home loans as you need in India.
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