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

    • Bank Bazaar Customer Support
      "Loan approval "
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar was good and the process on the website is easy and quick. I received a proper response and the team was helpful to give me details of various banks. The offers are satisfactory and the follow up calls is also up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 25, 2017
    • Bank Bazaar Customer Support
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      The services rendered by Bankbazaar has been perfect. I am happy as the response was provided on time and they were clear in giving me the details. I received follow up calls as well. The website is good and easy to navigate as well. The overall experience was really good and there were no hassles faced.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Response is good"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has done a good job, they contacted me on time and informed me the details. I had applied for a home loan. I could not proceed ahead because I was traveling and was not in town. I postponed the the plans. Not sure on the interest rate and charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bajaj Finserv Home Loan
      "Good. Can do better"
      0.5 3.5/5 "Pretty good"
      My home loan is from Bajaj Finserv. I am happy that they offered me a loan of 31 Lakhs. But the coordination during the process was not up to the mark. I expected the documentation process and the terms and conditions to be completely done at one shot. I had to submit the paper work one after the other and due to which the loan disbursement was delayed. The rate of interest was of 8.5% and there was a processing charges totally of 25K. There is a part payment option too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      I have earlier taken a home loan from HDFC Ltd and even closed it as well. That process was smooth and I never had issues in getting the loan and the closure was easy too. The interest rate and charges was normal and the documentation was also easy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Bank Bazaar Customer Support
      "Satisfactory services"
      0.5 4.5/5 "Excellent!"
      The services at Bankbazaar has been good and the overall experience was nice all through the process. I had no issues is accessing the website and the details on it is easily understandable. The process in getting connected to the banks is also swift.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      I did not take the home loan from HDFC LTD because they were offering me a lower loan amount. They were willing to offer me only 28 Lakhs. So I went ahead with another institution who was offering me a better deal. The customer services and response was on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken the home loan from HDFC Ltd. The process went good without any challenges. Even the interest rate is good. I had received excellent customer service and response from HDFC Ltd for my home loan process. I got loan without any hassles.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 24, 2017
    • Axis Bank Home Loan
      "very irritating"
      0.5 0.5/5 "Unacceptable"
      The agents are giving wrong commitments I was informed that i will be getting pradhan mantri awaz yojna benefits while sanctioning the loan and now at the time of disbursment in am asked to give my documents again to get the loan resanctioned to avail the PMAY benifits. This means that they want the processing fee again. Very good way of making money. Never take loan from them @axis bank. If you still have any humanity or customer service left, call on 7219609021 to resolve the issue
      Was this review helpful? 0
      , pune
      Reviewed on Jul 24, 2017
    • HDFC Limited Home Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      HDFC LTD has been really good in their services and process. I had taken my home loan from them and the documentation were very much normal. The disbursement of funds were done on time and the after loan services are also good. I got a good deal on the interest rate and charges.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 24, 2017
    • SBI Home Loan
      "Easy and quick process"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has offered me a home loan as well. The process to get the loan was not much. The documentation was simple and the disbursement happened on time too. The rate of interest and processing charges was also minimal for me. I had no hassles with the after loan services.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 23, 2017
    • Bank Bazaar Customer Support
      "Finance on phone Just click and tensions free"
      0.5 4.5/5 "Excellent!"
      It's very easy to contact any bank for any reqirement and also the information about best schemes were also provided. It's also shown our eligiblity. I also got a credit card before 4 2month and now also applied for a home loan Thank all for your response and the Team of Bank Bazar Best Bank service provider of India.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I really appreciate bank bazaar.com, I am filling application online and we have don't face any issue we have completed form very normal and I see the result I am very glad to use the services of bankbazaar.com. Further, I would like to recommend my friend for this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 22, 2017
    • Bank Bazaar Customer Support
      "Service"
      0.5 2.5/5 "Just OK"
      Good services, quick response. Hope my requirements will be completed very soon. I suggest everyone to please go through the bankbazar.com for your requirements. Your dreams also will be fullfilled. Thanks to bankbazar.com hip hip hoore!!!
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2017
    • Bank Bazaar Customer Support
      "Process is so easy and comfortable"
      0.5 4.0/5 "Great!"
      It was a smooth process to apply, rather visiting different bank the experience over here was wonderful.The address and ID proof works amazing also here is no other competitors for bank bazaar and also instant loan application process is amazing. Lets hope for the best service and the result were very much satisfactory.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 20, 2017
    • Axis Bank Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The axis bank had very good communication in regards to my home loan application. They have disbursed my home loan within 3 days of time. The customer service and the response was good with Axis bank. The required loan amount has been approved and disbursed by axis bank. I am happy with the loan amount. The rate of interest of interest is nominal with the axis bank. I am satisfied with Axis bank service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • ICICI Bank Home Loan
      "Very Pathetic experience with ICICI HOME LOAN Department"
      0.5 0.5/5 "Unacceptable"
      I had a very Pathetic experience with ICICI HOME LOAN Department as their employees not aware of process to be followed for home loan. They did not consider House Government Proofs. They have their own list according to which all property documents should be arranged. No Responsible employee in Kaushambi Ghaziabad branch. ICICI should take care of this. Same property has been loaned from SBI bank and PNBHFL was also ready to provide loan on same property. Very Bad Service from Kaushambi Ghaziabad Team. Take care if you approach this branch.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 19, 2017
    • Axis Bank Home Loan
      "Worst Customer Service Experience"
      0.5 0.5/5 "Unacceptable"
      The worst possible way to get humiliated is when a Bank of choice for you for the past 6+ years decides that Customer service is for Fools. I was thrown around back and forth and was ignored on around 75+ calls made during a period of the whole of 2 months since my loan got sanctioned and the Bank has no response at all. And after 2 months they come back and say We can't process the loan. Does Axis bank think the customer is taken for granted just because they invested in the eco-system? I am closing the Salary accounts and Credit Cards I hold with the bank as they have lost all goodwill from an ardent customer. So in Axis bank's terms 15 working days = 2 Months in Communication Isolation. Worst Customer Service Experience Ever.
      Was this review helpful? 0
      , cuddalore
      Reviewed on Jul 19, 2017
    • LIC Housing Home Loan
      "HIGH Interest rate and NO service"
      0.5 0.5/5 "Unacceptable"
      After 5 years of fixed rate of interest tenure, without any notification or information LICHFL started charging sky high interest, which nowhere near to market rate. When contacted they asked to pay Rs 1050 and I had to fill and submit manual form, which is added head ache. After that also the rate of interest is quite high than the market rate. Again after one and half year, they are asking to submit manual form to their office and pay Rs 1180, to correct the interest rate. This rate is also quite high than the current market rate. YOU WILL END UP PAYING MORE INTEREST AND CHARGES FOR SURE. I would NOT recommend to take home loan from LICHFL.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • Bank Bazaar Customer Support
      "Great Service"
      0.5 4.0/5 "Great!"
      It was a great service provided by you, I could compare loans terms of different banks in a single window. I need not to go any where for applying loan in my busy schedule. I will like to give it excellent, but I have uploaded my bank statements 3 times as I got some error . It would be great if I had received calls with in two hours as promised in the site, other wise it was a great service provided by them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 18, 2017
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    Home Loan Balance Transfer is Rated as "Great!" by 22759 Users

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    Promised Interest Rate

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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!!

    Home Loan Balance Transfer

    A home loan can become a big problem to deal with, especially if it’s a large amount of money that needs to be repaid over a long duration of time. The interest rate that is levied on a home loan is the elephant in the room. A lot of people who have taken a home loan have ended up paying a substantial amount of money as interest. Interest rates for a home loan can range anywhere between 9.8% and 12%. There are ways you can get this interest rate reduced. One way to do this is by negotiating with the bank when applying for the loan but an easier way to do this is to go for a transfer of the home loan.

    How home loan balance transfer work

    To initiate the process of transfer, you need to submit an application to your existing lender requesting for home loan transfer. As per you request, your old lender will provide you a consent letter with the outstanding amount mentioned in it. Now, you have to provide all the documents received from your old lender to the new lender. The new lender will transfer funds to the old lender and your account with the old lender will be closed. After that, your old lender will hand over the property documents to your new lender. Home Loan Balance Transfer is the process where an individual who has taken out a loan from one bank can then transfer the remaining balance amount of the home loan to another bank that offers a lower interest rate. This is a benefit that is offered in most banks across the country.

    Reason To Pick Home Loan Balance Transfer

    The main reason why people opt for a Home Loan Balance Transfer is to reduce the amount of money that they have to pay as interest. There is a plethora of banks that are operate around India. Each bank offers home loans at different interest rates. It is up to you to do your research to ensure that you make the right decision in choosing the bank for our home loan. Listed below are some of the major reasons why many home loan borrowers opt for home loan balance transfer:

    • Reducing the EMI that you will have to pay every month
    • Reducing the amount of money that you will have to pay as interest for the loan
    • Attractive interest rate offered by other banks
    • To improve your credit score
    • You can negotiate for a shorter tenure with the bank that you have transferred the loan to, thus clearing the home loan amount sooner
    • The new bank could provide better service that would make your life easier

    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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