A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Conversion Loans

    When you transfer your existing home loan to another type of home loan within the same the bank, it is known as Home Conversion Loan. By paying a conversion fee, you can move to a different or based on your needs to a more competitive and affordable housing loan. 

    Bank  Interest Rate  Best for 
    SBI  8.55% p.a. onwards  Low-interest rate and no prepayment charges 
    HDFC  8.60% p.a. onwards  Competitive conversion fee 
    Axis  8.90% p.a. onwards  Low conversion fee 
    ICICI  9.05% p.a. onwards  Offers top-up loan 
    Vijaya (Bank of Baroda)  8.75% p.a. onwards  Low conversion fee 

    SBI Home Conversion Loan  

    Key Highlights
    • Zero prepayment charges. 
    • Low-interest rate. 
    • Rate of interest charged on daily reducing balance. 
    • Interest rate concession for women borrowers. 
    Interest Rate (p.a.)  Conversion Fee  Other Charges 
    8.55% onwards  0.50% on the outstanding loan amount Zero foreclosure charges 

    *Plus taxes (subject to a minimum of Rs.5,000 per account) 

    HDFC Home Conversion Loan  

    Key Highlights
    • Switch from fixed interest rate to adjustable interest rate. 
    • Competitive conversion fee. 
    • Faster process. 

    Interest Rate (p.a.)  Conversion Fee  Other Charges 
    8.60%  Lower Interest Rate in Floating Interest Rate: 0.50%
    TruFixed to Floating Interest Rate: 1.75%
    As applicable on home loans. 

    Axis Home Conversion Loan  

    Key Highlights
    • Low conversion fees. 
    • Waiver of processing fee if your credit score is respectable. 
    • Adjustable loan tenure. 
    Interest Rate (p.a.)  Conversion Fee  Other Charges 
    8.90%  Base Rate/BPLR to MCLR: it’s 0.50%
    Floating to Fixed Interest Rate: 1%
    Fixed to Floating Interest Rate: 2%
    Higher Floating to Lower Floating: 0.50%
    As applicable on home loans. 

    *on the principal outstanding

    ICICI Home Conversion Loan  

    Key Highlights
    • Doorstep service. 
    • Attractive interest rate. 
    • Additional top-up loan. 
    • Minimal documentation. 
    Interest Rate (p.a.)  Conversion Fee  Other Charges 
    9.05%   Floating to Floating Interest Rate: 0.50%
    Dual Fixed to Floating Interest Rate: 0.50%
    Floating to Dual Fixed Interest Rate: 0.50%
    Lifetime Fixed to Floating Interest Rate: 1.75% 
    As applicable on home loans. 

    Vijaya Home Conversion Loan (Bank of Baroda)  

    Key Highlights
    • Attractive interest rate. 
    • Easy process. 
    • Free credit card. 
    • Interest rate concession on car loans. 
    Interest Rate (p.a.)  Conversion Fee  Other Charges 
    8.75%  0.50% of the principal outstanding + taxes, subject to a maximum of Rs.25,000.  As applicable on home loans. 

    FAQ’s 

    1. What’s the process for switching from the existing interest rate to a lower interest rate? 

    You’ll need to visit the nearest branch of the said bank to change from to a lower rate of interest on home loans. 

    2. What’s the difference between a floating and a fixed rate of interest? 

    In the floating rate of interest, the interest rate can increase or decrease based on market conditions while in the fixed rate of interest, the interest rate remains static throughout the loan tenure irrespective of market conditions. 

    3. What are the other charges on a home loan? 

    Home loans are usually accompanied by the below charges: 

    Processing Fees: Fee payable for processing the loan application. It’s either fixed or a percentage of the loan amount. 

    Pre-payment Charges: When you repay the loan ahead of the scheduled duration, a penalty may be charged by the bank or lender. 

    Other Charges: Banks and lenders may also charge you for documentation or other consultation charges such as legal fees. 

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