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 7.35% p.a. onwards Low-interest rate and no prepayment charges
    HDFC 7.50% p.a. onwards Competitive conversion fee
    Axis 7.75% p.a. onwards Low conversion fee
    ICICI 7.70% p.a. onwards Offers top-up loan
    Bank of Baroda 6.85% p.a. onwards Low conversion fee
    1. SBI Home Conversion Loan
      • Interest Rate: 7.35% p.a. onwards
      • Conversion Fee: 0.50% on the outstanding loan amount
      • Zero prepayment charges.
      • Rate of interest charged on daily reducing balance.
      • Interest rate concession for women borrowers.
      • Plus taxes (subject to a minimum of Rs.5,000 per account)
    2. HDFC Home Conversion Loan
      • Interest Rate: 7.50% p.a. onwards
      • Conversion Fee: Lower Interest Rate in Floating Interest Rate: 0.50% TruFixed to Floating Interest Rate: 1.75%
      • Switch from fixed interest rate to adjustable interest rate.
      • Competitive conversion fee.
      • Faster process.
    3. Axis Home Conversion Loan
      • Interest Rate: 7.75% p.a. onwards
      • Conversion Fee:
        • 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%
      • Low conversion fees.
      • Waiver of processing fee if your credit score is respectable.
      • Adjustable loan tenure.
    4. ICICI Home Conversion Loan
      • Interest Rate: 7.70% p.a. onwards
      • Conversion Fee:
        • 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%
      • Doorstep service.
      • Additional top-up loan.
      • Minimal documentation.
    5. Bank of Baroda Home Conversion Loan
      • Interest Rate: 6.85% p.a. onwards
      • Conversion Fee: 0.50% of the principal outstanding + taxes, subject to a maximum of Rs.25,000.
      • Free credit card.
      • Interest rate concession on car loans.

    FAQs

    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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