A "low interest" loan shouldn't mean you have very little interest in paying it back!
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 |
| Bank of Baroda | 6.85% p.a. onwards | Low conversion fee |
You’ll need to visit the nearest branch of the said bank to change from to a lower rate of interest on home loans.
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.
Home loans are usually accompanied by the below charges:
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