A home loan balance transfer can make your housing loan more affordable and give you more favorable terms and conditions. In this article, we’ll cover what a home loan balance transfer is and how you can benefit from it.
Different banks offer different home loan interest rates. Besides, other loan-related charges like processing fees and prepayment costs vary from one lender to another. Some may be more favourable than others. If you already have a home loan from one bank, you can transfer the outstanding loan balance from your current lender to a new lender through the home loan balance transfer facility, offered by the bank.
Many of India’s top banks offer the option to transfer home loans from other lenders. To identify which bank is the best for a home loan balance transfer, check out some of your options below as well as the key features of the home loan transfer facilities offered.
To figure out which bank is the best for a home loan balance transfer, you need to take into account the following factors:
Once you identify which bank is the best for a home loan balance transfer, you can check your eligibility and apply for the facility. The credit score is one of the most important criteria that banks look at. Fi Money’s AI-powered Analyser can help you see your credit score before you apply. Also, if you have a high credit score, you can even avail of instant loans from Fi Money up to ₹5 Lakhs. Fi Money offers you loans through its partner bank Federal Bank, an RBI-licensed bank.
Yes, many leading banks in India offer the facility to transfer an existing loan — typically a home loan — from one lender to another. This is known as a home loan balance transfer, and you can avail of this facility in order to make your home loan more affordable by transferring the loan balance to a lender who offers more attractive interest rates.
There are many leading public sector and private sector banks in India that offer home loans at competitive terms and conditions. Some of the top public sector banks in this category include the State Bank of India, Canara Bank, Indian Overseas Bank and Union Bank of India. Meanwhile, the top private sector banks offering home loans include HDFC Bank, ICICI Bank, Federal Bank and Axis Bank, among others.