GUIDES
Which is the Best Bank for Home Loan Balance Transfer
LAST EDITED BY PRANAV KARNAD ON APRIL 28, 2025.
- What is a Home Loan Balance Transfer?
- Top Banks That Offer Home Loan Transfer Facilities
- How to Choose the Right Bank for a Home Loan Balance Transfer?
- Reduce Your Financial Burden with a Home Loan Balance Transfer
- Frequently Asked Questions (FAQs)
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.
What is a Home Loan Balance Transfer?
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.
Top Banks That Offer Home Loan Transfer Facilities
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.
State Bank of India
- Low home loan transfer interest rates
- No hidden charges or prepayment fees
- Concessional interest for women borrowers
HDFC Bank
- Home loan interest rates start as low as 8.65% per annum (as of February 2023)
- Customised repayment options
- Additional top-up loans up to ₹50 Lakhs
Kotak Mahindra Bank
- Affordable home loan transfer interest rates
- Easy approval process
- Option to avail of a top-up home loan
IDFC Bank
- Extendable home loan repayment period
- Easy 4-step application procedure
- Transparent fees and charges
ICICI Bank
- Maximum repayment tenure extending up to 20 years
- Option to avail of a top-up loan up to 100% of the original loan for eligible borrowers
- Attractive home loan interest rates
Bank of Baroda
- Low interest rates and processing fees
- Interest charges levied on the daily reducing balance
- No penalty for prepayment
How to Choose the Right Bank for a Home Loan Balance Transfer?
To figure out which bank is the best for a home loan balance transfer, you need to take into account the following factors:
- Home loan transfer interest rates
- Home loan balance transfer charges
- Eligibility criteria
- Lender credentials (If it’s a bank, then you needn’t worry about credentials)
- Tenure of the new home loan
Reduce Your Financial Burden with a Home Loan Balance Transfer
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 licensed lending partners.
Frequently Asked Questions (FAQs)
Can I transfer my loan from one bank to another?
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.
Which bank is most suitable for a home loan?
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.
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