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Home Loan Balance Transfer

A home loan involves a significantly large amount of money and therefore, the interest rate on the loan is a matter of concern for everyone who decides to take a home loan. Home loan interest rates may begin from 8.35 % and go to 12 % or higher and One of the most common ways to reduce interest rates is to either talk to the bank that has provided you the loan and request them to reduce it or go for a transfer of your outstanding existing home loan or in layman terms, shift your home loan to a bank offering lesser interest rates.

Home Loan Balance Transfer or Refinancing or simply Balance Transfer is the process that allows you to benefit from the lower interest rates offered by other lenders. If you have an existing outstanding home loan with one lender, you can make a home loan transfer, that is, shift the remaining loan amount to a different lender who charges a lower rate of interest from you. This process is known as home loan balance transfer or refinancing. This unique home loan transfer service helps a customer in avoiding high applicable interest rates of one home loan lender and migrate home loan to a lower interest rate structure with another lender.

Key Features of Home Loan Balance Transfer

  • Transfer the outstanding balance of your existing home loan to another bank/lender.
  • There is a processing fee to be paid to the new lender by the borrower usually equal to 1% of the loan transferred loan amount that is payable to the new lender for a home loan by the borrower.
  • In most cases, the home loan balance transfer application is treated similar to a new home loan application.
  • The balance transfer on an existing home loan can only be availed after a pre-determined time period as mentioned in the original loan agreement.
  • When the transfer is complete, the borrower owes the transferred principal loan amount plus applicable charges to the new lender instead of the original one.

    • Home Loan Provider Profession Type Home Loan Interest Rates Home Loan Processing Fees
    HDFC Bank Salaried For Women (up to 30 Lakhs) 8.40% Rs 10000
    For Others (up to 30 Lakhs) 8.45%
    For Women (Above 30 Lakhs) 8.50%
    For Others (Above 30 Lakhs) 8.55%
    Self Employed For Women (up to 30 Lakhs) 8.45% 0.50% of the Loan Amount
    For Others (up to 30 Lakhs) 8.50%
    For Women (Above 30 Lakhs) 8.55%
    For Others (Above 30 Lakhs) 8.60%
    SBI Salaried For Women (up to 30 Lakhs) 8.45% Up to 1%
    For Others (up to 30 Lakhs) 8.50%
    For Women (Above 30 Lakhs and up to 75 lakhs) 8.50%
    For Others (Above 30 Lakhs and up to 75 lakhs) 8.55%
    For Women (Above 75 lakhs) 8.60%
    For Others (Above 75 lakhs) 8.65%
    Self Employed For Women (up to 30 Lakhs) 8.50% Up to 1%
    For Others (up to 30 Lakhs) 8.55%
    For Women (Above 30 Lakhs and up to 75 lakhs) 8.65%
    For Others (Above 30 Lakhs and up to 75 lakhs) 8.70%
    For Women (Above 75 lakhs) 8.75%
    For Others (Above 75 lakhs) 8.80%
    IndiaBulls Salaried For Women (Up to 30 lakhs) 8.40% Up to 28 Lakhs , 7,500 + ST , 28 lakhs to 50 lakhs - Rs 10000, 50 Lakhs and above 0.5%
    For Others (Up to 30 lakhs) 8.45%
    For Women (Above 30 lakhs and up to Rs. 75 lakhs) 8.55%
    For Others (Above 30 lakhs and up to Rs. 75 lakhs) 8.60%
    For Women (More than Rs. 75 Lacs and up to Rs. 5 crore) 8.85%
    For Others (More than Rs. 75 Lacs and up to Rs. 5 crore) 8.90%
    For Women (More than 5 crore) 10%
    For Others (More than Rs. 5 crore) 10.05%
    Self Employed For Women (Up to 30 lakhs) 8.45% Up to 28 Lakhs 7,500 + ST , 28 lakhs to 50 lakhs - Rs 10000, 50 Lakhs and above 0.5%
    For Others (Up to 30 lakhs) 8.50%
    For Women (Above 30 lakhs and up to Rs. 75 lakhs) 8.55%
    For Others (Above 30 lakhs and up to Rs. 75 lakhs) 8.60%
    For Women (More than Rs. 75 Lacs and up to Rs. 5 crore) 8.90%
    For Others (More than Rs. 75 Lacs and up to Rs. 5 crore) 8.95%
    For Women (More than 5 crore) 10%
    For Others (More than Rs. 5 crore) 10.05%
    LIC HFL Salaried / Self Employed 8.35% onwards
    Loan up to Rs. 50.00 Lakhs Rs.10000/- + Service Tax
    Loan above Rs. 50.00 Lakhs and
    up to Rs. 3.00 Crores     		Rs.15000/- + Service Tax
    IDFC Bank Salaried 8.65% Rs 2500
    Self Employed 8.70% Rs 10000
    Sundaram Salaried Up to 30 Lakhs 8.40% Rs 3500
    From 30 lakhs to 75 Lakhs 8.55%
    Above 75 Lakhs 8.65%
    Self Employed 9.20% 1%
    Kotak Mahindra Bank Salaried 8.50% Rs 10000
    Self Employed 8.50% Rs 10000
    ICICI Bank Salaried For Women (Up to 30 lakhs) 8.45% 0.5% of loan amount plus service tax or Maximum Rs 10000
    For Others (Up to 30 lakhs) 8.50%
    For Women (30 lakhs to 75 lakhs) 8.75%
    For Others (30 lakhs to 75 lakhs) 8.80%
    Above 75 lakhs 8.85%
    Self Employed For Women (Up to 30 lakhs) 8.60%
    For Others ( Up to 30 lakhs) 8.65%
    Above 30 lakhs to 75 lakhs 8.80%
    Above 75 lakhs 8.85%
    Axis Bank Salaried Loan amount up to Rs 30 lacs 8.50% Rs.10,000
    Loan amount above Rs 30 lacs and up to Rs 75 lacs 8.65%
    Loan amount above Rs 75 lacs 8.70%
    Self Employed Loan amount up to Rs 30 lacs 8.55% Rs.10,000
    Loan amount above Rs 30 lacs and up to Rs 75 lacs 8.70%
    Loan amount above Rs 75 lacs 8.75%
    Standard Chartered Salaried 8.60% Rs 5000
    Self Employed 8.60% 0.25% of Loan Amount
    Yes Bank Salaried  9.50% 1%
    Self Employed 9.50% 1%

    *The interest rates provided above are of key Banks and Housing Companies Operating in India, indicative and liable to change periodically. The final interest rate charged by the bank to the customer would be based on various other factors at the discretion of the lender