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Compare Best Bank For Home Loan Balance Transfer In India And Apply For Online Home Loan Transfer.

Apply for home loan transfer from one bank to another @ lowest home loan interest rate for balance transfers starting from 6.75% p.a. with higher repayment tenures up-to 30 years & 0%* home loan transfer processing fees with Loanfasttrack. The lowest per lakh EMI starts from Rs.649/-.
Also, enjoy home loan transfer and top up loans @ home loan interest rates. Concessions on home loan takeover interest rates are available for women borrowers.

what is Home Loan Balance Transfer Service

What Is Home Loan Transfer?

Home loan balance transfer loans mean transferring your existing home loan to a new lender Bank/NBFC/HFC. Also referred to as home loan refinancing, home loan switch over, home loan takeover, home loan BT transfer, a home loan transfer to other Bank/NBFC/HFC is usually done to enjoy the benefits of the lowest interest rate for housing loan and to get an additional loan at home loan rates.

Since home loans are your longest financial commitment it is necessary to keep track of the rate change since more than 50% of your initial EMIs go towards the interest repayment. The current home loan interest rates range from 6.75% p.a. 10.95% p.a. while the lowest per lakh EMI starts from Rs.649/-. If you are paying an interest rate and EMI which is notably higher than the lowest home loan interest rates in the markets, you must consider undertaking a housing loan transfer to another bank. Get your free home loan quote today.

Compare Home Loan Balance Transfer Interest Rates Of All Banks

Bank Name

Home Loan Balance Transfer Rates

Processing Fee For Home Loan Transfer

Loan Tenure

 

ICICI Bank

6.85% p.a. - 8.05% p.a.

Min. Rs.3,500 - 0.30% of the loan amount + GST

Up-to 30 years

 

Enquire Now

Home loan balance transfer with ZERO processing fee - Limited period offer.

HDFC Bank

6.75% p.a. - 7.85% p.a.

Min. Rs.5,900 - 0.50% of the loan amount + GST

Up-to 30 years

 

Enquire Now

Home loan transfer with ZERO processing fee - Limited period home loan switch offers.

Canara Bank

6.90% p.a. - 8.90% p.a.

Rs.10,000/- + GST

Up-to 30 years

Enquire Now

Kotak Mahindra Bank

6.85% p.a. - 8.45% p.a.

Up-to 0.50% of the loan amount + GST

Up-to 20 years

Enquire Now

Axis Bank

6.90% p.a. - 8.90% p.a.

Min Rs.10,000 -  0.50% of the loan amount + GST

Up-to 30 years

Enquire Now

SBI Bank

6.95% p.a - 10.95% p.a.

Upto 0.40% of the loan amount - Max Rs.10,000 + GST

Up-to 30 years

Enquire Now

Bank Of Baroda

7.25% p.a. - 8.25% p.a.

Up-to 0.50% of the loan amount - Max Rs.25,000 + GST

Up-to 30 years

Enquire Now

Bank Of India

6.85% p.a. - 8.25% p.a.

0.50% of the loan amount - Max Rs.50,000 + GST

Up-to 30 years

Enquire Now

Note:Balance transfer home loan interest rates and loan processing fees are subject to change without prior notice.

Home Loan Transfer Charges

A housing loan takeover is considered as a fresh home loan and hence once again, you might have to pay the cost for your home loan switch to another bank which includes:

Processing Fees For Home Loan Transfer

Rs. 3,500/- to 0.50% on the loan amount.

Legal & Technical Charges For Home Loan Transfer

Rs.5900/- to Rs.10,000/-

Home Loan Takeover Charges for Stamp Duty

0.30% on the loan amount.

Title Search Cost

Nil - Rs.5000/-

Other Home Loan Transfer Cost 

  • CIBIL Charges
  • CERSAI

 

  • Up-to Rs.500/-
  • Up-to Rs.100/-

GST

18% applicable on all loan charges.

For BT in home loan, you must consider the relevant home loan transfer fees/charges including home loan closure charges if any. If the new lender’s rate of interest plus these additional charges i.e. the balance transfer home loan charges still prove to be cheaper than the existing home loan, consider refinancing your home loan.
To get the best home loan transfer deals, home loan balance transfer offers on charges & home loan transfer lowest interest rate - Click.

Benefits Of Home Loan Balance Transfer

There can be many reasons to apply for a housing loan balance transfer such as the interest rate on your existing home loan is high or you wish to reduce your EMI by increasing the loan tenure or you are unhappy with the unsatisfactory services of the existing lender. Switching home loans from one bank to another can earn you multifaceted benefits.

Why Do Home Loan Balance Transfer
Low Home Loan Balance Transfer Rate Of Interest

The primary reason to apply for a balance transfer i.e. BT home loan is reduced home loan rates. With transfers you can get the home loan rates as low as 6.75% p.a. thus reducing your EMI and saving more on your monthly EMI outgo.

Why Do Home Loan Balance Transfer
Loan Restructuring

Shifting home loan from one bank to another gives an advantage of increasing or reducing your loan tenure as per your requirement. You can reduce your EMIs by restructuring your loan to longer repayment tenures of up-to 30 years.

Why Do Home Loan Balance Transfer
Avail A Home Loan Transfer With Top-up

One of the reasons to apply for a BT transfer home loan is to avail of additional funds on your existing home loans. You can get a maximum top-up amount at minimum home loan rates starting from 6.75% p.a. for home loan balance transfer and top up loans.

Why Do Home Loan Balance Transfer
Shift To A Floating Rate Home Loan

With a home loan change to other banks, you can transfer your home loan which is at a fixed interest rate with a bank to a new lender-Bank/NBFC/HFC with floating interest rate & vice-a-versa.

Why Do Home Loan Balance Transfer
Save Interest With Smart Home Loans/Home Loan Overdraft Facility

With a home loan transfer in other banks, you can opt for a smart home loan product where you park your access funds in your account and save on the interest amount.

Best Bank For Home Loan Transfer In India

Currently, HDFC tops the rank for the best bank to transfer home loans. The home loan balance transfer lowest interest rate is provided by HDFC followed by ICICI Bank. HDFC home loan balance transfer interest rate starts from 6.75%, you can also apply for home loan transfer online from the comfort of your home.

  • If you are looking for quick services, faster disbursement along with low-interest rates, ICICI home loan transfer is best.
  • If you wish to apply for an online home loan balance transfer, ICICI Bank home loan transfer & HDFC home loan transfer are best.
  • If you are looking for the lowest interest rate, HDFC home loan balance transfer is best.
  • If you want a maximum top-up loan at the lowest home loan rates, HDFC Bank home loan transfer & ICICI Bank home loan balance transfer with top up is best.
  • If you are comfortable with nationalized banks, Canara Bank home loan balance transfer & SBI home loan transfer are best.
  • If your monthly income is minimum OR you are earning cash incomes, HDFC loan transfer is best.
  • If you wish to apply for home overdraft loans/smart home loans to save your interest cost, Axis Bank home loan transfer, Canara Bank home loan balance transfer, SBI Maxgain home loans, HSBC smart home loan, and Kotak Smart home loans are best.
  • If you are looking for money-saving unique offers for home loan transfer without processing fee, Loanfasttrack can get you the best home loan BT offers for zero processing fee for a home loan balance transfer to ICICI Bank & HDFC home loan takeover.

Which Home Loans Can Be Transferred?

Home Loans That Can Be Transferred

Home Loans That Cannot Be Transferred

  • Salaried home loans.
  • Self Employed home loans.
  • Home loans by Proprietorship Firms.
  • Home loans by Partnership Firms.
  • Home loans by Private Limited Companies.
  • Smart home loans.
  • A home loan with an overdraft loan facility.
  • NRI home loans.

  • Joint home loans.

  • Home loans on the under-construction property.
  • Home loans with poor CIBIL scores.
  • Home loans with delayed repayments.
  • A fixed home loan with a lock-in period.
  • Pre-approved home loans.

Home Loan Transfer Benefits With Loanfasttrack

  • Enjoy a lower home loan transfer rate of interest starting from 6.75% p.a.
  • Pay less EMIs with longer loan tenures up-to 30 years.
  • Apply for a home loan balance transfer online from the comfort of your home. APPLY NOW
  • Opportunity to transfer your fixed-rate home loan to a floating rate home loan & vice-a-versa.
  • Get maximum top-up loans up-to 80% of the property market value @ lowest housing loan interest rates starting from 6.75% p.a.
  • Can apply for a home loan overdraft facility.
  • Avail Home Overdraft Loans @ competitive rates and save the interest amount by parking your excess funds in your account.
  • Home loan transfer from NBFC to Bank @ zero processing fee.
  • No hidden cost.
  • Easy & hassle-free process of balance transfer of home loan.
  • Free service provider.
  • Money savings unique offers for processing fees.
  • Lifetime free financial advice.

Home Loan Balance Transfer Eligibility Criteria

Age

Minimum 21 years & Maximum 70 years

Resident Type

Indian resident, NRI & PIO

Profile

Salaried & self-employed, Company/Firm

CIBIL

Satisfactory CIBIL scores of 750 & above

LTV

  • Up-to 90% for home loan transfer.
  • Up-to 80% for top-up loans.

FOIR

  • Salaried - 60%-65%.
  • Self-Employed - 65% -100%

Minimum Income Required

  • The minimum salary for home loan transfer is Rs.25,000/- per month.
  • The minimum income for self-employed is Rs.3 Lakhs p.a.

Tenure For Home Loan Transfer

  • Home loan transfer minimum tenure is 5 years.
  • The maximum tenure for housing loan transfer is 30 years.

Home Loan BT Rate Of Interest

Starts from 6.75% p.a. onwards.

Processing Fees For Home Loan Transfer

ZERO - up-to 0.50% of the loan amount + applicable GST.

Eligibility Calculation

Lower of:

  • ((Net income per month X 60%-65% FOIR) – Obligations) ÷ Per lakh EMI - For Salaried
  • (Net Profit X 65%-100% FOIR) - Obligations)  ÷ Per Lakh EMI - For Self-Employed

  • OR

  • LTV – Market Value of the property X (75%-90%).        

Important Home Loan Transfer Eligibility Criteria

  • A home loan must be a minimum of 6 -12 months old.
  • There is no default or delayed payment in the EMIs.
  • The property is within the approved city limits.
  • LOD, 12-18 months repayment track record, & the outstanding letter is mandatory home loan balance transfer documents.
  • You have taken possession of the property from the builder.

Home Loan Balance Transfer Calculator

The home loan transfer calculator helps you to evaluate the total savings on your EMI when you plan to move home loan to another bank. The savings on your EMIs can then be used to make part-payments/ prepayment to your home loan or invest in the best investment plans for your future.

You can easily compare the installments of the best banks for a home loan in India with the help of a home loan BT calculator. Simply enter your home loan transfer amount, the lender’s home loan transfer rates, and your desired loan tenure.

Benefits of using an online calculator for home loan transfer

  • The home loan transfer EMI calculator is simple and easy to use.
  • The calculator shows the exact new EMI you will pay on your transfer.
  • It shows the total interest payable for your restructured loan tenures.
  • You can also calculate the EMIs for balance transfer and top-up loans using a home loan balance transfer and top up calculator.
  • Calculating and comparing the home loan EMI of the leading banks manually can be tedious & complex which might lead you to make incorrect decisions.
  • It can save your valuable time by calculating the EMIs in seconds.
Calculate Your EMI

Top 3 Best Banks Home Loan Transfer Offers

1) ICICI Bank Home Loan Balance Transfer
  • Lowest ICICI home loan balance transfer interest rate starting from 6.85%* p.a.
  • Get concessions on ICICI home loan transfer charges for transferring your loan to ICICI Bank.
  • Low processing fees for transferring the loan to ICICI Bank - ICICI loan transfer processing fee starting from Rs.3,500/-.
  • Digital loan application for ICICI Bank loan transfer. You can apply online to transfer your loan to ICICI Bank.
  • In-principal sanction within 24 hours. (Express Home Loan – ICICI Bank)
  • ICICI Bank home loan takeovers are available with extended loan tenures up-to 30 years.
  • With the ICICI home loan takeover scheme you can enjoy a full waiver of penalty for early repayment of home loans at a floating interest rate.
  • Maximum funding for home loan takeover and top up. Up-to 90% for balance transfer home loan ICICI & 80% for a top-up on home loan balance transfer ICICI.
  • The home loan transfer to ICICI Bank includes regular ICICI home loan BT, banking surrogate home loan transfer ICICI Bank, and ICICI home loan overdraft.
  • For documents required for home loan transfer to ICICI Bank refer to the list of documents required for home loan balance transfer given below.
  • Click to know how to apply for an online home loan.

Read more on ICICI Bank Home Loans.

Apply today for ICICI home loan balance transfer and top up @ lowest-6.85% p.a. ICICI home loan transfer interest rate.
2) HDFC Bank Home Loan Balance Transfer

  • Enjoy customized schemes to meet your requirements with the HDFC loan takeover product.
  • Promisingly low HDFC home loan transfer interest rates starting from 6.75%* p.a.
  • With HDFC BT loans enjoy special rates for women applicants. (Also read, Housing Loan Benefits For Women Borrower In India)
  • Low HDFC home loan transfer processing fee of Rs.5,900/-. (The maximum HDFC home loan transfer charges for processing fees is up-to 0.50% of the loan amount)
  • Customized repayment options with HDFC Bank loan transfers. With HDFC home loan BT, enjoy longer tenures up-to 30 years.
  • Get home loan transfer in HDFC Bank to avail HDFC home loan overdraft facility.
  • Only digitally log in of the files for HDFC housing loan transfer. You can apply for your housing loan transfer to HDFC Bank from the comfort of your home.
  • You can apply for an HDFC home loan balance transfer with top up loans. Get maximum top-up funding with a balance transfer home loan HDFC Bank. (Check top-up loan document checklist for self-employed customers)

Read more on HDFC Bank Home Loans.

Apply today to transfer your home loan to HDFC @ low HDFC home loan BT rate of 6.75% p.a. & HDFC loan transfer charges.
3) SBI Home Loan Balance Transfer
  • SBI loan transfer housing loan scheme is available for all eligible profiles - salaried, self-employed, NRIs, & Professionals.
  • Low SBI home loan transfer interest rate starting from 6.95% p.a.
  • 0.05% p.a. concession on SBI home loan transfer rate of interest for women applicants.
  • SBI home loan balance transfer interest rates are charged on a daily reducing balance.
  • Avail overdraft facility with SBI Bank home loan transfer product.
  • Nil pre & part payment charges with SBI housing loan transfer scheme.
  • Low SBI home loan transfer processing fee. The SBI housing loan transfer processing fee ranges from 0.20% - 0.40% of the loan amount plus applicable GST.

    (The minimum processing fee for home loan takeover SBI is Rs.10,000/- & the maximum SBI home loan balance transfer charges for processing fees is Rs.30,000/-)

  • SBI home loan transfer charges for processing fees are inclusive of legal & technical costs.
  • You can apply for an SBI home loan transfer with top up.
  • Flexible repayment options of up-to 30 years for SBI loan take over.
  • You can apply online to transfer your loan to SBI. (Read more for Online v/s Offline Home Loans)

Read more on SBI Home Loans.

Switch home loan to SBI and enjoy interest rates @ lowest starting from 6.95% p.a. for SBI BT transfer home loan and 30 years longer tenures for SBI home loan transfer from other banks.

Home Loan Balance Transfer Process - How To Transfer Home Loan From One Bank To Another?

  • Apply for transfer documents with current bank

    Before you apply for your home loan transfer, ensure you make a request letter for home loan transfer to another bank with the existing home loan bank. Request the bank to issue a housing loan transfer letter for an outstanding balance, LOD, & 12-18 months repayment track record.

  • Apply for home loan balance transfer

    Fill in the form with basic details name, address, contact details, employment details, income details & co-applicants details. You can either

    • Apply online  OR
    • Apply offline, make physical application to a lender Bank/NBFC/HFC.
  • Documents Upload/ Collection

    If you're applying online, upload your home loan transfer documents online. If you are applying offline, a representative from the lender Bank/NBFC/HFC will collect your documents along with the lender’s application form.

  • Documents Processing & Verification

    This is the process where your documents-KYC, income documents & property papers are verified, CIBIL checked, repayment track history is checked, FI visits arranged, etc.

  • Personal Discussion & Sanction

    A personal discussion is held with the lender’s credit manager who evaluates your transfer requirement. On successful discussion, your home loan transfer is approved and you will be issued a sanctioned letter. Read more to find out how to read a home loan sanction letter from the bank.

  • Pay The processing Fees

    Once the loan is sanctioned you have to pay a processing fee on the approved loan amount to receive an official sanction copy.

  • Sanction Letter Issued

    Once you pay the complete processing fee amount, an official copy of the sanction letter will be issued.

  • Legal & Technical Process

    Property legal and technical is conducted to ensure it has a clear and marketable title and that the banks do not over-lend to the cost of the property. 

  • Loan Agreement & Disbursement

    Lastly, you have to sign the bank’s loan disbursement agreement and submit it.
    Know in detail the difference between home loan sanction & home loan disbursement.

  • Inter-bank transfer of your document

    On disbursement, your loan is successfully transferred to a new lender. Now you pay EMI to the new lender. Once the new lender credits the loan amount to your previous lender, the previous lender transfers your original property papers/ documents in their custody to the new lender. This is referred to as inter-bank transfer. It is a process of 7-20 working days depending upon the lender to lender.

  • Top-up amount release

    Once your original papers get transferred to the new lender, the sanctioned top-up amount will be disbursed to your account.

  • The home loan balance transfer process nearly takes 15-20 working days. 7-10 working days for sanction and another 7-10 working days for disbursement. If you are also applying for a top-up loan, there is a minimum waiting period of 7-20 working days before the final disbursement of the top- up amount.

    Read more for a detailed process.

Documents Required For Home Loan Balance Transfer

 

Salaried

Self-Employed

KYC

  • Pan Card
  • Aadhar Card
  • Passport size photograph
  • Pan Card
  • Aadhar Card
  • Passport size photograph

Income Documents

  • Last 4 months salary slips.
  • 2 years Form 16.
  • 12 months bank account statement of the salary account.
  • Latest 1-year bonus copy (if any).
  • If rental income received
  • Copy of registered rental agreement.
  • Latest 1-year bank account statement.
  • 3 years latest financials with Computation of Income, Saral Copy, Balance Sheet, P&L account, Capital Account - CA certified with membership no. & USDIN no.
  • Latest 12 months bank account statement of all accounts (current + savings).
  • Latest 3 years Form no-26 AS.
  • Latest 1-year Copy of GST returns – 3B form.
  • CA certified debtors & creditors statement for 1-year.
  • If rental income received
  • Copy of registered rental agreement.
  • Latest 1-year bank account statement.

Other Documents

  • Duly Signed bank application form.
  • Processing fee cheque in favor of the bank.
  • LOD (List Of Documents) from the existing lender.
  • 12-18 months repayment track record.
  • Copy of outstanding request letter for home loan transfer to other banks.
  • Duly Signed bank application form.
  • Processing fee cheque in favor of the bank.
  • LOD (List Of Documents) from the existing lender.
  • 12-18 months repayment track record.
  • Copy of home loan transfer letter for the outstanding balance.
  • Business profile on the letterhead of the company.
  • Business proof – GST registration, Ghumastha, or Copy of Aadhar Udyog.
  • Copy of contract letter if any.
  • If the applicant is:
  • Chartered Accountant - a copy of COP & passing certificate.
  • Doctor - a copy of degree certificate.

Property Documents

  • Copy of prior chain of agreements.
  • OC / CC + approved plan copy.
  • Copy of Index 2.
  • Latest property maintenance bill.
  • Copy of share certificate.
  • Copy of society registration certificate.
  • Latest property tax receipt.
  • Copy of prior chain of agreements.
  • OC / CC + approved plan copy.
  • Copy of Index 2.
  • Latest property maintenance bill.
  • Copy of share certificate.
  • Copy of society registration certificate.
  • Latest property tax receipt.

Disbursement Documents Required For Salaried & Self-Employed

  • Original prior chain of agreement with stamp duty duly paid & registration is done along with index 2.
  • Occupancy Certificate/CC.
  • Original share certificate (If issued).
  • Society registration copy.
  • Latest Property tax receipt copy.
  • Docket kit/ facility agreement duly franked and signed by all applicants.
  • 7 security mandate cheques in favor of the lender.
  • Copy of mortgage intimation.
  • Legal & technical fees clearance by cheque or online transfer.
  • Copy of BT agreement duly franked, notarized, and signed by all applicants.
  • Builder NOC for home loan transfer.
  • NOC from society with chairman & society secretary.
  • Original copy of LOD & home loan balance transfer request letter of the outstanding balance.
  • For CIDCO/MHADA Property
    • Copy of conveyance deed, original NOC & transfer letter from CIDCO/ MHADA - if conveyance deed is executed.
    • Copy of tri-party agreement & lease agreement - if conveyance deed is not executed.
  • Any other documents as per the legal report and sanction  PSD conditions.

Note: The home loan transfer NOC format will vary with the lender.

Click the links to download the home loan transfer list of documents:
For Salaried, for NRI, for Self-Employed- Proprietorship Firm,Private Limited Company, Partnership Firm.

Income Tax Benefits Of Home Loan Transfer

Home Loan Tax Benefit Under Section

Nature Of Home Loan Deduction In Income Tax

Maximum Tax Benefits on Home Loan Amount

Section 80C Deduction

Housing loan principal deduction

Up-to Rs.1.5 Lakhs p.a.
(Including one-time stamp duty and registration cost)

Section 24(b) Deduction

  • Housing loan interest deduction.
  • Deduction for interest on housing loan top-up.
  • Up-to Rs.2 Lakhs p.a. for self-occupied properties (inclusive of top-up interest deduction of Rs.30,000)

     

    No limit (for let-out properties)

  • Housing loan interest deduction of Rs.30,000/- p.a.

Section 80EE Deduction

Additional interest on home loan deduction for first time home buyers

Rs.50,000/- p.a.

Please Note: The top-up interest deduction is applicable only if the top-up amount is used for the purchase or construction of a property, for property repairs & renovations, etc.

For detailed information on tax benefits on joint home loans, tax benefit on 2nd home loan, income tax benefit on second home loan in the same city, tax exemptions on multiple home loans, etc. read more.

Home Loan Transfer Conditions

  • You have paid a minimum of 6 - 12 months EMI.
  • You have paid your EMIs regularly.
  • You have a good CIBIL score.
  • You have a good repayment track history.
  • You have timely paid the equated monthly installments of other obligations.
  • You have not defaulted on any loans.
  • You have not delayed payments latest within 12 months.
  • You have an uninterrupted regular flow of legal income.
  • Your business is profit-making.
  • You have no outstanding dues.
  • You are minimum 21 years & maximum 60 years if salaried & 70 years if self-employed.
  • 8 business conditions for self-employed to apply for a housing loan

Read more

Important Home Loan Transfer Tips

Since the home loan is your long-term financial commitment, it is crucial to find a perfect lender which meets your loan needs. You must regularly monitor your interest rates to know the possible changes in your EMIs. If you continue to pay EMIs with an effectively higher rate of interest than those prevailing in the markets, consider a home loan change bank to continue repaying with reduced EMIs. Given below are some of the important tips for getting a home loan EMI transfer.

  • Ensure you research well before you make an application for loan transfer.
  • Compare and evaluate between the lenders for interest rate, funding, processing fees, foreclosure charges & conditions, etc. Click to compare instantly.
  • Find out how much additional top-up you can get with your reduced EMIs. Use our EMI calculator to know your affordable EMIs for home loan balance transfer top up.
  • Regularly monitor your repayment history.
  • Timely repay your EMIs including the EMIs of other obligations.
  • Regularly track your CIBIL scores. A good CIBIL record can earn you a better deal on home loan transfers.
  • Keep your transfer documents ready including the LOD, repayment statement, & home loan transfer request letter i.e. the home loan outstanding balance letter. This will help in faster home loan BT processing.
  • Choose the correct home loan product to transfer to.
  • Ensure you go through the lender’s transfer loan agreement before signing.
  • Maintain a formal written communication with the lender’s representatives for your home loan transfer procedure, offers, & deals.

Reasons To Apply For Home Loan Transfer

  • The primary reason is to enjoy the benefits of lower interest rates in the market.
  • Opportunity to apply for a home loan top-up.
  • Restructure your home loan tenure.
  • Reduce your monthly EMI.
  • Shift to adjustable interest rate home loan from a fixed-rate loan.
  • You receive unsatisfactory services from the existing lender Bank/NBFC/HFC.
  • You are reallocating to a new city.
  • You want to consolidate all your debts to a single bank.
  • Existing lender delays providing the home loan statements.
  • Upgrade to a bank with modern banking facilities such as loan apps, online access to the loan details, online pre & part payments, easy downloading of loan statements, etc.
  • Poor customer care services of the existing lender.
  • The existing lender is slow in reacting to the changes in the interest rates.
  • Your lender is reluctant to change your interest rates or the loan tenure.
  • Non-cooperative staff /employees.
  • Promised charges and interest rates at the time of loan applications are not fulfilled.
  • You wish to save your interest by parking your excess funds in the account.
  • You want to apply for an overdraft facility.

Reasons Why Your Home Loan Transfer Is Rejected

  • Poor repayment track history - delayed payments.
  • Low CIBIL scores.
  • Low CIBIL scores of the co-applicants.
  • Irregular flow of income.
  • Income Eligibility.
  • Lower valuation of the property.
  • Insufficient top-up eligibility.
  • Latest ITR not filled by the self-employed applicant.
  • Booked loss in a financial year.
  • Poor banking statement /transaction of the self-employed.
  • Job loss and no current flow of income.
  • You are a frequent job hopper.
  • Negative profile.
  • Negative industry.
  • High obligations.
  • The property is under construction.
  • You are about to retire soon.
  • The property is blacklisted by the lender.
  • Legal issues in property such as unclear title, a suit filed on the property, title flow unavailable, etc.
  • Technical issues in the property such as old construction, nil age of the building, no structure audit report, illegal extensions in the property without prior permission from the authorities, etc. 
  • The property is in gram-panchayat. (Home loan transfer gram panchayat property - not possible)
  • The NRI fails to produce a valid work permit or the job contract for the NRI home loan balance transfer.
  • The processing fee cheque is bounced.
  • Overdue payments on other loans & credit cards.
  • Quitted the job to start a new business.
  • Started a new business that is not even a year old.
  • The possession of the property is not taken.
  • Your documents are incorrectly uploaded or are inadequately uploaded in case of online application for home loan transfer.

List Of Other Home Loan Transfer Banks Providing Home Loan Balance Transfer Schemes

  • Bank Of Baroda home loan transfer/ Vijaya Bank home loan balance transfer.

    Bank Of Baroda home loan balance transfer interest rate / Interest rate for a home loan transfer to Vijaya Bank - 7.25% p.a. - 8.25% p.a.

  • Axis Bank home loan balance transfer.

    Axis Bank home loan balance transfer interest rate - 6.90% p.a. - 8.90% p.

  • LIC home loan transfer.

    LIC home loan balance transfer interest rate - 7% p.a. - 10.15% p.a.

  • Kotak Mahindra Bank home loan balance transfer.

    Kotak home loan balance transfer interest rate - 6.85% p.a. - 8.45% p.a

  • Citibank home loan balance transfer.

    Citibank home loan transfer interest rate - 6.75% p.a. onwards.

  • PNB Housing Finance home loan balance transfer.

    PNB home loan balance transfer interest rate - 7.35% p.a. - 9.55% p.a.

  • Union Bank Of India home loan transfer.

    Interest rate for home loan transfer to Union Bank Of India - 6.80% p.a. 7.65% p.a.

  • Bank Of India home loan balance transfer.

    Interest rate for home loan transfer to Bank Of India - 6.85% p.a. - 8.25% p.a

  • Bajaj Finance home loan transfer.

    Bajaj Finserv home loan transfer interest rate - 6.75% p.a. - 15% p.a.

  • Canara Bank home loan balance transfer.

    Canara Bank home loan takeover interest rate - 6.90% p.a. -8.90% p.a.

  • Tata Capital home loan balance transfer.

    Tata Capital home loan transfer interest rate - 6.90% p.a. onwards.

  • IIFL home loan transfer to other banks.

    IIFL home loan transfer interest rate - 8.45% p.a. onwards.

  • IDFC home loan balance transfer.

    IDFC home loan transfer interest rate - 6.90% p.a. onwards.

  • IDBI home loan balance transfer.

    IDBI home loan transfer interest rate - 6.90% p.a. onwards.

  • HSBC home loan balance transfer.

    HSBC home loan transfer interest rate - 7% onwards.

  • Punjab National Bank home loan balance transfer / United Bank Of India home loan transfer.

    The interest rate for a home loan transfer to PNB Bank / for home loan transfer to United Bank Of India -  7.35% p.a. - 9.10% p.a.

  • Central Bank Of India home loan balance transfer.

    Central Bank Of India home loan transfer interest rate - 6.85% p.a. - 7.10% p.a.

  • GIC home loan transfer.

    GIC home loan interest rate for the transfer - 9.10% p.a. onwards.

  • Gruh Finance home loan transfer.

    Gruh Finance home loan interest rate (Bandhan Bank Rruh home loan interest rate) for the transfer - 8.75% p.a. - 13.50% p.a.

  • Bank Of Maharashtra home loan balance transfer.

    Interest rate for home loan transfer to Bank Of Maharashtra - 6.90% p.a. - 7.50% p.a.

  • Yes Bank home loan transfer.

    Interest rate for home loan transfer to Yes Bank - 8.95% p.a. - 11.80% p.a.

  • Piramal home loan balance transfer.

    Piramal housing finance interest rate for the transfer- 9.75% p.a. onwards.

Before You Apply For A Transfer

Calculate your Transfer Eligibility
Eligibility is your ability to repay the loan. Each bank has its parameters based on which they approve your home loan transfer, namely income, age, current obligations, repayment history, CIBIL scores, property details- valuation, location & LTV ratio, employment details, income stability, assets & liabilities, etc.

Check home loan EMI calculator
Know your reduced monthly home loan installments with our easy-to-use home loan EMI calculator. Simply input your outstanding loan amount with the top-up amount, required loan tenure & the expected interest rate to know exactly how much you will save on your monthly installments, and the total savings on the interest payable.

Check home loan transfer interest rates of the banks
Interest rate is the primary reason for the loan transfer and is important since it directly affects your home loan EMI. Compare, evaluate and get the best interest rate for your home loan transfer today.

Check home loan transfer processing fees and other charges
The lender Banks/NBFCs/HFCs charge a fee for processing your home loan transfer application which varies between the lenders and on your loan amount. Besides the processing fees, various other charges add to the home loan transfer cost.

For SBI home loan transfer to HDFC - Click

Home Loan Transfer Requirements
To apply for a home loan transfer you fulfill the basic prerequisite of the home loan transfer. The transfer terms and conditions may vary between the lenders.

Remember

  • A home loan transfer comparison between public and private sector banks and NBFCs is important before applying for a house loan transfer to another Bank/NBFC/HFC.

    Also read, Why Home Loan Interest Rates Of NBFCs Higher Than Banks.

  • Home loan transfer benefits can best be enjoyed during the initial 4-5 years of the loans as you pay the highest interest component during the initial years.
  • A home loan transfer to avail of an overdraft facility cannot enjoy the 80C tax benefits.
  • There is no penalty for transferring a floating interest rate home loan as per RBI guidelines for home loan balance transfer.
  • To transfer home loan to another bank the project must be approved by the new lender. If the project is not approved, a non-APF approval from the lender’s higher authority is mandatory along with conducting the property title search which might increase the turnaround processing time for the transfer by another 5-6 working days.
  • The home loan balance transfer rules/home loan transfer terms and conditions for CIBIL scores, repayment track, and home loan transfer documents required i.e. LOD for home loan transfer + outstanding letter remains the same with all lender Banks/NBFCs/ HFCs.
  • You must have served at least 6-12 months EMI to transfer existing home loan.
  • You have a limited option for transferring a home loan on gram panchayat property. Not all banks approve of gram panchayat home loans. Read why it is difficult to get a home loan for gram panchayat property.

FAQs

Loan Against Property In Thane Mumbai
Q. Can I change my home loan to another bank? What is the current interest rate for a home loan transfer?

Ans: Yes, all eligible home loan borrowers can apply for a home loan balance transfer at the lowest interest rate starting from 6.75% p.a. The current interest rates for home loans range from 6.75% p.a. - 10.95% p.a.

Q. Can housing loan be transferred? How to transfer home loan to another bank?
Ans: You can visit the website of the branch where you need to transfer your loan and apply online.
Alternatively, you can visit Loanfasttrack and compare & evaluate the rates, tenures & charges of the leading banks at a single click. Loanfasttrack provides free loan services in Mumbai.

Q. Can home loan be transferred from one bank to another without any processing fees?
Ans: Yes you can transfer your home without any processing fees through Loanfasttrack. Loanfasttrack offers you the best deals from the top banks and money-saving unique cash-back offers. Get your offer today.

Q. What are the home loan balance transfer charges RBI guidelines?
Ans: According to the RBI guidelines for home loan takeover, there is no charges/ penalty for the transfer of variable interest rate home loans in India.

Q. Can I transfer my home loan to another bank before taking possession of the property?
Ans: Home loan transfer before possession of the property is not possible. Also, home loan transfer under construction property is not possible.

Purchasing An Under-Construction Property? Here Are The Important Loan Facts You Must Know Before Making A Purchase

Q. Can home loan be transferred to another bank to get the overdraft facility?
Ans: Yes a home loan can be transferred to another lender - Bank/NBFC/HFC that provides a home loan with an overdraft facility to avail its benefits.
Also, read on mortgage overdraft loans.

Q. What are the ICICI Bank home loan transfer charges?
Ans: There are nil charges for ICICI Bank home loan balance transfer charges for floating interest rate home loans. For fixed interest rate home loans, ICICI home loan balance transfer charges are up-to 4% on the outstanding loan amount.
Also read, fixed v/s floating home loan interest rates.

Q. How much is the ICICI Bank home loan balance transfer interest rate?
Ans: ICICI Bank home loan balance transfer rate of interest is 6.85% p.a.

Q. Can I do my DHFL home loan transfer to ICICI Bank?
Ans: No. DHFL loan transfer to ICICI Bank is not possible. Currently, ICICI bank has restrictions on Home loan transfer DHFL.

Q. What are my options for DHFL home loan transfer? 
Ans: DHFL loan transfers are currently restricted by many lenders which include banks as well as NBFCs/HFCs. Home loan transfer DHFL/ DHFL home loan balance transfer cannot be made for - Home loan transfer from DHFL to ICICI Bank, Home loan transfer from DHFL to Bank Of Baroda, Home loan transfer from DHFL to HDFC, Home loan transfer from DHFL to SBI, etc.

Q. How much are the HDFC Bank home loan transfer interest rate & charges?
Ans: HDFC home loan transfer rate of interest starts from 6.75%. HDFC home loan balance transfer charges of processing fees are Rs.5,900/-

Q. Can I do my IIFL home loan transfer to HDFC Bank?
Ans: You can transfer your home loan to HDFC Bank at the lowest interest rate of 6.75% p.a. provided you meet all its pre-conditions.

Q. My HDFC loan balance transfer is under process. Can I also apply for a personal loan in Mumbai?
Ans: You can apply instant personal loan in Mumbai even if your HDFC Bank home loan take over is under the process provided it does not affect your HDFC home loan transfer eligibility. Also read, What do you mean by loan eligibility in a home loan.

Q. Is there any penalty for HDFC home loan transfer to other banks?
Ans: Home loan transfer from HDFC to ICICI, home loan transfer from HDFC to SBI, home loan transfer from HDFC to Axis, home loan balance transfer HDFC to Kotak, home loan transfer HDFC Bank to Canara Bank, home loan transfer HDFC to BOI, home loan transfer from HDFC to Bajaj Finance, HDFC home loan overdraft to Bank Of Baroda overdraft home loan, etc. can be done without any prepayment charges provided it is not a fixed interest rate HDFC home loan.

There is no prepayment penalty on home loan transfer charges HDFC for floating interest rate home loans.

Q. What is the maximum tenure for a Kotak Bank home loan transfer?
Ans: The maximum tenure available for Kotak Bank home loan balance transfer is up-to 20 years.
Click to know more on Kotak Mahindra home loan transfer.

Q. Do I have to pay stamp duty for my BOB home loan transfer to Axis Bank?
Ans: Yes, every time you transfer your home loan to a new lender you have to pay stamp duty, and hence on your BOB to Axis home loan transfer you will be paying 0.30% stamp duty cost to the government. Click to get Axis Bank home loan BT rates.

Q. What is the interest rate for home loan transfer in Axis Bank at fixed interest rates?
Ans: Interest rates for balance transfer home loan Axis Bank in fixed interest rate home loan is 11% p.a. for salaried & 12% p.a. for the self-employed.
Click to know home loan transfer charges Axis Bank.

Axis Bank home loan transfer rate for variable interest rate home loans ranges from 6.90% p.a. - 8.90% p.a.

Q. I have an ongoing home loan of Rs.35 Lakhs with ICICI Bank in Banaras. Recently I have shifted to Mumbai. Is a home loan transfer to HDFC’s branch near me in Mumbai possible? 
Ans: Yes you can transfer your housing loan in Mumbai. Home loan transfer from ICICI to HDFC is possible. Contact Loanfasttrack to know the HDFC home loan transfer process.

Q. Can home loan be transferred from one person to another? Can home loan be transferred to co applicant?
Ans: Home loan transfer to another person is possible with home loan bank transfer provided the transferor makes a release deed and transfers his ownership rights on the property to the loan co-borrower/co-applicant subject to his income eligibility. Home loan transfer from father to son, home loan transfer from wife to husband and vice-a-versa, home loan transfer from sister to brother or vice-a-versa, home loan transfer from brother to brother, are some of the examples of house loan transfer to another person i.e. the home loan transfer of ownership.
Read more on home loan transfer details.

Q. I have a joint home loan with my brother for 1 crore with SBI? Is SBI home loan transfer from one person to another possible?
Ans: Yes. SBI home loan can be transferred to another person. While moving home loan from one bank to another i.e. from SBI to another bank you can transfer the loan to your brother.

Q. I want to transfer my home loan to SBI. What is the interest rate & processing fee for State Bank Of India home loan transfer?
Ans: State Bank Of India home loan balance transfer rate of interest starts from 6.95% p.a. onwards. The processing fee for home loan BT to SBI is a minimum of Rs.10,000/- & maximum of Rs. 30,000/-.
Read more on SBI Home Loans.

Q. Can I transfer home loan to another property?
Ans: No, you cannot switch your home loan to another property.

Q. I have done LIC to SBI home loan transfer last year. Can I again transfer home loan to LIC?
Ans: Yes, you can again apply for a LIC loan transfer. Speak to our experts to know the details of the home loan transfer process for LIC HFL.

Q. What are the home loan transfer charges from HDFC to SBI?
Ans: Charges for HDFC home loan transfer to SBI includes processing fees of 0.20% -0.40% of the loan, Stamp duty charge of 0.30% of the loan amount, CERSAI charge of up-to Rs.100/- & CIBIL charges up-to Rs.500/-. Other charges if any for home loan transfer HDFC to SBI will be communicated at the time of loan transfer from HDFC to SBI.
Read more for all costs in a home loan.

Apply for SBI home loan transfer

Q. Can I apply for a Bajaj home loan balance transfer if my home loan is 7 months old?
Ans: To apply for balance transfer Bajaj Finserv’s scheme you should have paid more than 12 home loan EMIs.

Q. What is the maximum top-up amount I can apply for home loan transfer Bajaj Finserv?
Ans: With Bajaj, you can apply for a maximum top-up loan up-to Rs.50 Lakhs with your home loan transfer.

Q. I have an 80 Lakhs housing loan and a top-up of 20 Lakhs. Can I change my home loan from one bank to another and also apply for an additional top-up? What is home loan transfer fee?
Ans: Yes. By changing banks for home loan BT and top up you can also apply for additional loans subject to the LTV- market value of the property and to your income eligibility. (Click to check the home loan eligibility for self-employed) The home loan transfer processing fee is a maximum of up-to 0.50% of the loan amount. Please check with the lender for the latest switch home loan offers on the processing charges.

Q. Can I switch my home loan to another bank if my CIBIL score is 680?
Ans: Generally banks provide loans to eligible borrowers with CIBIL scores above 750. However, you may have to justify your 680 CIBIL score even if you have been paying your EMI regularly without any delayed payments. Hence, you can change home loan to another bank with justifiable reasons for your low CIBIL scores.
Read more to find out how home loan balance transfer can be applied with a bad CIBIL score.

Q. Why was my home loan transfer rejected?
Ans: The 4 main reasons for the rejection of a home loan transfer request are your income eligibility, property LTV ratio, CIBIL scores, and repayment history. To know the other accountable reasons kindly refer above - “Reasons Why Your Home Loan Transfer Is Rejected”.

Q. How can I transfer my home loan to another bank if I have delayed payments?
Ans: It is difficult to refinance a home loan with delayed repayments. You may follow the link to know how to apply for a home loan with bad CIBIL.

Q. Which nationalized banks’ home loan transfer schemes are popular?
Ans: Home loan transfer Bank Of Baroda, home loan transfer to Punjab National Bank, home loan balance transfer with top up SBI, Canara Bank home loan balance transfer, a home loan balance transfer to Union Bank Of India, IDBI Bank home loan transfer, & Bank Of India home loan transfer.

Q. Which bank is better private or government/ public sector bank, to apply for balance transfer loans?
Ans: Both banks are good. The advantages of public sector banks over private sector banks are, they are quick in reacting to the rate change as compared to private banks. On the other hand, why private banks are better is because they offer quick, prompt, hassle-free & door-to-door services. Also, you get the maximum funding and top-up loans when you apply for a home loan in private banks in India. It is therefore important to analyze the difference between nationalized bank and private bank before you apply for your home loan takeover.
Click to read more on the difference between private bank and government bank in applying for a home loan.

Q. Is it mandatory to have a co-applicant to transfer home loan to Bank Of Baroda?
Ans: It is not mandatory to add a co-applicant for a Bank Of Baroda home loan takeover. However, if you already have a co-applicant considered for your home loan eligibility, it is mandatory to have a co-applicant for a home loan transfer to BOB.
Click to know more on home loan transfers in Bank Of Baroda.

Q. Will, I get the PMAY benefit if I transfer my home loan?
Ans: No, you will not get the PMAY benefit if you transfer your home loan to another bank. The PMAY amount generally gets credited within 9-12 months. If you transfer your loan within this period you may cease the benefits of the PMAY scheme.

Q. Can I do a home loan transfer after PMAY subsidy?
Ans: You will be able to enjoy the benefits of balance transfer after PMAY subsidy.

Read more FAQs

Speak to our Experts on 9321020476

Talk to an expert and get free financial advice on:

  • Home loan transfer from HDFC to SBI procedure.
  • Faster loan BT process in Mumbai.
  • Home loan balance transfer procedure of ICICI Bank.
  • Housing loan takeover procedure of HDFC Bank.
  • Minimum documentation required for home loan bank transfer process.
  • Inter-city procedure to transfer home loan from one bank to another.
  • Home loan transfer process in Hindi.
  • Details on home loan transfer HDFC to ICICI Bank.
  • The lowest rate for LIC housing finance balance transfer to ICICI Bank.
  • Home loan transfer from Indiabulls to HDFC without processing charges.
  • EMI for 85 Lakhs home loan transfer SBI to HDFC at a fixed interest rate.
  • Home loan transfer from LIC to HDFC Ltd.
  • Home loan transfer from GIC to HDFC for self-employed.
  • What is the home loan transfer to other bank procedures for online applications?
  • HDFC housing loan balance transfer of fixed interest rate home loan.
  • Home loan transfer from LICHFL to SBI interest rates.
  • LIC home loan takeover schemes.
  • Concessions on LIC HFL balance transfer for government employees.
  • LIC Housing loan transfer process in Marathi.
  • Axis Bank home loan transfer to SBI Maxgain.
  • Axis Bank balance transfer home loan minimum ticket size.
  • Home loan transfer charges from ICICI to SBI.
  • The maximum tenure for home loan conversion from HDFC to SBI.
  • Tata Capital home loan transfer to LIC Housing Finance.
  • Disbursement time for home loan transfer from Tata capital to SBI.
  • Bajaj home loan transfer in Pune.
  • How to use a home loan transfer stamp duty calculator.
  • The interest rate for Bank Of India smart home loan.
  • Processing charges for home loan balance transfer Axis Bank.
  • Home Loan Transfer Axis Bank for NRI based in London.
  • Home loan transfer to LIC for women borrowers.
  • The turnaround time to transfer home loan from IIFL to SBI.
  • PNB Housing Finance home loan transfer to Kotak Mahindra Bank.
  • PNB home loan transfer for Rs.30 Lakhs.
  • Kotak Mahindra home loan balance transfer EMI amortization chart.
  • Axis Bank home loan transfer interest rate for overdraft loans.
  • Minimum salary for NRI for Kotak home loan transfer.
  • Kotak Mahindra Bank home loan transfer EMI for 30 years.
  • What are the LIC home loan balance transfer charges?
  • Terms & conditions for the transfer of home loan to another person.
  • Maximum top-up on HDFC transfer home loan.

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