{"id":395,"date":"2020-08-22T06:57:28","date_gmt":"2020-08-22T06:57:28","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=395"},"modified":"2020-08-22T06:57:28","modified_gmt":"2020-08-22T06:57:28","slug":"home-loan-transfer-details","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/home-loan-transfer-details\/","title":{"rendered":"Home Loan Transfer Details"},"content":{"rendered":"\n
\"Home<\/figure>\n\n\n\n
Home Loan With Lowest Interest Rates In India @ 6.95%*p.a.\u00a0 <\/em><\/strong> Home Loan Transfer With Zero Processing Fee Offer With Selected Banks.<\/em><\/strong> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Home Loan Transfer Definition: <\/strong> <\/h3>\n\n\n\n

A home\nloan transfer from one bank to another bank is referred to as Home Loan\nTransfer OR Home Loan Balance Transfer.<\/p>\n\n\n\n

Home Loan Balance Transfer Meaning:<\/strong><\/h3>\n\n\n\n

A Home\nloan transfer to other bank is usually done in order to enjoy the benefits of\nthe low interest rates of home loans, to apply for a top-up loan<\/a> and to enhance the housing\nloan tenure. <\/p>\n\n\n\n

Home Loan Balance Transfer And Top-up<\/strong><\/h3>\n\n\n\n

To\navail top loan at the home loan interest rate, an home loan balance transfer\nwith top-up is applied with the best bank for home loan\nin India<\/a>. A top-up is the additional loan taken on an already existing home loan\nto meet various professional and personal needs. The top-up loan eligibility is\nsubject to the income of the borrower and to the market value of the property.\nThe cumulative amount of the home loan and the top up loan cannot exceed the\nbanking LTV (Loan To Value) norms which is 80% of the market value of the\nproperty. The top up interest rates of leading lenders for home loan range from\n7.35%p.a. \u2013 11.15%p.a.<\/p>\n\n\n\n

HDFC\n& ICICI bank home loan top up interest rate starts from 7.10% p.a. onwards<\/p>\n\n\n\n
\n ICICI\n Bank Home Loan Balance Transfer With Top Up @ Lowest Rate Of 7.10%p.a.<\/strong><\/a><\/strong>\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Home Loan Transfer Tenure<\/strong><\/h3>\n\n\n\n

The\nhome loan tenure is subject to the age of the borrower and to the income\neligibility of the borrower. Provided the fulfilment of the age and income\ncriteria the home loan tenure can be altered for the borrower. The loan tenure\nis inversely proportional to the EMI. An enhancement in the loan tenure will\ndecrease the EMI and vice-a-versa.<\/p>\n\n\n\n

Maximum\ntenure for home loan transfer is 30 years. <\/p>\n\n\n\n

Home\nloan transfer minimum tenure is 5 years.<\/p>\n\n\n\n

Home Loan Transfer Interest Rate<\/strong><\/h3>\n\n\n\n

Home\nloan transfer lowest interest rate is available with Canara Bank which is\n6.95%p.a. for any loan amount available for both salaried and self-employed\nborrowers. <\/p>\n\n\n\n

The\ntop-up loan is charged at a mortgage loan interest rates for the top-up amount\nexceeding the original home loan amount. For example, if the original home loan\ntaken by the borrower is Rs.50lakhs and the outstanding loan amount at the time\nof home loan balance transfer is Rs.35lakhs, then the interest rate calculation\nfor the top up loan will be as under:<\/p>\n\n\n\n

For\ntop-up loan upto Rs.15lakhs (50lakhs-35lakhs) – housing loan interest rate.<\/p>\n\n\n\n

For\ntop-up loan more than Rs.15lakhs – mortgage loan interest rate.<\/p>\n\n\n\n

The\nHome Loan Transfer Rates Of Top Banks<\/p>\n\n\n\n
\n Bank<\/strong>\n <\/td>\n Home\n Loan Rate Of Interest<\/strong>\n <\/td>\n Top-Up\n Rate Of Interest<\/strong>\n <\/td><\/tr>
\n ICICI Bank\n <\/td>\n 7.10% p.a. For Salaried.\n 7.25% p.a. For Self-Employed.\n <\/td>\n Starts from 7.10% p.a to 9.50% p.a.\n <\/td><\/tr>
\n Canara Bank\n <\/td>\n 6.95% p.a. For Salaried & Self-Employed\n <\/td>\n –\n <\/td><\/tr>
\n HDFC Ltd.\n <\/td>\n 7.10% p.a. For Salaried & Self-Employed \n <\/td>\n Starts from 7.10% p.a to 9.90% p.a.\n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Note:\nInterest rates are subject to change without prior notice.<\/em><\/strong> <\/strong><\/p>\n\n\n\n

Top-up\nloan with Canara bank is not available with home loan balance transfer. Top-up\nloan can be availed only by the existing home loan borrowers of Canara Bank\nafter completing 1 year with Canara Bank. <\/p>\n\n\n\n

Charges For Home Loan Transfer<\/strong><\/h3>\n\n\n\n

Since\nhome loan transfer is treated as a fresh loan all relevant home loan charges\nwill be applicable for the loan transfer. The home loan transfer charges\nincludes, <\/p>\n\n\n\n

i) Home\nloan transfer processing fees + applicable GST.<\/p>\n\n\n\n

ii)\nFranking & stamp duty cost of 0.20% on the loan amount + applicable GST.<\/p>\n\n\n\n

iii)\nAdministrative cost i.e. legal and technical charges which range from Rs.5000\/-\nto Rs.10,000\/- which varies between banks.<\/p>\n\n\n\n

iv)\nOther miscellaneous expenses such as CIBIL charge, CERSAI charge, title search\ncost, etc.<\/p>\n\n\n\n

Home Loan Balance Transfer Charges Rbi\nGuidelines – As per the RBI guidelines NIL\nPre-closure\/Foreclosure Charges <\/strong>are applicable on a floating interest rate\nhome loan. <\/p>\n\n\n\n
Home Loan Balance Transfer Offers<\/strong> \u00a0

Home Loan Transfer Zero Processing Fee With ICICI Bank @ 7.10% p.a. (For Cases Above Rs.1Crore)<\/strong><\/a> \u00a0<\/strong>

Home Loan Transfer Without Processing Fee With Canara Bank @ 6.95% p.a. (For Cases Above Rs.75Lakhs)<\/strong><\/a> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

Home Loan Transfer Calculator<\/strong><\/h3>\n\n\n\n

Home\nloan EMI calculator is important since it helps to compare the EMI difference\nfor transferring the home loan. The calculator gives the exact idea on the per\nmonth savings on EMI and the savings on the total interest payable on the same\nhome loan amount. The calculator is easy to use, it instantly calculates the\nEMI and also provides the amortization chart showing the ratio of the principal\namount to the interest due, based on the loan tenure and interest rates. <\/p>\n\n\n\n

Compare\nmultiple EMIs with different loan tenures and interest rates with Loanfasttrack\u2019s EMI Calculator<\/strong><\/a>. <\/p>\n\n\n\n

(For\ncomplete details, read: Home Loan EMI Calculator<\/a>.)<\/p>\n\n\n\n

Home Loan Transfer Terms &\nConditions<\/strong><\/h3>\n\n\n\n