Compare Home Loan Interest Rates 2022
| Home Loan Balance Transfer Banks/ HFCs | Latest Home Loan Transfer interest Rates 2021 | Current Home Loan Balance Transfer Processing Fees | Current Lowest Per Lakh EMI |
|---|---|---|---|
| SBI Home Loan balance Transfer program | 7.20% | 0.25% | Rs. 689 for 30 Years |
| Min Rs. 4,001 - Max Rs. 17,400 | |||
| HDFC Bank Home Loan Transfer | 7.40% | Min Rs. 10,000 + GST | Rs. 699 for 30 Years |
| Bank of Baroda Smart home Loan transfer | 6.85% | Min Rs. 10,030 + GST | Rs. 682 for 30 Years |
| ICICI Bank Home Loan balance transfer | 8.40% | 0.25% | Rs. 765 for 30 Years |
| Axis Bank Balance transfer for Home Loan | 7.75% | 0.50% | Rs. 706 for 30 Years |
| Min Rs. 5,000 - Max Rs. 10,000 | |||
| PNB Housing Home Loan Transfer | 8.90% | 1.00% | Rs. 801 for 30 Years |
| LIC Housing loan transfer and top up loan | 7.40% | 0.25% | Rs. 699 for 30 Years |
| Kotak Bank Home loan transfer | 8.55% | Max Rs. 10,000 | Rs. 874 for 20 Years |
| Bank of Maharashtra Balance transfer rates | 8.00% | 0.50% | Rs. 748 for 30 Years |
| Edelweiss housing loan transfer | 10.40% | 0.25% | Rs. 944 for 25 Years |
| DCB Bank Home Loan balance transfer | 10.10% | 1.00% | Rs. 981 for 20 Years |
| Min Rs. 5,000 | |||
| Federal Bank Balance transfer for Home Loan | 8.10% | 0.50% | Rs. 758 for 30 Years |
| Min Rs. 3,000 - Max Rs. 7,500 | |||
| South Indian Bank housing loan transfer | 8.15% | 1.00% | Rs. 737 for 30 Years |
| Max Rs. 10,000 | |||
| Yes Bank balance transfer scheme | 9.65% | 1.00% | Rs. 898 for 25 Years |
| Max Rs. 15,000 | |||
| IDFC First Bank home loan transfer | 9.20% | Min Rs. 5,000 - Max Rs. 5,000 | Rs. 841 for 30 Years |
| Piramal Housing Finance Balance transfer | 8.90% | 0.25% | Rs. 805 for 30 Years |
| Tata Capital housing loan transfer program | 8.85% | 1.00% | Rs. 808 for 30 Years |
| Aadhar Housing Home Loan transfer | 10.50% | 1.00% | Rs. 808 for 30 Years |
| Magma Housing Home Loan transfer | 10.50% | 1.00% | Rs. 808 for 30 Years |
| Fullerton India Grushakti Home Loan transfer | 10.50% | 1.00% | Rs. 808 for 30 Years |
| Suvidha Home Loan Balance Transfer | 10.50% | 1.00% | Rs. 808 for 30 Years |
| Asha Home Loan Balance Transfer | 10.00% | 1.00% | Rs. 808 for 30 Years |
| Reach Home Loan Balance Transfer | 10.00% | 1.00% | Rs. 808 for 30 Years |
As per the above table Bank of Baroda, HDFC LTD (HDFC Bank) & SBI is best for home Loan balance transfer in India, if you have any running housing loan in any of banks/ HFCs with 12 month regular repayment, you are eligible for transfer your existing home loan in these banks or housing finance com at 7.00% to 7.50% rates and lower processing fees apart from transfer your loan you can avail top loan to fulfil your current financial needs.
| Lowest Interest rate starting from 6.85% | Floating & Fixed interest rates option | Smart Home Loan with Over draft facility |
| Digital Home Loan Process with Instant Approval | 100% Top up available on Property Value | Compare with 30+ banks/ Housing Finance |
| Pan India Presence, with door step service | Complete support till disbursement | Zero Service Fees by Dealsofloan team |
| Loan Tenure Available up to 35 Years | NRI Home Loan Balance Transfer available | Without Income Proof Loan Available |
Housing Loan Know how Balance Transfer
Balance transfer under housing loan is a most common product in loan industries, where customer can switch his/her existing home loan to any new home loan bank/ HFCs without closing his existing loan by his/her own funds, the existing loan closure funds availed by the new lender, it very easy process customer just need to provide copy of KYC, income documents & Property documents along with original copy List of documents certificate and foreclosure statement from existing bank rest all part of process will be cover by new lending bank/ HFCs with the help of Dealsofloan team.
The main reason of the high demand of transferring existing home loan to other bank is the long tenure of loan & aggressively increasing interest rates by existing lender without any valid reason or market change, most of the banks and Housing finance companies enhance interest rates for its existing customers as per the time to time changes of RBI reverse repo and repo rates, when the RBI increase the rates simultaneity bank increase the rate for all customers but when the RBI reduce the rates none of the reduce existing customers rates they just reduce only its new customers.
We should always be a good buyer/ customer and always keep seeking a good opportunity by saving or earning money, saving of money is equal to earning money so when we got a good comparative option for transferring existing loan, we should do it, just need to check few important points before processing the loans application.
In the current scenario saving of a single rupee is become necessity for all Indians, like a housewives are saving money and that money help us at the time of our critical time, like the current pandemic situation when many of employees have left their job and sitting at home.
Check your Eligibility for Balance Transfer of Home Loan:
To check your eligibility means you are eligible for your existing home loan as per the financial eligibility criteria matching or your property legal/ approval authority based, sometime you are eligible as per the income criteria but not able to eligible due to some issues in your property documents, it may be missing of any title documents or any other critical documents, so before we applied for HL BT ask with your banker to check your list of documents and copy of property documents carefully.
Many times we have seen customer applied for a balance transfer loan in a new bank and the bankers usually try to login the file in a hurry due to login pressure by seniors to achieve login target, so be care full before ask to login, ask your bank manager to check all the documents carefully and ensure.
Home Loan Balance Transfer Application Process:
Charges Applicable for Home Loan Transfer:
Home Loan transfer charges is depends on customer segment basis, salaried and self-employed customers basis, also it is dependent on floating and fixed interest basis, and sometime it is depends on your existing banks or finance companies policy, have a look for charges below are:
| Document Segments | Documents Type | Applicant | Co-Applicants |
|---|---|---|---|
| Colour Photo | Colour photo with white background | Yes | Yes |
| KYC Documents | PAN Card | Yes | Yes |
| KYC Documents | Aadhar Card | Yes | Yes |
| KYC Documents | Current Address Proof | Yes | Yes |
| Income Documents | Latest Three Month Salary Slip | Yes | Yes |
| Banking Documents | Latest 12 month Bank statement of salary account & Loan repayment banking | Yes | Yes |
| Experience Proof | Latest two year jobs experience letter/ Appointment letter | Yes | Yes |
| Existing Loan documents | List of documents & Foreclosure Letter of existing bank | Yes | |
| Property Documents | Copy of all property documents along with chain agreement of previous owner if any | Yes | |
| Property Tax | Latest copy of property tax is required | Yes | |
| Other Property documents | Sanction Plan & Completion | Yes | |
| Login Cheque | Login cheque is required with the name of new bank for initiating Legal & Valuation charges. | Yes | |
| Other Loan details | Bank can ask about all running loan detail of applicant and co applicants, collect all loan statement of latest 12 month EMI clearing banking | Yes | x|
| Document Segments | Documents Type | Applicant | Co-Applicants |
|---|---|---|---|
| KYC Documents | Colour Photo with white background | Yes | Yes |
| KYC Documents | PAN Card | Yes | Yes |
| KYC Documents | Adhar Card | Yes | Yes |
| KYC Documents | Current Address Proof | Yes | Yes |
| Business Proof | Current Business Proof and office address Proof | ||
| Income Documents & ITR | Latest Two Year ITR set along with P&L, Balance sheets (Tax Audit report if applicable) | Yes | If available |
| Banking Documents | Latest 12 month Bank statement of salary account & Loan repayment banking | Yes | Yes |
| Experience Proof | Two year business experience proof required | Yes | NA |
| Existing Loan documents | List of documents & Foreclosure Letter of existing bank | Yes | |
| Property Documents | Copy of all property documents along with chain agreement of previous owner if any | Yes | |
| Property Tax | Latest copy of property tax is required | Yes | |
| Other Property documents | Sanction Plan & Completion | Yes | |
| Login Cheque | Login cheque is required with the name of new bank for initiating Legal & Valuation charges. | Yes | |
| Other Loan details | Bank can ask about all running loan detail of applicant and co applicants, collect all loan statement of latest 12 month EMI clearing banking | Yes | |
| Other Financial Documents | Credit team can ask for any schedules of balance sheets, Tally data, debtor or creditors list or other GST statements of GST return | If required | |
| Professional Degree/ Certificate for CA/ Doctors | Degree/ Registration certificate required for CA & Doctors case | If required | |
Home Loan Balance Transfer FAQs:
To reduce the interest rates for existing home loan customers it is always beneficial to transfer your existing home with new bank because existing bank is always rigid to reduce interest rates.
Currently State Bank of India Home Loan, HDFC Home Loan & Bank of Baroda home loan is the trending home loan bank in India for balance transfer scheme.
There are two steps of processing of housing loan balance transfer, first is processing new application in new bank and get the loan disbursement from first bank and it will take 10-12 days than foreclosure cheque submitted to existing bank, to complete loan closure existing bank can take 10 to 15 days normally sometime existing bank takes more time also, post property documents handover to new bank, takes 3 to 4 days to provide top up loan if any.
Switching of existing home loan balance outstanding from existing bank to another new bank or housing finance company and avail a home & top up loan option is called balance transfer of loan.
Yes, we have designed special program for self-employed customers without ITR or audit report.
Actually balance transfer can be processed after 12 month repayment of existing loan EMI so the PMAY benefit already availed by customers.
Yes, If your property is in residential/ commercial zone than you can avail balance transfer for your residential property, the property should be 100% completed and below 3rd floor.
Yes, if you have a clean repayment and all EMIs have been paid from your account and your property is a marketable and property approved by a government authority.
Society NOC or Builder NOC is very critical part without NOC you cannot transfer your loan.
When the property registered under society act, than the entire building belongs to its society partially, so whenever you want to take new loan against your property or transfer your loan from your existing bank, it is mandatory to provide society NOC, it means you have no dues with your society.
Actually taking a home loan transfer at least minimum 1% lower rate from the current running interest rate is always profitable to customer.
Top loan on your running home by using balance transfer is the best option because personal loan is for short tenure and high rate of interest compare to top up loan.
Yes, you can avail loan without guarantor, under home loan banks required only co-applicant so there are no requirement of guarantor.
You can add up to four financial co-applicant to clubbing income to enhance loan eligibility, all the co-applicants must be family members with blood relationship or spouse only.
Yes, please refer below mention table for our compare our saving or profit & Loss:
| Existing Loan Amount in Lakhs | Rate of Interest – Floating Rate | Loan Tenure | Monthly EMI in Rupees | Total Interest Amt. Paid in tenure |
|---|---|---|---|---|
| 10,00,000 | 10% | 20 Years | 9650 | 13,16,052 |
| 10,00,000 | 8% | 20 Years | 8364 | 10,07,456 |
| Your Saving Amount | Rs. 3,08,596 | |||
Yes, you will be eligible for all income tax benefits for interest and principle repayment in under section 80C and under section 24B
Colour Photo
PAN Card Copy
Last 6 months bank A/C statement
Passport size photograph of the applicant & co-applicant
Age proof of co-applicant
Residence Address Proof
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