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Compare Home Loan Interest Rates 2020

Home Loan Balance Transfer Banks/ HFCs Latest Home Loan Transfer interest Rates 2020 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
Bajaj Finance housing loan transfer 8.25% 0.50% Rs. 865 for 20 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.

Key Highlighted features for Home Loan Balance transfer with Dealsofloan:


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.

How Home Loan Balance transfer is beneficial:


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.

  • Reduce your existing home loan rate of interest and avail new interest rates as low as 6.85% to 7.25% floating & reducing interest rates for all residential properties approved by Collector/ Town Planning/ Corporation/ Nagar Nigam or other all authorised authorities as per the states/ central.
  • Get benefit to reduce your monthly housing loan EMI/ Instalments or reduce your principle outstanding amount without changing of your monthly EMI whatever your requirements or as per the bank policy.
  • Home Loan top loan available at the rate of housing loan at the interest rate of 7.10% to 7.25% for all salaried and self-employed customers and the additional top up amount limit is up to 25% of current principle balance outstanding of existing housing loan.
  • Low Processing fees will be charge by new lending bank/ housing finance companies, maximum up to 0.50% on the loan amount, nil processing fees offer is also available, but legal & technical charges are applicable as this charge is paid to the out sources legal and technical valuator companies for the bank, so the bank takes the charges to pay for the service of legal & valuation of property.
  • Avail smart home loan facility at 7.50% interest, normally it is higher than normal home loan rate, because this feature is good for saving our money and customer can avail higher interest rates on park funds in smart loan account, customer can easily save up to 4% annual interest or we can say earn up to extra 4% on your ideal park funds in account rather than park funds in his/her saving accounts.
  • Customer can avail home loan top up loan scheme under balance transfer program with 30+ banks/ House finance companies at Dealsofloan platform as per the choice.
  • Over 10,000 customers avails balance transfer scheme every month from 600+ locations in the country from our portal, we do not charge service fees from our customers, its free for all.

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.

  • Customer is having a running housing loan with a Banks/ Housing finance company with more than 12 month of clear repayment track, and no default in any other loans or credit cards.
  • Financial eligibility criteria should be match, income & expense ratio cannot be beyond 60% where the home loan EMI to be included into this ratio, for an example if your monthly net take home income is Rs. 50,000 thousand per month so as per the basic thumb rule you will be eligible to pay monthly EMI burden of (50,000 X 60% = 30,000) Rs. 30,000 where the balance transfer and top up loan EMI is the part of Rs. 30000 so suppose you have additional running loan EMI of Rs 10,000 so now you will be eligible to sever new Home Loan EMI up to Rs. 20,000 only, lets per lakh EMI @ 7.25% for 20 Year will be Rs. 790/- only so (20000/ 790 = Rs. 25.32 Lakh) so you will be eligible for Rs. 25.32 Lakhs if you are not satisfied with this amount than you can also club your family income or other income to enhance your loan amount. Under Home loan balance transfer customer can club up to five family members.
  • Customer can avail balance transfer loan up to 30 year old property with top loan features.
  • Balance transfer offer available on gram panchayat property also the residential and no development zone( Sheti Na Vikas Zone) up to 3rd floor with ready possession property only.
  • Home Loan under balance transfer is subject to full disbursement of loan where all over the counter condition needs to be fulfilled by customer within the time line, as per the POA terms and condition.

Home Loan Balance Transfer Application Process:

  • Apply for Foreclosure statement for your running home loan from your existing bank.
  • Apply for List of documents certificate from your existing bank, it is a process of 15 to 20 days from your existing bank.
  • Complete a copy of your property documents along with sanction plan and completion certificate, need a scan copy of all documents in PDF format for digital process.
  • Complete all KYC documents of your and all co applicants, and all income documents if they are financial co applicants.
  • Ready scan copy of all the documents and connect with Dealsofloan team by apply now, our team will help you to upload documents and process your loan application.
  • Dealsofloan team will help you to fulfil your requirement and you can avail instant home loan approval for principle sanction, post sanction all the legal & valuation part will be done physically by bank team and Dealsofloan team will assist you.
  • Post disbursement of Balance transfer loan, new bank will release first payment to the existing bank for closing existing loan, post closure of existing loan, once the original property documents received to customer and after submission of the all original property documents bank will release the top up amount part.

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:

  • Foreclosure charges from existing bank is Nil for all salaried customers on floating interest rates as per the RBI circular. Fixed interest rates or Self-employed customer can be charged between 2% to 4% on principle outstanding amount from existing bank.
  • New Loan processing fee will be applicable from new bank/ lender for processing the loan application and it can be between Rs. 5000 to 1% on the loan amount plus GST on fees.
  • Legal & Valuation fees of Rs. 5000 + GST will be applicable on loan amount but it can be include in processing fees.
  • Another charge for Notice of intimation to state government as MODT (Memorandum of Deposit of title deed) is applicable from the government side, where the amount of charge is 0.2% on the loan amount for equitable mortgage by bank and 0.50% for registered mortgage by banks.
  • Other agreement stamp duty for loan agreement is also required by customer the charge will depend on the number of legal papers, approximate Rs.3000 to Rs. 5000

Home Loan Balance Transfer Documents List:


Home Loan Balance Transfer Documents List:

x
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

Documents for Self-Employed Customers:

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:

Why Home Loan Balance Transfer is beneficial?

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.

Which is the preferred bank option for transferring home loan?

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.

What is the turnaround time for completion of disbursement process?

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.

What is Balance Transfer of Home Loans?

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.

I don’t have ITR can I avail Home Loan Balance Transfer?

Yes, we have designed special program for self-employed customers without ITR or audit report.

Can I avail PMAY scheme benefit for balance transfer loan?

Actually balance transfer can be processed after 12 month repayment of existing loan EMI so the PMAY benefit already availed by customers.

Can I get Home Loan balance transfer for Gram Panchayat Property?

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.

Can I transfer my existing home loan from a Co-operative Bank?

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.

Can I transfer my home loan to new bank without providing builder/ Society NOC?

Society NOC or Builder NOC is very critical part without NOC you cannot transfer your loan.

Why should I give Society NOC to bank for Home Loan transfer?

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.

What is the loss or disadvantage to balance transfer my home Loan?

Actually taking a home loan transfer at least minimum 1% lower rate from the current running interest rate is always profitable to customer.

What is better option between Top up loan & Personal Loan?

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.

Can I get Balance transfer loan without taking a guarantor?

Yes, you can avail loan without guarantor, under home loan banks required only co-applicant so there are no requirement of guarantor.

How many co-applicant we can add for income clubbing for loan eligibility enhancement?

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.

How can we compare our savings by our Home Loan balance transfer?

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

Can I Eligible for Income Tax Exemption/Benefits after taking Home Loan Balance transfer?

Yes, you will be eligible for all income tax benefits for interest and principle repayment in under section 80C and under section 24B

Documents Required


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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