Understanding Home Loan Balance Transfer!

Home Loans are those financial tools which can help one to turn the dream of owning their own home into relatively. As the demand is increasing there are a number of lenders coming in the market with different schemes to suit the requirements of different people.

In rush, it is possible that you may opt for a scheme which is notmuch appropriate to you and is costing much to your pocket. And then, later on you discover that there are other home loan options available in the market which would have cost cheaper than your existing one. This can happen with anyone with a lack of information & research before opting for a home loan.

Thanks to the Home Loan Balance Transfer option that not all hope is lost, you can still shift and save!!

What is Home Loan Balance Transfer?

Home loan Balance transfer means transferring your outstanding home loan amount which you owe to your lender to another lender/bank. Doing this ends up your existing home loan and now you owe that particular amount to the other provider to whom you have shifted your home loan.

The best thing about home loan balance transfer is that you can save a lot by going for it. As a home loan balance transfer is generally opted to reduce the interest rate which you are paying towards your home loan. This results in a lower EMIs, and hence you will be saving a lot which you would have paid towards your previous loan.

One can also go for a home loan balance transfer to avail more benefits as different lenders providers different offers and some may suit you more than the one which you already have.

Top #3 Banks for Home loan Balance Transfer

Axis Bank Home Loan Balance Transfer

AXIS Bank Home Loan Details:

Interest Rate: 8.85% per annum ( Fixed & Floating both are available)

Loan Tenure: Maximum of 30 years

Loan Amount: Minimum ₹ 3 lakhs

                        The maximum loan amount depends on the applicant’s eligibility.

EMI: Starts at a minimum of ₹795 (depends on your loan amount & interest rate)

Balance Transfer: Available but only after 1 year from your loan disbursal date.

Features & Benefits:

  1. Axis Bank home loans are available at affordable interest rates.
  2. One can choose interest type from both fixed and floating rates.
  3. The bank offers faster application processing through its online functioning.
  4. Home Loan balance transfer option is available through which you can transfer your home loan from any other bank to Axis bank.
  5. Different kinds of home loan schemes are available to suit your requirements: Quick pay Home Loans, Power Advantage Home Loans, Subh Aarambh Home Loans, Fast Forward Home Loans, Asha Home Loans, Empower Home Loans, Super Saver Home Loans.
  6. You can also avail subsidy under PMAY scheme with Axis bank home loans.

State Bank Home Loan Balance Transfer

State Bank Home Loan Details:

Interest Rate: 8.37% per annum

Loan Tenure: Maximum of 30 years

Processing fees: NIL*

Balance Transfer: Available

Top- up Loans: Available (depends on your loan amount)

Features & Benefits:

  1. Different home loan schemes structured to suit your different requirements.
  2. SBI offered Home loans schemes with benefits – Regular Home Loans, Balance Transfer Home Loans, NRI Home Loans, Flexipay Home Loans, Privilege Home Loans.
  3. Rewards are also offered for SBI Home Loans
  4. SBI offers Bridge home loan to cover up the gap between your present home & your dream home.
  5. Instant Home Loan top-ups are also available.

DHFL Home Loan Balance Transfer

DHFL Home Loan Details:

Interest Rate: 9.75% per annum (depends on the borrower’s eligibility)

Loan Tenure: Maximum of 30 years but it can go beyond 60 years of age of the borrower

Payment Mode: Electronic Clearing Service (ECS) / Post Dated Cheques (PDCs)

Balance Transfer: Available

Top- up Loans: Available

Features & Benefits

  1. One can Home easily apply for DHFL home loans through the online process.
  2. Balance transfer for home loans is also available.
  3. 90% of the cost of the property can be avail under the DFFL home loans.
  4. Flexible repayment options are available which makes it convenient to the customers.
  5. The maximum tenure of 30 years is available to repay the home loan.

Let’s sum it up:

Balance Transfer is quite a convenient process which can reduce the burden of your home loan. So, in case you are feeling that home loan is troubling you financially then do research and opt for a home loan balance transfer with any of the lender whose scheme seems you the best. The above-mentioned lenders are the top 3 lenders providing balance transfer facility for the home loan.