There are different types of cost and charges which are associated with the home loan balance transfer.
● You have to pay foreclosure charges to the previous bank if the interest rate is fixed, no charges is payable if your loan was having Floating interest rate.
● Second charge you have to pay is the processing fees and sometimes the administrative fee is also included, which ranges generally from 1% to 2.5% depending upon the Bank you choose.
● MoDT (Memorandum of Deposit of Title Deed) charges of 0.2% to 0.5% on contract payable in a few places including Mumbai, Pune, Maharashtra, Chennai, Tamil Nadu, Bangalore, Karnataka, Hyderabad, Telangana and Rajasthan among others. No such stamp obligation is payable in places in Delhi, Gurugram, Haryana, Noida, Uttar Pradesh.