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Kick off your savings journey with a simple calculation! With our home loan calculator, you can find out exactly how much you can save on your EMIs, adjust your tenure according to your preference, and learn how much top-up you can avail.

So, wave goodbye to overpaying and get ready to apply for a balance transfer.

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Home Loan Balance Transfer

A home loan balance transfer is a convenient way that allows borrowers to transfer their existing home loan outstanding amount to another lender. This is typically done to enjoy benefits like lower rates of interest, flexible repayment schedules, improved loan terms and better customer care service. An online home loan balance transfer is an easy procedure that helps borrowers reduce their monthly EMI payments

What are Home Loan Transfer Interest Rates?

Home loan balance transfer interest rate is the first thing that motivates an existing borrower to make this shift from one lender to another. The purpose is to offer substantial savings on monthly EMIs and total interest paid over the loan tenure to the borrower. Hence, the best home loan balance transfer rates are generally lower than the original loan rates.

How to calculate a Home Loan Balance Transfer?

Borrowers can easily calculate a home loan balance transfer by first determining the outstanding principal on their current home loan. Then, compare the interest rates offered by other lenders. Up next, they need to calculate the new EMI based on the new rates, and also add the processing fee and other legal charges or penalties for early repayment. Alternatively, you may choose a much easier way of using an online home loan balance transfer calculator and get the precise figures for the same.

What are the Benefits of a Home Loan Balance Transfer?

Listed below are the main benefits of a home loan balance transfer scheme:

  • Lower Interest Rates: The main benefit of a home loan balance transfer is reduced interest rates, lowering monthly EMIs and overall interest payments.

  • Reduced EMIs: Customers usually opt for home loan balance transfer schemes to reduce their monthly EMIs due to lower interest rates

  • Better Loan Terms: Balance transfer housing loans offer benefits like flexible repayment options and tenure extensions.

  • Top-Up Loan: A home loan transfer scheme allows customers to avail an additional top-up loan for extra funding requirements

What is the Eligibility Criteria for Home Loan Balance Transfer?

Before thinking of switching your outstanding loan amount to a new lender, make sure to go through the home loan balance transfer eligibility criteria. These are general eligibility requirements set by the lenders and we are trying to list them below for your quick reference:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age 21 - 65 years 21 - 65 years
Nationality Indian Resident Indian Resident
Credit Score 650 and above (preferred) 650 and above (preferred)

What are the Documents Required for Home Loan Balance Transfer?

Mentioned below is the list of documents for home loan balance transfer:

  • Proof of Identity: Aadhaar Card, PAN Card, Voter ID Card

  • Proof of Address: Latest Electricity Bill, Ration Card, Passport

  • Proof of Income Salary Slip of the last 3 months (Salaried), P&L Account Statements for the previous 3 years (Self-Employed), Bank Account Statements for the last 6 months, Latest ITR of the last 2 years

  • Existing Home Loan Documents: Latest Principal Outstanding Letter, Repayment Track Record, List of Documents from Existing Lender

  • Latest Passport Size Photographs

What are the Home Loan Balance Transfer Housing Charges?

A home loan transfer from one bank to another charges various fees and costs associated with transferring the outstanding balance of a home loan to a new lender. These are generally the processing fee, administrative charges, legal fee, stamp duty, CERSAI charges, and so on. Additionally, there might be foreclosure charges levied by the existing lender for an early repayment of the loan. It is crucial for borrowers to know these costs beforehand to make an informed decision.

Listed below are the charges for home loan transfer of different banks and NBFCs:

Bank/NBFC Home Loan Balance Transfer Interest Rate Processing Fee
SBI 8.50% p.a. onwards Nil
HDFC Bank 8.70% p.a. onwards Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)
ICICI Bank 8.75% p.a. onwards Up to 2.00% of the principal loan amount
Axis Bank 8.75% p.a. - 13.30% p.a. Up to 1% of the loan amount (Minimum of Rs. 10,000)
Kotak Mahindra Bank 8.75% p.a. onwards Up to 1% of the principal loan amount + taxes
Bank of Baroda 8.40% p.a. onwards Rs. 8,500 (Upfront)
Federal Bank 8.80% p.a. onwards 0.50% of the loan amount (maximum of Rs. 7,500)
Bajaj Housing Finance 8.70% p.a. onwards Up to 4% of the loan amount + GST
LIC Housing Finance 8.50% p.a. onwards 0.25% of the loan amount + GST (minimum of Rs.5,000, maximum of Rs. 50,000)
Aditya Birla Housing Finance 8.60% p.a. onwards Up to 1% of the loan amount
Cholamandalam Housing Finance 9.00% p.a. onwards Rs. 5,000 (including GST)
Tata Capital Housing Finance 8.75% p.a. onwards 0.50% of the loan amount + GST

How to Transfer a Home Loan from One Bank to Another?

Home loan eligibility is calculated using a combination of factors. Listed below are the prime factors affecting eligibility for home loans in banks and NBFCs:

Step 1: Carefully go through the interest rates, processing fees, and terms and conditions of the new lender

Step 2: Get the consent letter from the existing lender along with the outstanding loan amount

Step 3: Apply for the balance transfer from BASIC Home Loan official website and fill the online form

Step 4: After submitting your application form, you can see your loan offer

Step 5: Pay the fees and upload the KYC documents required for a home loan balance transfer with top-up scheme

Step 6: After submitting your application, wait for the approval

When Must You Avail the Home Loan Balance Transfer?

  1. When the market interest rates drop significantly compared to your current loan rate

  2. Early in the loan tenure when the interest component of your EMIs is higher

  3. When you come across better loan offers as compared to your existing lender

How to Apply for a Home Loan Balance Transfer

The easiest way to proceed with the home loan balance transfer procedure is explained below in a step-by-step manner:

Step 1: Visit the BASIC Home Loan official website

Step 2: Click the ‘Repay Right’ from the drop-down menu under ‘Calculators’

Step 3: Fill up your details to know your savings, and click ‘Next’

Step 4: You can now see your total savings; proceed ahead by selecting any of the below three options:

  • Saving as per your new ROI
  • Adjust your tenure or EMI
  • Top up

Then, ‘APPLY’ by filling out the online form.

The BASIC Home Loan team will then reach out to you for further assistance in applying for an SBI Balance Transfer Loan.

FAQ

A Home Loan Balance Transfer Calculator is a tool that helps calculate the amount of money saved when an existing home loan is transferred to another lender offering better terms and conditions.

The calculator compares the existing loan’s features with the transferred loan’s features. It calculates the difference in the interest rate and other fee structures, then calculates the amount of money saved from the balance transfer.

You will need to provide information on your existing loans, such as the current outstanding loan amount, interest rate, tenure and EMI, and the new interest rate offered.

Home Loan Balance Transfer Calculators can provide an accurate estimate of the amount of money saved when transferring your loan to another lender. However, it is important to keep in mind that the true savings will depend on the specific terms of the loan and the individual’s circumstances.

Aside from the amount of money saved through a loan balance transfer, other factors to consider include the length of the loan, repayment terms, and any fees associated with the loan.

The time it takes to transfer a loan will depend on the lender. Some lenders may offer an instant transfer, while others may take up to several weeks or months.

Our Re-pay right calculator can be accessed through our website.

The benefits of transferring your Home Loan to another lender can include getting lower interest rates, more flexible repayment terms, or being able to avail of additional features such as a top-up loan. The best time to do this is typically when interest rates have dropped or when you’re looking to get additional features on your Home Loan.

To transfer your Home Loan balance, you need to provide the new lender with your current Home Loan details, proof of ownership, income documents, and other required documents.

A Top-Up Loan is an additional loan amount given to an existing borrower to meet his or her financial needs. This loan is usually given at the same interest rate and tenure as the original Home Loan but will attract a processing fee.

The fees associated with transferring a Home Loan balance depend on the lender and the terms of the loan. Generally, a transfer fee, an administrative fee, and other closing costs (such as loan origination or processing fees) may apply. You may also need to pay legal and/or appraisal fees.

Here’s why:
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  • 100% Online Process
  • Flexible Repayments
  • Disbursal within 15 Days