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Home Loan Balance Transfer Interest Rates

Interest rates vary across different banks and financial institutions. For example:

Bank	General Interest Rate (%)
SBI	8.40% p.a. onwards
BOI	8.45% p.a. onwards
IDFC FIRST Bank	8.85% p.a. onwards
Bajaj Finance	8.45% p.a. onwards
Kotak Mahindra Bank	8.75% p.a. onwards
LIC HFL	8.45% p.a. onwards
HDFC	8.45% p.a. onwards*
Axis Bank	9.00% p.a. onwards
BOB	8.60% p.a. onwards
ICICI Bank	8.40% – 9.45%
Canara Bank	9.25% p.a. onwards

Eligibility Criteria for Home Loan Transfer

To be eligible for a home loan transfer, the following criteria should be met:

• Indian Citizenship or Non-resident Indian status.
• Age between 23 and 65 years.
• Steady income as a salaried or self-employed individual.
• Ownership of a ready-to-move-in or already inhabited property.
• At least 12 monthly payments or EMIs completed with the existing lender.
• No outstanding payments on the existing loan.

Eligibility criteria can vary from bank to bank, so it is advisable to check the specific requirements of each bank.

Documents Required

The following documents are generally required:

• Proof of income (salary slips, Form 16, ITR, bank statements).
• Identity proof (PAN card, Aadhaar card, Voter ID, Passport).
• Address proof (Aadhaar Card, Electricity Bill, Water Bill).
• Existing loan documents (outstanding letter, document list from current financier, repayment track record).

Process

The home loan transfer process involves several steps:

1. Visit the official website of the new bank.
2. Log in with the existing loan account details.
3. Review terms and conditions, including interest rates and fees.
4. Apply for a ‘Home Loan Balance Transfer’.
5. View the loan offer after submission.
6. Pay applicable fees and submit required documents.
7. Await approval from the new lender.
8. Notification of successful approval and transfer.

Understanding Transfer Charges

Two key charges should be considered:

1. Pre-Closure Fees: These are applicable especially for fixed-rate loans and can be up to 4% of the outstanding amount.
2. New Loan Processing Fees: These can amount to up to 6% of the loan amount and are paid to the new lender.