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Home Loan Balance Transfer – Things to Consider

IDBI Bank home loans offer flexible loan repayment options and lower EMIs at attractive interest rates. Calculate your eligliblity now

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Home Loan Balance Transfer – Things to Consider

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  1. Home Loan

  2. Home Loan Balance Transfer – Things to Consider

  3. Home Loan EMIs can be pretty taxing on your pocket. • To make things a little easier, you can always opt to transfer your Home Loan from your current bank to a new bank with better interest rates. • Almost all banks in India allow you to transfer your Home Loans to other banks. • When transferring your loan though, it’s not just the lower interest rates that you should consider. • There are several other factors that you should be aware of. We’re going to help you understand those factors so that you make an informed decision.

  4. How does it work? Transferring your existing Home Loan to a new bank is actually a fast and simple process. • The new bank will very likely give you good discounts or perks and promising interest rates compared to your current lending bank. • Instead of hurrying up the process of transferring your Home Loan to a new bank, take some time to go over these points: • Service Quality: Double-check on the quality of service offered by the new lender before transferring your loan.

  5. These documents then need to be submitted to the new bank. Both the banks will then take care of the back-end documentation process. • All pending ECS or post-dated cheques will be deemed cancelled and you will need to submit fresh cheques for the remaining amount to the new bank. • In some cases, your current bank may levy some pre-closure charges. • The bank will then issue a No-Objection-Certificate and a statement mentioning the pending balance on your Home Loan. • [Source: https://blog.bankbazaar.com/home-loan-balance-transfer-things-to-consider/]

  6. Click to know more on Home Loan: http://www.idbi.com/home-loan.asp Thank You…

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