I had the same query so I asked my bank manager is it possible to make personal loan convert to home loan. Unfortunately, he responded no, converting a personal loan into a home loan is not feasible. Read on to know more.
Can Personal Loan be Converted to Home Loan?
My bank manager informed me that there is no way to convert personal loan into home loan. Personal loans are unsecured loans obtained for a variety of reasons, including weddings, emergency costs or unplanned vacations. On the other hand, home loans have been created particularly for the purchase of residential property.
As these two loans have distinct terms, interest rates, and eligibility requirements, it is not feasible to convert a personal loan into a home loan. He did, however, advise me to seek a personal loan if I am facing trouble making the down payment with the money. He mentioned a few options that I can do:
Apply for the lowest interest rate on a house loan.
Transfer your personal bank from one bank to another.
I hope this answers your query on can I convert my personal loan into home loan.
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Howdy! If you’re looking for the answer to the question, can we convert personal loan to home loan or not, I am here to help. The answer is no, you can’t. But, there is something called a personal loan balance transfer, that’ll help you. Let me share the necessary details about the same through this answer.
How to Convert Personal Loan to Home Loan?
There is no process to convert a personal loan into a home loan as it is against the rules and regulations followed by the banks. The best you can do in this case is to do a personal loan balance transfer.
Now, you must be wondering what exactly is a balance transfer. So, let me explain that. A personal loan balance transfer is a process where you switch your lending institution. This is done primarily for the reason that another bank offers a lower interest rate and better features.
So, what happens is that your existing debt is paid by your new bank when you choose a balance transfer. If there is a clause, that states prepayment, then you may have to pay those charges. Apart from this, you will have to pay the processing fee for the new loan. With a lower interest rate, you will ultimately save more and will be in a better position to handle your finances.
You can apply for a
personal loan via the Personal Loan section on the HDFC Bank website
.
I would like to conclude my answer on this note. I hope this answer helps you learn whether can I convert personal loan to home loan.
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Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
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Intercity Shifting-Upto 25% Off
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Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Can I Convert a Personal Loan to a Home Loan?
Dulu
642 Views
3 Answers
1 Year
2023-07-23T07:02:40+00:00 2023-11-17T19:29:42+00:00Comment
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