Sorry, you cannot vote on the same answer more than once.
I remember asking my personal loan bank manager if I could convert personal loan to home loan. He informed me that we can never convert a personal loan to a home loan. He told me that a home loan is secured, whereas a personal loan is unsecured. So, there is no way to combine these two different loans.
However, you have the option to refinance or transfer the amount of your personal loan rather than turning it into a house loan. I will tell you more about this.
Can Personal Loan Be Converted to Home Loan?
No, we cannot convert a personal loan to a home loan. But we can certainly do a personal loan balance transfer. If you think some other bank has a lower rate of interest and is offering some additional benefits, you can certainly transfer your personal loan to that bank.- A consumer transfers the entire amount owed on their personal loan from one bank to another through a personal loan balance transfer process.
- It typically occurs when the amount of the outstanding loan is lent at a reduced interest rate by the new bank.
- Therefore, the main goal of a Personal Loan balance transfer is to lessen debt overall.
- The borrower is not required to furnish any collateral as part of the loan transfer process.
- Stamp duty on the loan agreement, processing fees, and foreclosure costs would be a few small fees associated with the Personal Loan balance transfer (if applicable).
Your Feedback Matters! How was this Answer?
Thanks ,We got your reaction
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices

Intracity Shifting-Upto 25% Off
Check Prices

City Tempo-Upto 50% Off
Book Now
Sorry, you cannot vote on the same answer more than once.
A personal loan cannot be transferred to a home loan. A personal loan is an unsecured loan while a home loan is a secured one. You can transfer your existing high interest personal loan from one bank to another. Public sector banks like Bank of Maharashtra offers this feature.
Your Feedback Matters! How was this Answer?
Thanks ,We got your reaction
Sorry, you cannot vote on the same answer more than once.
Personal loan and home loan are two different kinds of loans. Personal loan is an unsecured loan while home loan is a secured loan type. If you are wondering can personal loan be transferred to home loan or is it even possible. I would be able to answer this for you. Find out here.
Can I transfer my personal loan to home loan
Unfortunately, as far as I know NO bank has provided this service so far. However there are a couple of things that you can do.
I hope now we are clear on can personal loan be transferred to home loan or not.
I have checked the amount of home loan that I am eligible to get, through this,
[widget_homeLoan_checkEligibility_form]
This was of great help to me.
- You can apply for a home loan and get the cheapest interest rate
- You can transfer your personal bank from one bank to another
Home Loan | Personal Loan |
It is a secured loan | It is unsecured loan |
Can be used to buy a residential property | Can be used for various purposes such as weddings, buying gadgets, paying off other loans, etc. |
Longer loan tenure (up to 60 years) | Shorter loan tenure |
Your Feedback Matters! How was this Answer?
Thanks ,We got your reaction
Leave an answer
You must login or register to add a new answer .
Related Questions
Related Questions in Home Loan Balance Transfer
Most Viewed Questions
How to Change Email ID in PAN Card?How Much Money Can Be Transferred Through YONO SBI?What is Cooling Period in SBI YONO?How to Increase Transfer Limit in SBI YONO?How to Check Personal Loan Eligibility in SBI Yono App?How to Add Beneficiary in SBI YONO App?How to Transfer Money From YONO SBI?How to Pay Loan Amount in YONO SBI?How to Preclose ICICI Personal Loan?How to Get NOC from HDFC Bank for Personal Loan?See All
Can you claim House Rent Allowance for the rent paid in another city?How to Calculate Indexation on Property?Can We Claim Stamp Duty and Registration Fees in 80c?How to Download TAN Certificate?How HRA exemption is calculated?How to Show Purchase of Property in Income Tax Return?How to Download Form 26QB?What is IGST in Credit Card?Where to show gift received from relatives in ITR?Where to mention home loan interest in ITR 1 ?See All
How to Download SBI Bank Statement?How to Check Which Number is Linked with Bank Account?Where is CIF Number in Central Bank Passbook?How to Know Customer ID of IPPB ?How to Activate Auto Sweep Facility in SBI Online?How to Deactivate Autopay in HDFC Netbanking?How to write application to bank manager for refund money?How to Change Mobile Number in BOB Bank Account Online?How to withdraw pension contribution in EPF?How to Stop ECS in HDFC bank?See All
Recently Published Questions
What is SBI CIBIL Score for Personal Loan?How to Check ICICI Personal Loan Status?How To Get Loan Against PPF In SBI Online?How to check personal loan details?How to Pay Loan Amount in YONO SBI?How to Apply Personal Loan in Home Credit?How to Download SBI Personal Loan Statement?How To Check BC Corporation Loan Status?How to Apply BC Corporation Loans in AP?Can You Use a Personal Loan to Buy Land?See All
How to solve my query on tax charged for partial pre payment?ITR Kaise Check Kare?What is the GST on Existing Area in Redevelopment?How to get new assign number for property tax?How to make payment of TDS on sale of property?How to pay TDS on rent paid to NRI?What is the quantum of income tax on the sale of a property purchased in April 2022 at Rs 1,50,000 and sold in January 2025 at Rs 1,90,000?How to claim HRA in income tax return?What is the Income Tax for 6 Lakhs Per Annum?Do you have to Pay Taxes if you Reinvest Profits?See All
How to link mobile number with SBI bank account?IPPB Customer ID Number Kaise Nikale?How to Open Zero Balance Account in South Indian Bank?How to do mobile number linking with Bank of Maharashtra?What are the Bank of Baroda New Account Open Documents?Can I Open Zero Balance Account in Indusind Bank?How to Convert Axis Bank Account to Zero Balance Account?Which is the No 1 Bank in India?What is ACH RTN Charges In PNB?What is RTN Charges in IDBI Bank?See All
Authors Of The Question

Bindu Shankar
0 Total Answers
Recently Answered Questions
What are the Kalra Packers and Movers Delhi Reviews?
Can Clogged Pipes Cause Leaks?
Want to change my house address from Belvedere Garden to My Home Avatar Block 10 Flat 107. How to do it?
How to do Mobile Number Change
What is the fair market value as of 1st April 2001?
How to join NoBroker as packers and movers, plumbing, and painting service partner?
कंज्यूमर कोर्ट में शिकायत कैसे करें?
प्लाईवुड दरवाजा कीमत बताओ
How to find survey number with adress
What are Lakeview Apartment Madhavaram, Chennai reviews
Recently Answered Questions
Is Property Insurance Mandatory for Home Loan as per RBI?
What are the property documents required for home loan ?
How to pay home loan EMI through credit card?
What are the requirements for a home loan?
What is the interest rate on home loans?
Can Personal Loan be Transferred to Home Loan?
How much CIBIL score required for car loan?
How to Get a Personal Loan Quickly?
How much CIBIL Score Required for Personal Loan?
Need information about home Loan

Bhawesh Singh
0 Total Answers
Recently Answered Questions
What colour goes with red walls?
What is a mural wallpaper ?
How to Fix Toilet Seat Cover?
What is the Processing Fee For IIFL Home Loan?
वॉल पुट्टी के बाद क्या करना चाहिए ?
Can Personal Loan be Transferred to Home Loan?
How to Check How Many Loans I Have?
What's the Difference Between Joint Tenants and Tenants in Common?
What is Independent Builder Floor?
Where can I avail of a mortgage loan?
Can Personal Loan be Transferred to Home Loan?
Reshma
580 Views
3
3 Year
2021-09-24T14:57:50+00:00 2024-04-29T14:40:40+00:00Comment
Share