When I transferred my home loan balance, I researched a lot about lenders that offer better terms and interest rates, rather than my current lender. After my research I discovered that HDFC Bank is the best bank to transfer home loans. I’d like to share the rationale for the same.
Moving your outstanding loan balance from your current lender to a new lender with better terms and interest rates is known as transferring your home loan balance.
What is the Best Bank for Home Loan Balance Transfer?
During my research I compared the interest rate, processing fee and foreclosure charges of HDFC, Kotak, and ICICI Bank.
| Top Banks | Interest Rates | Processing fee |
HDFC Bank |
8.35% p.a. |
Maximum of 1% of loan amount |
Kotak Mahindra Bank |
8.70% p.a. |
0.5 % for salaried and 1 % for self-employed applicants. |
ICICI Bank |
9.25% - 9.65% |
Rs.499 |
Hence, after comparing these parameters I opted for the HDFC Bank.
I hope this helps!
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If you are planning to buy a house through bank home loan. Then it is important to choose a bank and look at the interest rates they offer wisely. Just like you are careful while choosing the best home for yourself, you must select a bank that offers lower interest on home loan and lower transfer rate. Here I have provided a list of banks for you to know which bank is best for home loan transfer:
Kotak Mahindra with the lowest transfer rate of 6.65%
State Bank of India with the lowest transfer rate of 6.70%
HDFC Bank transfer rate is 6.70%
ICICI Bank transfer rate is 6.70%
Bank of Baroda has transfer rate of 6.75%
This the list of best banks with lowest bank transfer also these banks provide loans without taking much time. And low EMI is this smart choice for the long run. Hope your query is resolved about which bank is best for home loan transfer.
Your Feedback Matters! How was this Answer?
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
Authors Of The Question
Which Bank is Best for Home Loan Transfer?
Anonymous
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2 Answers
3 Year
2021-04-28T16:17:06+00:00 2023-11-18T18:57:40+00:00Comment
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