Home Loan Transfer- Points to Look at

In the current stage all Banks are reducing Home loan rates for new customers. Most of the customers who have taken Loan from 2017 want to transfer these loans at new rates.The customers needs to remember few tips before changing the Bank.

1. Check for loan rates of the new Bank for Balance transfer as it may differ for new borrowers
2. Check for Processing Fee, Loan amount Eligibility, Emi dates, Loan Process of the new Bank.
3. Check for the process of the old bank for prepaying the loan amount and the prepayment charges.

When you have all these details,please calculate and the new home loan bank scheme is better after paying processing fee, Prepayment charges.

This means that your reduced Emi should be able to cover costs for other charges.

Also, do spend some time on the history of the new Bank on the response time on reducing rates vs increasing rates for old customers after RBI guidelines.

After you have done this, then take the decision on changing your Home Loan Bank.