Balance Transfer Special
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Stop overpaying on your home loan. Transfer your balance to us at 8.50% p.a. and reduce your monthly EMI burden instantly.
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2k+
₹ 10Cr+ Saved
In interest payments this year
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Loan Details
Home Loan Balance Transfer EMI Calculator
Calculate your EMI and total interest for a home loan balance transfer with flexible repayment options.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹5,00,000 over 12 months at 25.8% APR. Total repayment: ₹5,72,597.07 with monthly EMIs of ₹47,716.42.
EMI Calculator
₹5,00,000
12
25.8%
Monthly EMI
₹47,716.42
Total Interest
₹72,597.07
What is a Home Loan Balance Transfer?
A home loan balance transfer allows you to shift your outstanding home loan to a new lender offering a lower interest rate. It is an effective strategy to reduce total interest payout over the long term.
Since home loans have long tenures, even a small reduction in interest rate significantly lowers your EMI amount. You can also choose to shorten your tenure or avail a Top-Up loan during the transfer.
Key requirements:
- Regular repayment history (no defaults)
- Property possession or near-completion
- Stable income profile
- Minimum 12-18 EMIs paid to current lender
Many lenders offer a 'Top-Up' loan facility over and above the transferred amount for personal or home improvement needs.
Financial Guide
Home Loan Transfer Rates
Balance transfer rates are generally the lowest prevailing market rates, starting around 8.35% p.a. for eligible borrowers.
Smart Moves for Home Loan Transfer
Don't just switch for the sake of it. Optimize your mortgage with these tips:
1
Benchmark Check
Ensure the new loan is linked to an external benchmark (Repo Rate) so you get the benefit of future rate cuts automatically.
2
MODT Charges
Remember that transferring involves paying Stamp Duty and MODT charges again in some states. Factor this into your cost-benefit analysis.
3
Document Retrieval
The timeline depends on how fast your current lender releases property documents. Follow up aggressively for the 'List of Documents' (LOD).
4
Credit Score Impact
Ensure you have been regular with your EMIs for the last 12 months. One late payment can lead to rejection of the transfer request.
5
Top-Up vs Personal Loan
If you need extra cash, a Top-Up on your home loan is far cheaper (approx 9-10%) than taking a separate personal loan.
Home Loan Transfer Criteria
Eligibility criteria Switch your home loan easily if you meet these conditions:
Payment History: Clean track record with no EMI bounces in the last 12-18 months.
Property Status: Possession should ideally be handed over (Under-construction transfers are harder).
Credit Score: 750+ required to access the lowest transfer rates.
Employment: Stable employment/business with steady income.
Occupancy: Property should be occupied or ready to occupy.
Home Loan Transfer Costs
Optimizing your home loan involves these one-time transfer costs:
| Particulars | Charges |
|---|---|
| Processing Fees | Flat ₹ 5,000 to 0.5% of loan amount |
| MODT Charges | Payable again to register new mortgage (0.2%-0.5%) |
| Legal/Title Search | As per actuals (approx ₹ 3,000) |
| Franking Charges | Varies by state |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Balance Transfer vs Internal Repricing
Should you switch banks or negotiate with your current one?
| Balance Transfer | Internal Repricing |
|---|---|
| Switch to a new lender | Stay with current lender |
| Get lowest market rate | Rate reduced but maybe not lowest |
| Requires full documentation | Requires just a request letter |
| Cost: Processing Fee + MODT | Cost: Conversion Fee only |
Slash Your Home Loan Interest
A small drop in home loan rates can save you lakhs over 20 years. We analyze your existing loan and calculate the exact savings from a balance transfer. We handle the negotiation with new lenders to get you the lowest market rate.
Home Loan Transfer Advantages
- Significant reduction in total interest payable
- Option to reduce EMI or shorten loan tenure
- Avail substantial Top-Up on existing loan
- No hidden charges on transfer
- Switch from floating to fixed rates (or vice versa)
- Transparent comparison of savings
Home Loan Transfer Options
Optimize your mortgage by moving to a better lender.
Home Loan Transfer Documents
Requires a list of documents held by your current lender.
| Requirements | Salaried | Self-Employed |
|---|---|---|
| LOD | List of Documents (LOD) from current bank | List of Documents (LOD) from current bank |
| Repayment | Loan Statement (12 months), Foreclosure letter | Loan Statement (12 months), Foreclosure letter |
| Income | Current Salary Slips, Form 16 | Latest ITR, P&L, Balance Sheet |
Switching Home Loans
MODT Charges
- Transfer involves re-registering the mortgage (MODT).
- Factor in stamp duty charges (0.2% - 0.5%) in your savings calculation.
List of Documents (LOD)
- Your current bank must issue a precise list of documents held by them.
- Delays in receiving LOD is the biggest bottleneck in transfers.
External Benchmark
- Ensure the new loan is Repo-linked.
- Avoid switching to a bank offering MCLR based rates.
Foreclosure Letter
- Obtain a tentative foreclosure letter to know exact outstanding.
- Check if there are any hidden penalties (usually zero for floating rates).
Home Loan Balance Transfer
Reduce your mortgage EMI by switching to these top lenders offering balance transfer facilities.
| Lender | Transfer Rate |
|---|---|
| SBI | 8.40% onwards |
| Union Bank of India | 8.35% onwards |
| Bank of Baroda | 8.40% onwards |
When to Transfer?
When the difference in interest rates is at least 0.50%.
When you are in the early years of the tenure (interest component is high).
When you want to switch from floating to fixed (or vice versa).
Transfer Process
Obtain List of Documents (LOD) and Foreclosure letter from current lender.
Submit these to the new lender for processing.
Pay the processing fee and sign the new agreement.
New lender pays off the old lender and takes custody of property papers.
How to Calculate Home Loan Transfer EMI Online?
You can calculate your home loan transfer EMI using a free online home loan transfer EMI calculator. You just need to enter your interest rate, loan amount and tenure in the calculator to get instant and accurate results.
External Transfer vs Internal Repricing
You can switch banks or ask your current bank to lower the rate. Which is better?
| Parameter | Balance Transfer (Switch) | Internal Repricing (Stay) |
|---|---|---|
| Interest Rate | Best market rate | Reduced rate (may not be best) |
| Effort | Full documentation & KYC | Simple application letter |
| Cost | Processing Fee + MODT Charges | Conversion Fee (approx 0.5%) |
| Benchmark | Switches to Repo Rate (RLLR) | May remain on MCLR |
Smart Mortgage Switches
Rohan Das — Rate Reduction
"I was stuck at 9.5% with my old bank. Switched to a Repo Linked Loan at 8.40% via Six Finance. The calculation showed I would save nearly Rs. 12 Lakhs in interest over the next 15 years."
Amitabh K. — Top-Up for Renovation
"While transferring my home loan, I also availed a Top-Up of Rs. 10 Lakhs for renovation at home loan rates, which is much cheaper than a personal loan."
Home Loan Switch Guidelines
Before moving your mortgage, verify these details:
- Ensure the new loan is linked to an external benchmark (Repo Rate).
- Collect the 'List of Documents' (LOD) from your current lender promptly.
- Factor in MODT (Memorandum of Deposit of Title Deed) charges.
- Avoid switching if you plan to sell the house soon.
- Check if your current lender will match the competitor's rate (Conversion).
Transfer Realities
- Offers the opportunity to reduce tenure and save lakhs in interest.
- Top-up loans taken during transfer are usually unrestricted in usage.
- You must have a clear repayment track record of 12+ months.
- Stamp duty charges may apply again depending on the state.
- It is the best time to remove or add co-applicants.
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