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Home Improvement Loans in Mumbai

India, in today’s date is quite well accustomed with the word ‘loan’. Today we have embraced this concept which has made our life easier & dreams much more achievable.

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How to Balance Transfer Home Loan?

Home Loans Mumbai

Are you tired of paying high rate of interest for the home loan you took last season or are you afraid to buy that dream home of yours due to high rate of interest prevailing in the home loan sector in Bangalore or Mumbai? There’s a solution for each one of you. A balance home loan transfer can help you come out of such a fix. It can lower the interest rates or the tenure of the existing home loan might increase and the excess funding which you might get can be utilized elsewhere as per your convenience. It is important for you to check some guidelines before zeroing in on a particular home loan either in Mumbai or Bangalore.

KEY GUIDELINES

  • You need to check out with the respective banks whether there are any prepayment charges. Some of the leading banks do charge a moderate fee of about 2% to 4%.
  • Do check about the processing charges of the bank. These charges are not always shown and they come up as hidden charges. These charges are usually cut off from the total sanctioned loan amount. It is needless to say that you should be cautious beforehand and have a thorough knowledge of such hidden charges and extra cost.
  • You also need to check out about the new rate of interest that will be applicable on the payment of your loan henceforth. You need to have a thorough understanding of the easy monthly installments you will now have to pay after your balance home loan is transferred. You need to calculate the amount which you are going to pay each month as installment as that should be either less or equivalent to the amount what you are paying with your current bank.

BALANCE HOME LOAN TRANSFER FACILITY BY HDFC BANK, BANGALORE

HDFC bank Bangalore offers this benefit of balance home loan transfer. They claim to give certain benefits which include minimal processing fee. The best feature of this home loan facility is that no income documentation is required. They also claim to do fast processing of the home loan services and repayment is usually done through standing instruction facility.

IDBI BANK BALANCE BANK HOME LOAN TRANSFER FACILITY IN MUMBAI

Under IDBI bank, the rate of interest for this balance home loan transfer usually varies between 10% to 12% and the processing fee is about 0.50%.The benefit of transferring your loan from other bank to this particular bank is that this bank does not charge any processing fee and the maximum loan amount is Rs 5, 00,000 or 80% of the total cost of the property which is subjected to income eligibility.

ICICI BANK BALANCE HOME LOAN FACILITY

If you are a Mumbai resident, you can heed directly to ICICI bank, Mumbai, as you are sure to get your balance bank loan transferred subjected to your income eligibility. They usually charge a processing fee of about 0.50% on the transfer of your balance loan amount. They either charge 2% of the loan amount or about Rs 10,000 as processing charges.