Loans
Move your home loan,pay less interest.
Another lender pays off your current loan and you continue the EMIs with them, at a lower rate.
In one minute
- 1
Switch to a lower rate
Another lender pays off your current loan and you continue the EMIs with them, at a lower rate.
- 2
Worth it early in the loan
The savings are biggest when many years and a large balance remain.
- 3
Count the costs first
Processing fees, legal and stamp charges can eat into the saving — always work out the net figure.
Chapter 01
What is a balance transfer?
A home loan balance transfer means moving your outstanding home loan from your current bank to a new lender that offers a lower interest rate. The new lender pays off your old loan in full; from then on you pay EMIs to the new lender.
Many lenders also offer a “top-up” loan at the time of transfer — extra money at close to home-loan rates, useful for renovation or other needs.
Chapter 02
How much can you save?
- Current rate
- 9.4% a year
- New lender’s rate
- 8.4% a year
- EMI now
- About ₹51,900
- EMI after transfer
- About ₹48,900
- Interest saved over 15 years
- About ₹5.3 lakh
- Transfer costs (illustrative)
- About ₹25,000–₹40,000
A net saving of nearly ₹5 lakh — clearly worth doing.
Chapter 03
When does it make sense?
- The new rate is at least 0.5% lower than your current rate
- At least 8–10 years of the loan remain
- Your outstanding balance is large (say ₹20 lakh or more)
- Your repayment record and credit score are good
- Your current bank refuses to match the lower rate
Before switching, ask your current bank to reduce your rate. Many will, for a small conversion fee — saving you the paperwork of a transfer.
Chapter 04
The process
- 1
Get the outstanding-balance letter and list of documents from your current bank
- 2
Apply to the new lender with income and property papers
- 3
New lender sanctions the loan and pays your old bank directly
- 4
Collect your original property documents from the old bank and hand them to the new one
Questions
Good toknow.
Will a balance transfer hurt my credit score?
Only very slightly and briefly, because of the new loan enquiry. Over time, a lower EMI paid on time helps your score.
Can I keep my tax benefits?
Yes. Interest and principal on the new loan continue to qualify, just as before.
How long does it take?
Usually two to four weeks, depending on the lender and property document checks.
Keep reading
You mayalso need.
Loans are provided by partner banks and NBFCs and are subject to their credit assessment, terms and conditions. Interest rates, fees and eligibility vary by lender and borrower profile. We facilitate the process and do not lend directly. Rates shown are indicative ranges; the actual rate depends on the lender and your profile. Tax benefits depend on the law in force and your personal situation. The information on this website is for general educational purposes only and does not constitute investment, tax or legal advice. Please consult a qualified professional before making financial decisions.
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