Email us: info@loanfasttrack.com
Email us: info@loanfasttrack.com
Apply for home loan transfer from one bank to another @ lowest home loan interest rate for balance transfers starting from 6.75% p.a. with higher repayment tenures up-to 30 years & 0%* home loan transfer processing fees with Loanfasttrack. The lowest per lakh EMI starts from Rs.649/-.
Also, enjoy home loan transfer and top up loans @ home loan interest rates. Concessions on home loan takeover interest rates are available for women borrowers.
Home loan balance transfer loans mean transferring your existing home loan to a new lender Bank/NBFC/HFC. Also referred to as home loan refinancing, home loan switch over, home loan takeover, home loan BT transfer, a home loan transfer to other Bank/NBFC/HFC is usually done to enjoy the benefits of the lowest interest rate for housing loan and to get an additional loan at home loan rates.
Since home loans are your longest financial commitment it is necessary to keep track of the rate change since more than 50% of your initial EMIs go towards the interest repayment. The current home loan interest rates range from 6.75% p.a. 10.95% p.a. while the lowest per lakh EMI starts from Rs.649/-. If you are paying an interest rate and EMI which is notably higher than the lowest home loan interest rates in the markets, you must consider undertaking a housing loan transfer to another bank. Get your free home loan quote today.
Bank Name |
Home Loan Balance Transfer Rates |
Processing Fee For Home Loan Transfer |
Loan Tenure |
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6.85% p.a. - 8.05% p.a. |
Min. Rs.3,500 - 0.30% of the loan amount + GST |
Up-to 30 years |
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Home loan balance transfer with ZERO processing fee - Limited period offer. |
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6.75% p.a. - 7.85% p.a. |
Min. Rs.5,900 - 0.50% of the loan amount + GST |
Up-to 30 years |
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Home loan transfer with ZERO processing fee - Limited period home loan switch offers. |
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6.90% p.a. - 8.90% p.a. |
Rs.10,000/- + GST |
Up-to 30 years |
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6.85% p.a. - 8.45% p.a. |
Up-to 0.50% of the loan amount + GST |
Up-to 20 years |
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6.90% p.a. - 8.90% p.a. |
Min Rs.10,000 - 0.50% of the loan amount + GST |
Up-to 30 years |
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6.95% p.a - 10.95% p.a. |
Upto 0.40% of the loan amount - Max Rs.10,000 + GST |
Up-to 30 years |
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7.25% p.a. - 8.25% p.a. |
Up-to 0.50% of the loan amount - Max Rs.25,000 + GST |
Up-to 30 years |
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6.85% p.a. - 8.25% p.a. |
0.50% of the loan amount - Max Rs.50,000 + GST |
Up-to 30 years |
Note:Balance transfer home loan interest rates and loan processing fees are subject to change without prior notice.
A housing loan takeover is considered as a fresh home loan and hence once again, you might have to pay the cost for your home loan switch to another bank which includes:
Processing Fees For Home Loan Transfer |
Rs. 3,500/- to 0.50% on the loan amount. |
Legal & Technical Charges For Home Loan Transfer |
Rs.5900/- to Rs.10,000/- |
Home Loan Takeover Charges for Stamp Duty |
0.30% on the loan amount. |
Title Search Cost |
Nil - Rs.5000/- |
Other Home Loan Transfer Cost
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GST |
18% applicable on all loan charges. |
For BT in home loan, you must consider the relevant home loan transfer fees/charges including home loan closure charges if any. If the new lender’s rate of interest plus these additional charges i.e. the balance transfer home loan charges still prove to be cheaper than the existing home loan, consider refinancing your home loan.
To get the best home loan transfer deals, home loan balance transfer offers on charges & home loan transfer lowest interest rate - Click.
There can be many reasons to apply for a housing loan balance transfer such as the interest rate on your existing home loan is high or you wish to reduce your EMI by increasing the loan tenure or you are unhappy with the unsatisfactory services of the existing lender. Switching home loans from one bank to another can earn you multifaceted benefits.
The primary reason to apply for a balance transfer i.e. BT home loan is reduced home loan rates. With transfers you can get the home loan rates as low as 6.75% p.a. thus reducing your EMI and saving more on your monthly EMI outgo.
Shifting home loan from one bank to another gives an advantage of increasing or reducing your loan tenure as per your requirement. You can reduce your EMIs by restructuring your loan to longer repayment tenures of up-to 30 years.
One of the reasons to apply for a BT transfer home loan is to avail of additional funds on your existing home loans. You can get a maximum top-up amount at minimum home loan rates starting from 6.75% p.a. for home loan balance transfer and top up loans.
With a home loan change to other banks, you can transfer your home loan which is at a fixed interest rate with a bank to a new lender-Bank/NBFC/HFC with floating interest rate & vice-a-versa.
With a home loan transfer in other banks, you can opt for a smart home loan product where you park your access funds in your account and save on the interest amount.
Currently, HDFC tops the rank for the best bank to transfer home loans. The home loan balance transfer lowest interest rate is provided by HDFC followed by ICICI Bank. HDFC home loan balance transfer interest rate starts from 6.75%, you can also apply for home loan transfer online from the comfort of your home.
Home Loans That Can Be Transferred |
Home Loans That Cannot Be Transferred |
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Age |
Minimum 21 years & Maximum 70 years |
Resident Type |
Indian resident, NRI & PIO |
Profile |
Salaried & self-employed, Company/Firm |
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Minimum Income Required |
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Tenure For Home Loan Transfer |
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Home Loan BT Rate Of Interest |
Starts from 6.75% p.a. onwards. |
Processing Fees For Home Loan Transfer |
ZERO - up-to 0.50% of the loan amount + applicable GST. |
Eligibility Calculation |
Lower of:
OR |
Important Home Loan Transfer Eligibility Criteria |
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The home loan transfer calculator helps you to evaluate the total savings on your EMI when you plan to move home loan to another bank. The savings on your EMIs can then be used to make part-payments/ prepayment to your home loan or invest in the best investment plans for your future.
You can easily compare the installments of the best banks for a home loan in India with the help of a home loan BT calculator. Simply enter your home loan transfer amount, the lender’s home loan transfer rates, and your desired loan tenure.
Read more on ICICI Bank Home Loans.
Read more on HDFC Bank Home Loans.
(The minimum processing fee for home loan takeover SBI is Rs.10,000/- & the maximum SBI home loan balance transfer charges for processing fees is Rs.30,000/-)
Read more on SBI Home Loans.
Before you apply for your home loan transfer, ensure you make a request letter for home loan transfer to another bank with the existing home loan bank. Request the bank to issue a housing loan transfer letter for an outstanding balance, LOD, & 12-18 months repayment track record.
Fill in the form with basic details name, address, contact details, employment details, income details & co-applicants details. You can either
If you're applying online, upload your home loan transfer documents online. If you are applying offline, a representative from the lender Bank/NBFC/HFC will collect your documents along with the lender’s application form.
This is the process where your documents-KYC, income documents & property papers are verified, CIBIL checked, repayment track history is checked, FI visits arranged, etc.
A personal discussion is held with the lender’s credit manager who evaluates your transfer requirement. On successful discussion, your home loan transfer is approved and you will be issued a sanctioned letter. Read more to find out how to read a home loan sanction letter from the bank.
Once the loan is sanctioned you have to pay a processing fee on the approved loan amount to receive an official sanction copy.
Once you pay the complete processing fee amount, an official copy of the sanction letter will be issued.
Property legal and technical is conducted to ensure it has a clear and marketable title and that the banks do not over-lend to the cost of the property.
Lastly, you have to sign the bank’s loan disbursement agreement and submit it.
Know in detail the difference between home loan sanction & home loan disbursement.
On disbursement, your loan is successfully transferred to a new lender. Now you pay EMI to the new lender. Once the new lender credits the loan amount to your previous lender, the previous lender transfers your original property papers/ documents in their custody to the new lender. This is referred to as inter-bank transfer. It is a process of 7-20 working days depending upon the lender to lender.
Once your original papers get transferred to the new lender, the sanctioned top-up amount will be disbursed to your account.
The home loan balance transfer process nearly takes 15-20 working days. 7-10 working days for sanction and another 7-10 working days for disbursement. If you are also applying for a top-up loan, there is a minimum waiting period of 7-20 working days before the final disbursement of the top- up amount.
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Salaried |
Self-Employed |
KYC |
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Income Documents |
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Other Documents |
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Property Documents |
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Note: The home loan transfer NOC format will vary with the lender.
Click the links to download the home loan transfer list of documents:
For Salaried, for NRI, for Self-Employed- Proprietorship Firm,Private Limited Company, Partnership Firm.
Home Loan Tax Benefit Under Section |
Nature Of Home Loan Deduction In Income Tax |
Maximum Tax Benefits on Home Loan Amount |
Section 80C Deduction |
Housing loan principal deduction |
Up-to Rs.1.5 Lakhs p.a. |
Section 24(b) Deduction |
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Section 80EE Deduction |
Additional interest on home loan deduction for first time home buyers |
Rs.50,000/- p.a. |
Please Note: The top-up interest deduction is applicable only if the top-up amount is used for the purchase or construction of a property, for property repairs & renovations, etc.
For detailed information on tax benefits on joint home loans, tax benefit on 2nd home loan, income tax benefit on second home loan in the same city, tax exemptions on multiple home loans, etc. read more.
Since the home loan is your long-term financial commitment, it is crucial to find a perfect lender which meets your loan needs. You must regularly monitor your interest rates to know the possible changes in your EMIs. If you continue to pay EMIs with an effectively higher rate of interest than those prevailing in the markets, consider a home loan change bank to continue repaying with reduced EMIs. Given below are some of the important tips for getting a home loan EMI transfer.
Bank Of Baroda home loan balance transfer interest rate / Interest rate for a home loan transfer to Vijaya Bank - 7.25% p.a. - 8.25% p.a.
Axis Bank home loan balance transfer interest rate - 6.90% p.a. - 8.90% p.
LIC home loan balance transfer interest rate - 7% p.a. - 10.15% p.a.
Kotak home loan balance transfer interest rate - 6.85% p.a. - 8.45% p.a
Citibank home loan transfer interest rate - 6.75% p.a. onwards.
PNB home loan balance transfer interest rate - 7.35% p.a. - 9.55% p.a.
Interest rate for home loan transfer to Union Bank Of India - 6.80% p.a. 7.65% p.a.
Interest rate for home loan transfer to Bank Of India - 6.85% p.a. - 8.25% p.a
Bajaj Finserv home loan transfer interest rate - 6.75% p.a. - 15% p.a.
Canara Bank home loan takeover interest rate - 6.90% p.a. -8.90% p.a.
Tata Capital home loan transfer interest rate - 6.90% p.a. onwards.
IIFL home loan transfer interest rate - 8.45% p.a. onwards.
IDFC home loan transfer interest rate - 6.90% p.a. onwards.
IDBI home loan transfer interest rate - 6.90% p.a. onwards.
HSBC home loan transfer interest rate - 7% onwards.
The interest rate for a home loan transfer to PNB Bank / for home loan transfer to United Bank Of India - 7.35% p.a. - 9.10% p.a.
Central Bank Of India home loan transfer interest rate - 6.85% p.a. - 7.10% p.a.
GIC home loan interest rate for the transfer - 9.10% p.a. onwards.
Gruh Finance home loan interest rate (Bandhan Bank Rruh home loan interest rate) for the transfer - 8.75% p.a. - 13.50% p.a.
Interest rate for home loan transfer to Bank Of Maharashtra - 6.90% p.a. - 7.50% p.a.
Interest rate for home loan transfer to Yes Bank - 8.95% p.a. - 11.80% p.a.
Piramal housing finance interest rate for the transfer- 9.75% p.a. onwards.
Calculate your Transfer Eligibility
Eligibility is your ability to repay the loan. Each bank has its parameters based on which they approve your home loan transfer, namely income, age, current obligations, repayment history, CIBIL scores, property details- valuation, location & LTV ratio, employment details, income stability, assets & liabilities, etc.
Check home loan EMI calculator
Know your reduced monthly home loan installments with our easy-to-use home loan EMI calculator. Simply input your outstanding loan amount with the top-up amount, required loan tenure & the expected interest rate to know exactly how much you will save on your monthly installments, and the total savings on the interest payable.
Check home loan transfer interest rates of the banks
Interest rate is the primary reason for the loan transfer and is important since it directly affects your home loan EMI. Compare, evaluate and get the best interest rate for your home loan transfer today.
Check home loan transfer processing fees and other charges
The lender Banks/NBFCs/HFCs charge a fee for processing your home loan transfer application which varies between the lenders and on your loan amount. Besides the processing fees, various other charges add to the home loan transfer cost.
Home Loan Transfer Requirements
To apply for a home loan transfer you fulfill the basic prerequisite of the home loan transfer. The transfer terms and conditions may vary between the lenders.
Also read, Why Home Loan Interest Rates Of NBFCs Higher Than Banks.
Ans: Yes, all eligible home loan borrowers can apply for a home loan balance transfer at the lowest interest rate starting from 6.75% p.a. The current interest rates for home loans range from 6.75% p.a. - 10.95% p.a.
Q. Can housing loan be transferred? How to transfer home loan to another bank?
Ans: You can visit the website of the branch where you need to transfer your loan and apply online.
Alternatively, you can visit Loanfasttrack and compare & evaluate the rates, tenures & charges of the leading banks at a single click. Loanfasttrack provides free loan services in Mumbai.
Q. Can home loan be transferred from one bank to another without any processing fees?
Ans: Yes you can transfer your home without any processing fees through Loanfasttrack. Loanfasttrack offers you the best deals from the top banks and money-saving unique cash-back offers. Get your offer today.
Q. What are the home loan balance transfer charges RBI guidelines?
Ans: According to the RBI guidelines for home loan takeover, there is no charges/ penalty for the transfer of variable interest rate home loans in India.
Q. Can I transfer my home loan to another bank before taking possession of the property?
Ans: Home loan transfer before possession of the property is not possible. Also, home loan transfer under construction property is not possible.
Q. Can home loan be transferred to another bank to get the overdraft facility?
Ans: Yes a home loan can be transferred to another lender - Bank/NBFC/HFC that provides a home loan with an overdraft facility to avail its benefits.
Also, read on mortgage overdraft loans.
Q. What are the ICICI Bank home loan transfer charges?
Ans: There are nil charges for ICICI Bank home loan balance transfer charges for floating interest rate home loans. For fixed interest rate home loans, ICICI home loan balance transfer charges are up-to 4% on the outstanding loan amount.
Also read, fixed v/s floating home loan interest rates.
Q. How much is the ICICI Bank home loan balance transfer interest rate?
Ans: ICICI Bank home loan balance transfer rate of interest is 6.85% p.a.
Q. Can I do my DHFL home loan transfer to ICICI Bank?
Ans: No. DHFL loan transfer to ICICI Bank is not possible. Currently, ICICI bank has restrictions on Home loan transfer DHFL.
Q. What are my options for DHFL home loan transfer?
Ans: DHFL loan transfers are currently restricted by many lenders which include banks as well as NBFCs/HFCs. Home loan transfer DHFL/ DHFL home loan balance transfer cannot be made for - Home loan transfer from DHFL to ICICI Bank, Home loan transfer from DHFL to Bank Of Baroda, Home loan transfer from DHFL to HDFC, Home loan transfer from DHFL to SBI, etc.
Q. How much are the HDFC Bank home loan transfer interest rate & charges?
Ans: HDFC home loan transfer rate of interest starts from 6.75%. HDFC home loan balance transfer charges of processing fees are Rs.5,900/-
Q. Can I do my IIFL home loan transfer to HDFC Bank?
Ans: You can transfer your home loan to HDFC Bank at the lowest interest rate of 6.75% p.a. provided you meet all its pre-conditions.
Q. My HDFC loan balance transfer is under process. Can I also apply for a personal loan in Mumbai?
Ans: You can apply instant personal loan in Mumbai even if your HDFC Bank home loan take over is under the process provided it does not affect your HDFC home loan transfer eligibility. Also read, What do you mean by loan eligibility in a home loan.
Q. Is there any penalty for HDFC home loan transfer to other banks?
Ans: Home loan transfer from HDFC to ICICI, home loan transfer from HDFC to SBI, home loan transfer from HDFC to Axis, home loan balance transfer HDFC to Kotak, home loan transfer HDFC Bank to Canara Bank, home loan transfer HDFC to BOI, home loan transfer from HDFC to Bajaj Finance, HDFC home loan overdraft to Bank Of Baroda overdraft home loan, etc. can be done without any prepayment charges provided it is not a fixed interest rate HDFC home loan.
There is no prepayment penalty on home loan transfer charges HDFC for floating interest rate home loans.
Q. What is the maximum tenure for a Kotak Bank home loan transfer?
Ans: The maximum tenure available for Kotak Bank home loan balance transfer is up-to 20 years.
Click to know more on Kotak Mahindra home loan transfer.
Q. Do I have to pay stamp duty for my BOB home loan transfer to Axis Bank?
Ans: Yes, every time you transfer your home loan to a new lender you have to pay stamp duty, and hence on your BOB to Axis home loan transfer you will be paying 0.30% stamp duty cost to the government. Click to get Axis Bank home loan BT rates.
Q. What is the interest rate for home loan transfer in Axis Bank at fixed interest rates?
Ans: Interest rates for balance transfer home loan Axis Bank in fixed interest rate home loan is 11% p.a. for salaried & 12% p.a. for the self-employed.
Click to know home loan transfer charges Axis Bank.
Axis Bank home loan transfer rate for variable interest rate home loans ranges from 6.90% p.a. - 8.90% p.a.
Q. I have an ongoing home loan of Rs.35 Lakhs with ICICI Bank in Banaras. Recently I have shifted to Mumbai. Is a home loan transfer to HDFC’s branch near me in Mumbai possible?
Ans: Yes you can transfer your housing loan in Mumbai. Home loan transfer from ICICI to HDFC is possible. Contact Loanfasttrack to know the HDFC home loan transfer process.
Q. Can home loan be transferred from one person to another? Can home loan be transferred to co applicant?
Ans: Home loan transfer to another person is possible with home loan bank transfer provided the transferor makes a release deed and transfers his ownership rights on the property to the loan co-borrower/co-applicant subject to his income eligibility. Home loan transfer from father to son, home loan transfer from wife to husband and vice-a-versa, home loan transfer from sister to brother or vice-a-versa, home loan transfer from brother to brother, are some of the examples of house loan transfer to another person i.e. the home loan transfer of ownership.
Read more on home loan transfer details.
Q. I have a joint home loan with my brother for 1 crore with SBI? Is SBI home loan transfer from one person to another possible?
Ans: Yes. SBI home loan can be transferred to another person. While moving home loan from one bank to another i.e. from SBI to another bank you can transfer the loan to your brother.
Q. I want to transfer my home loan to SBI. What is the interest rate & processing fee for State Bank Of India home loan transfer?
Ans: State Bank Of India home loan balance transfer rate of interest starts from 6.95% p.a. onwards. The processing fee for home loan BT to SBI is a minimum of Rs.10,000/- & maximum of Rs. 30,000/-.
Read more on SBI Home Loans.
Q. Can I transfer home loan to another property?
Ans: No, you cannot switch your home loan to another property.
Q. I have done LIC to SBI home loan transfer last year. Can I again transfer home loan to LIC?
Ans: Yes, you can again apply for a LIC loan transfer. Speak to our experts to know the details of the home loan transfer process for LIC HFL.
Q. What are the home loan transfer charges from HDFC to SBI?
Ans: Charges for HDFC home loan transfer to SBI includes processing fees of 0.20% -0.40% of the loan, Stamp duty charge of 0.30% of the loan amount, CERSAI charge of up-to Rs.100/- & CIBIL charges up-to Rs.500/-. Other charges if any for home loan transfer HDFC to SBI will be communicated at the time of loan transfer from HDFC to SBI.
Read more for all costs in a home loan.
Q. Can I apply for a Bajaj home loan balance transfer if my home loan is 7 months old?
Ans: To apply for balance transfer Bajaj Finserv’s scheme you should have paid more than 12 home loan EMIs.
Q. What is the maximum top-up amount I can apply for home loan transfer Bajaj Finserv?
Ans: With Bajaj, you can apply for a maximum top-up loan up-to Rs.50 Lakhs with your home loan transfer.
Q. I have an 80 Lakhs housing loan and a top-up of 20 Lakhs. Can I change my home loan from one bank to another and also apply for an additional top-up? What is home loan transfer fee?
Ans: Yes. By changing banks for home loan BT and top up you can also apply for additional loans subject to the LTV- market value of the property and to your income eligibility. (Click to check the home loan eligibility for self-employed) The home loan transfer processing fee is a maximum of up-to 0.50% of the loan amount. Please check with the lender for the latest switch home loan offers on the processing charges.
Q. Can I switch my home loan to another bank if my CIBIL score is 680?
Ans: Generally banks provide loans to eligible borrowers with CIBIL scores above 750. However, you may have to justify your 680 CIBIL score even if you have been paying your EMI regularly without any delayed payments. Hence, you can change home loan to another bank with justifiable reasons for your low CIBIL scores.
Read more to find out how home loan balance transfer can be applied with a bad CIBIL score.
Q. Why was my home loan transfer rejected?
Ans: The 4 main reasons for the rejection of a home loan transfer request are your income eligibility, property LTV ratio, CIBIL scores, and repayment history. To know the other accountable reasons kindly refer above - “Reasons Why Your Home Loan Transfer Is Rejected”.
Q. How can I transfer my home loan to another bank if I have delayed payments?
Ans: It is difficult to refinance a home loan with delayed repayments. You may follow the link to know how to apply for a home loan with bad CIBIL.
Q. Which nationalized banks’ home loan transfer schemes are popular?
Ans: Home loan transfer Bank Of Baroda, home loan transfer to Punjab National Bank, home loan balance transfer with top up SBI, Canara Bank home loan balance transfer, a home loan balance transfer to Union Bank Of India, IDBI Bank home loan transfer, & Bank Of India home loan transfer.
Q. Which bank is better private or government/ public sector bank, to apply for balance transfer loans?
Ans: Both banks are good. The advantages of public sector banks over private sector banks are, they are quick in reacting to the rate change as compared to private banks. On the other hand, why private banks are better is because they offer quick, prompt, hassle-free & door-to-door services. Also, you get the maximum funding and top-up loans when you apply for a home loan in private banks in India. It is therefore important to analyze the difference between nationalized bank and private bank before you apply for your home loan takeover.
Click to read more on the difference between private bank and government bank in applying for a home loan.
Q. Is it mandatory to have a co-applicant to transfer home loan to Bank Of Baroda?
Ans: It is not mandatory to add a co-applicant for a Bank Of Baroda home loan takeover. However, if you already have a co-applicant considered for your home loan eligibility, it is mandatory to have a co-applicant for a home loan transfer to BOB.
Click to know more on home loan transfers in Bank Of Baroda.
Q. Will, I get the PMAY benefit if I transfer my home loan?
Ans: No, you will not get the PMAY benefit if you transfer your home loan to another bank. The PMAY amount generally gets credited within 9-12 months. If you transfer your loan within this period you may cease the benefits of the PMAY scheme.
Q. Can I do a home loan transfer after PMAY subsidy?
Ans: You will be able to enjoy the benefits of balance transfer after PMAY subsidy.
Talk to an expert and get free financial advice on:
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