Disclaimer - This story is for informational purpose and not any financial advise, please check concerned bank site for more details.
Yes, you can transfer your existing loan to another bank without any hassle. Don’t worry if you think another bank is providing better options for home loan EMI payments than your existing bank, you can transfer remaining loan to another bank by providing some supporting documents.
Read more about the benefits in next slide.
Interest Rate is the major reason for loan transfer. 90% people transfer their loans to other banks to get lower interest rate. Interest rates are subject to change frequently; you must keep a check on other reliable banks/financial bodies to get better interest rate.
If your EMI is more than what you can manage to pay every month, you can ask for loan tenure extension while transferring the balance amount. On the other hand, you can also pay a lump sum amount and shorten your tenure.
Some banks provide exciting features like no prepayment charges, no foreclosure charges and better terms and conditions.
One can avail additional top up loan while transferring the existing loan. If you wish to increase the loan amount, you can do so by furbishing a few additional documents.