Is EMI more burden? Home loan transfer in these banks, interest rate starts from just 7.35%
Reserve Bank of India (RBI) Banks have made loans cheaper after 3 times cut by 3 times. Due to this, interest rates have decreased on home loan, car loan, personal loan etc. However, despite this, many people have to pay more interest. If you are also included in those who are troubled by the burden of EMI of home loan, then you can choose the option of transfer. We are giving you a list of some banks, providing home loans at cheap interest.
What is a home loan transfer scheme?
Home loan transfer scheme, also called home loan balance transfer, is a facility in which you can transfer your existing home loan from the current bank to another bank, so that you can get low interest rates, better conditions or other benefits. There is an option for cheap interest rate on home loan balance transfer.
Home loan interest rates (Loan 30 to 75 lakh rupees)
| Bank | Interest rate |
| Canra bank | 7.35% |
| Union bank of india | 7.35% |
| State bank of india | 7.50% |
| Bank of Baroda | 7.50% |
|
Punjab national bank
|
7.50% |
What are the things to take care of in home loan transfer?
If you are transferring your loan to a bank, then assess that bank term and condition, total interest cost, processing fees etc. Even if EMI is low, keep an eye on the loan duration and the total interest cost. If the loan duration is short, avoid transferring the loan. If your home loan is left for 10 years, then it can be a profitable deal to transfer balance at low interest.
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