I am planning to transfer my home loan from HDFC to SBI. This loan started 3 months ago. Following are the main reasons I would like to transfer the loan
· Cannot prepayment every month. HDFC is asking to prepay only twice in a year. As per my current financial condition (NRI), I can prepay good amount of money every month. Then why should I wait for 6 month?
· Cannot transfer online. Every time need to visit branch for prepay. When I applied for loan, it was told that I can transfer online but now they say it’s not possible. I noticed that few users have posted comment that they can pay online but need some account detail. But for me HDFC is saying it is not possible.
· My current interest rate is 10.4%. They are increasing interest rate to 10.5 from Jan 2014. SBI is offering 10.3%.
Now my question is, Can I balance transfer after 3 months? Is there any fore-close fee? I know if it is from own source then there is no charge. Anybody have any experience?