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POSTED BY ON January 25, 2015 6:10 pm COMMENTS (2)
Hi, I have taken a home loan from HDFC bank for 20 Lacs in 2011. I have made several part payments and brought down the amount to 11 Lacs. The interest rate is 10.15%(floating rate) and the remaining tenure is 56 months (4 Years 8 months). I am planning to transfer my home loan to SBI since they follow daily reducing basis (Not clear what it is) compared to HDFC where they follow monthly reducing basis.
Please advise me whether it is good to transfer my home loan considering my tenure. I have heard that switching charges are applicable and other costs involved for loan transfer. Please advise whether to go with SBI or remain with HDFC. Thanks
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The loan amount is less and the period is also less.. and the interest rate is on par with other banks. Switching loans would again need paper work, proof and documents submission, lots of follow up by you in both the banks and mainly processing charges and franking charges. The advantage you might be getting with the switch would be offset by these efforts. So, I would suggest you to keep it as it is and relax.
This definitely need expert’s guidance who fully understand the intricacies of banks and process. I suggest you take guidance from Credit Nation. This is an online market place which deals with various banks and financial institution and provide the best comparison so that one can chose the top quote and get the best home loan deal available in the market. I think such portals are of great help in such cases. Hope it helps