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