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Need help for Homeloan balance transfer

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prashu

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Hi everyone,

I took homeloan of 12.5L in Tata Capital Housing Loan in dec 2022. Current rate of interest is 13.75% I want to balance transfer homeloan to bank.
Is it a good decision to balance transfer? Suggest me a best bank for low interest rates.
 
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prashu said:
@SSV could you please loop who can help here 🥹
Click to expand...

prashu said:
Hi everyone,

I took homeloan of 12.5L in Tata Capital Housing Loan in dec 2022. Current rate of interest is 13.75% I want to balance transfer homeloan to bank.
Is it a good decision to balance transfer? Suggest me a best bank for low interest rates.
Click to expand...

Definitely recommended ..
It seems HL balance transfer to HSBC had been a very good option as per this user..
Have a look at this and update us the outcome , if you decided to proceed.

The only potential downside may be your serviceability..

All the best

Thread 'Moving Home Loan from HDFC to HSBC' https://www.technofino.in/community/threads/moving-home-loan-from-hdfc-to-hsbc.26238/
 
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prashu said:
Hi everyone,

I took homeloan of 12.5L in Tata Capital Housing Loan in dec 2022. Current rate of interest is 13.75% I want to balance transfer homeloan to bank.
Is it a good decision to balance transfer? Suggest me a best bank for low interest rates.
Click to expand...

Below require more details from you like tenure, and how easy its for your monthly EMI currently you're paying etc.

Understand the transfer charges and compare with your pending interest amount. With this amount, I suggest double check or if possible try to pre-pay instead of transfer, unless tenure is too long.

But anycase, it needs more details like how much EMI you're paying or tenure pending and financial capability etc.

Double check the charges and effort before BT.
 
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helloworld said:
Below require more details from you like tenure, and how easy its for your monthly EMI currently you're paying etc.

Understand the transfer charges and compare with your pending interest amount. With this amount, I suggest double check or if possible try to pre-pay instead of transfer, unless tenure is too long.

But anycase, it needs more details like how much EMI you're paying or tenure pending and financial capability etc.

Double check the charges and effort before BT.
Click to expand...

Tenure is 20yrs and i am paying ~16k everymonth. My income is very low. I am planning to pre-closure the loan as partial payments in future once i am financially stable.
 
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prashu said:
Tenure is 20yrs and i am paying ~16k everymonth. My income is very low. I am planning to pre-closure the loan as partial payments in future once i am financially stable.
Click to expand...

Good .. here are some calc. that might help you..

(it depends on CIBIL, not know how much HSCB offering you)

12.5L - 20Yrs - at 13.75% apprx. you're paying -- 24L+ as interest
and if new bank offering at 9% apprx. your interest -- 15L+ as interest

above assumption is based on whole 20Y, not sure how many years passed to you and how much left. But it helps to decide transfer cost and at how much.. Good luck!
 
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helloworld said:
Good .. here are some calc. that might help you..

(it depends on CIBIL, not know how much HSCB offering you)

12.5L - 20Yrs - at 13.75% apprx. you're paying -- 24L+ as interest
and if new bank offering at 9% apprx. your interest -- 15L+ as interest

above assumption is based on whole 20Y, not sure how many years passed to you and how much left. But it helps to decide transfer cost and at how much.. Good luck!
Click to expand...
As of today CIBIL score is 785, hdfc is offering 8.75% with the existing tenure.Looking for banks which provide less than this.
HSBC is not servicible in my area. Does HDFC allows partial payments whenever i need ?
 
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ontherocks said:
13.75% for a home loan? Seems ridiculously high. Also rule of thumb, never take loans in Non-Banking Financial Company (NBFC)
Was anyone else not giving you a loan?
Click to expand...
My village comes under Gram Panchayat so banks have not provided loans. I contacted hdfc and icici as they were said HL can be provided for only Municipalities.
Hence I choose Tata Capital Housing Loan
 
Upvote 0 Downvote
prashu said:
Hi everyone,

I took homeloan of 12.5L in Tata Capital Housing Loan in dec 2022. Current rate of interest is 13.75% I want to balance transfer homeloan to bank.
Is it a good decision to balance transfer? Suggest me a best bank for low interest rates.
Click to expand...
If you are in Bangalore, DM me. I have an agent who can do this
 
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prashu said:
My village comes under Gram Panchayat so banks have not provided loans. I contacted hdfc and icici as they were said HL can be provided for only Municipalities.
Hence I choose Tata Capital Housing Loan
Click to expand...
I don't think this is true. A lot of my friends had home loans with HDFC, SBI on flats that were under Gram Panchayat.
 
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Upvote 0 Downvote
prashu said:
As of today CIBIL score is 785, hdfc is offering 8.75% with the existing tenure.Looking for banks which provide less than this.
HSBC is not servicible in my area. Does HDFC allows partial payments whenever i need ?
Click to expand...
when i enquired about home loan 3 months back, they mentioned partial payments can be done , but the minimum amount they will accept is three times of monthly emi.
 
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