Home Loan Top-Up and Balance Transfer Advice Needed

[mohitkamboj007]

Hello Technofino Community,

I currently have a home loan with ICICI Bank that was taken for purchasing an empty plot. The current interest rate on this loan is 9.4%, and I am exploring two options:

1. Top-Up Loan: Is it possible to top up my existing home loan with ICICI Bank for additional funding?
2. Balance Transfer: I am considering transferring my loan to another bank that offers a lower interest rate and also allows me to avail of a top-up loan.

I also have an HDFC Imperia account and an IDFC Wealth account, and I’m wondering if these could help me negotiate better interest rates or terms with either of these banks or any other banks.

 

[avikrish]

Hello Technofino Community,

I currently have a home loan with ICICI Bank that was taken for purchasing an empty plot. The current interest rate on this loan is 9.4%, and I am exploring two options:

1. Top-Up Loan: Is it possible to top up my existing home loan with ICICI Bank for additional funding?
2. Balance Transfer: I am considering transferring my loan to another bank that offers a lower interest rate and also allows me to avail of a top-up loan.

I also have an HDFC Imperia account and an IDFC Wealth account, and I’m wondering if these could help me negotiate better interest rates or terms with either of these banks or any other banks.

Home loan transfer is very tedious process, you need to pay for new bank again for processing fee, assessment fee etc..

Top up loan you get will be of higher interest than the home loan by atleast 0.5-2% more.

If in need, then top up is better.

In feb RBI policy meet , rate cut is on cards, so loan rates will be down soon.

 

[Vasuki]

Hello Technofino Community,

I currently have a home loan with ICICI Bank that was taken for purchasing an empty plot. The current interest rate on this loan is 9.4%, and I am exploring two options:

1. Top-Up Loan: Is it possible to top up my existing home loan with ICICI Bank for additional funding?
2. Balance Transfer: I am considering transferring my loan to another bank that offers a lower interest rate and also allows me to avail of a top-up loan.

I also have an HDFC Imperia account and an IDFC Wealth account, and I’m wondering if these could help me negotiate better interest rates or terms with either of these banks or any other banks.

Icici is best among hdfc & idfc
9.4 if okiesh

Don't go much into banking program status it's empty badge

Practical steps to save money is
1- pre payment. Even 1 rs pre payment saves 3 rupees if it's done within 5 year of loan distribution as in starting you pay more towards intrest & less towards principal

Any pre payment goes 100% to principal and in that icici is most chill private bank atleast from hdfc & icici

U can check hsbc or sbi maybe bob

 

[quino]

i suggest going through these middleman who'll give you almost 0 fee on loan transfer.

 

[thewittypanda]

This is Q4. Also rate cut is on cards and probably it will happen in Feb. Suggest going to the nearest SBI branch and talk to the officials and negotiate with them. Usually SBI HL rates are competitive and a bit lower than the private banks and pre-payment options are really easy. Just check.