With government initiatives like PMAY implementing numerous benefits on home loan, many Indians are availing these financial packages to build their first house. Consequently, numerous customers are also choosing to go for home loan transfer facility in order to avail lower rate of interest and additional features which are offered by different financial institutions.
Some NBFCs offer exclusive advantages on these transfer schemes, which ensure foreclosure and prepayment options for the customers.

Anyone transferring their home loan to a financial institution to avail such advantages should keep the underneath pointers in mind to aid their choice.
  • Time of transfer: While repayment of home loans, usually the early EMIs has a greater percentage of interest and a comparatively lower percentage of the principal amount in them. Consequently, it is imperative that an individual transfers his or her home loan at the earliest to avail better interest rates. Few NBFCs even provide the option of transfer after just 12 months.
  • Cost analysis: It is vital to work out the costs associated with the transfer. These expenses may involve processing fee, registration charges, and even options of prepayment with its ancillary charges.
  • Maintaining CIBIL score: Customers considering opting for home loan transfer must maintain their CIBIL score to be eligible for the transfer. A 750+ score is essential to avail such facility.
These tips are vital considerations, which are necessary to choose the perfect transfer facility in India. These ensure a successful transfer as well as reduced financial burden.