There is no one-size-fits-all product. So choose the Best Home Loan Transfer offer according to your specific needs. If the new lender’s offer fulfils any of the following, it is likely to be a perfect match for you:

1. Lower rate of interest– In maximum cases, people opt for balance transfer for lower interest rate. You may consider negotiating with the existing bank for refinancing your loan or opt for a new lender who is willing to offer a lower rate. Make sure the difference in rate after the switch is at least 50 bps. The higher is the difference, higher will be the saving.
2. Better post disbursal service- If your existing bank has rigid terms and you are seeking better customer service and ease of loan repayment, make sure you read new lender’s terms carefully besides reading customer reviews.
3. Lower EMIs- Discuss the new EMI plan and calculate the saving. Make sure you do not increase overall interest burden on your Home Loan.
4. Top Up- If top is what you are looking for, do explore the top-up option with your current lender. Compare the offer with a new lender and only make a decision after a thoughtful comparison.
5. Repayment flexibility- There is no foreclosure charge on Home Loan prepayment. However sometimes, there could be lock-in or limit on the amount that can be pre-paid for free. So make sure you carefully assess what kind of repayment flexibility you are seeking for from the new lender.