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Home Loan Balance Transfer
Optimise your finances with Axis Bank's Home Loan Balance Transfer feature. This process allows you to transfer your existing Home Loan to Axis Bank, potentially securing a lower interest rate or availing a larger loan amount. Benefit from reduced monthly instalments and enhance your savings through our streamlined process.
Features & Benefits of Axis Bank Home Loan Balance Transfer
Reduced interest rates
Transfer your Home Loan to Axis Bank to benefit from lower interest rates, leading to decreased EMIs and enhanced savings.
Flexible loan terms
Adjust your Home Loan's tenure and terms with Axis Bank's balance transfer service, allowing for a tailored loan structure that fits your financial plan.
Effortless processing
Experience a smooth process with minimal documentation and straightforward eligibility requirements.
Customisable repayment
Axis Bank provides a variety of repayment options to suit your cash flow preferences.
Additional top-up loan
Secure a supplementary loan at a lower interest rate than a Personal Loan along with transferring your Home Loan’s balance.
No prepayment penalty
As per RBI mandates, no prepayment penalty is charged on Home Loan Balance Transfers for floating-rate loans, ensuring transparency and fairness.
Overdraft facility
Take advantage of the overdraft facility available with your balance transfer for increased financial flexibility.
Accessible service
Utilise Axis Bank's extensive Insta Services online, visit a branch or contact the customer service team for support.
Continued tax benefits
Retain the tax deductions on principal and interest amounts on your transferred Home Loan amount under relevant sections of the Income Tax Act.
Transparent charges
With Axis Bank, be assured of clear disclosure of all Housing Loan transfer charges, with no hidden fees.
What is a Home Loan Balance Transfer?
A Home Loan Balance Transfer is the process of moving your existing Home Loan to a different lender. This may result in more favourable terms, such as a reduced interest rate or an extended repayment period, potentially accompanied by an increase in the loan amount.
How does a Home Loan Balance Transfer work?
- The new lender settles your existing Home Loan
- Outstanding balances are cleared with your previous lender
- Your Home Loan is officially transferred to the new lender
- EMI payments commence with the new lender
When should you do a Home Loan transfer?
Transferring the outstanding balance of your existing Home Loan to Axis Bank is prudent when you observe a favourable shift in interest rates, particularly if you hold a floating-rate loan where reduced rates can significantly lower your financial burden. Such a strategic transfer is worthwhile, especially if it results in a more attractive interest rate, thus diminishing the overall interest paid throughout the loan's tenure.
Eligibility enhancement also warrants consideration for transferring the remaining amount of your Home Loan. This occurs when an improvement in your credit score or financial standing makes you eligible for more favourable loan terms. The resulting benefits from a Home Loan Balance Transfer process include not just a reduced interest rate but also the possibility of an extended repayment period.
However, it's essential to account for associated Home Loan Balance Transfer charges that may arise. These should be weighed against the potential savings from the transfer. Additionally, Axis Bank offers the option of a top-up on your transferred Home Loan, providing extra funds that can be utilised for a variety of personal financial requirements.
Eligibility criteria for Axis Bank Home Loan transfer
Documents required for Home Loan Balance Transfer
How to apply for Axis Bank Home Loan Balance Transfer
When you apply for an Axis Bank Home Loan Balance Transfer, it's like a new Home Loan application, with the process being a bit different.
Step 1: Savings calculation
Utilise the Axis Bank Home Loan Balance Transfer Calculator to estimate your savings by transferring your loan to Axis Bank.
Step 2: Online application / In-Person assistance
Visit the Axis Bank website for an online application.
Alternatively, visit an Axis Bank branch or loan centre to discuss and finalise your loan terms.Step 3: Closure letter
Post the loan terms agreement, you must send a closure letter to your current lender requesting a 'No Objection Certificate (NOC).'
Step 4: NOC and documentation
On receipt of the NOC, present it along with other necessary documents to Axis Bank.
Step 5: Loan disbursement
Following document verification, Axis Bank will clear the outstanding balance with your current lender. A foreclosure certificate will be issued to you.
Step 6: EMI payments
Begin paying your EMIs to Axis Bank as per the terms of your new Home Loan.
Great plans start with well-calculated decisions
Home Loan EMI Calculator
Calculating your Home Loan EMI is now easier than ever with our user-friendly and efficient Home Loan EMI Calculator. Whether you have a ₹30 lakh home loan EMI for 20 years or a ₹20 lakh home loan EMI for 10 years.
3L
5Cr
Your EMI*₹ 1,14,678
Get a call back*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
APR Calculator
The Annual Percentage Rate (APR) is a method to compute annualised credit cost, which includes interest rate and loan origination charges.
6K
15Cr
0
50L
APR
8.00%
Frequently Asked Questions
A processing fee of up to 1% of the loan amount constitutes the primary Housing Loan Transfer Charges with Axis Bank.
Calculate your potential savings from a home loan balance transfer with Axis Bank's Home Loan Balance Transfer Calculator Input the specifics of your existing loan alongside the new proposed interest rate and tenure to estimate your EMI savings.
Yes, you can secure a top-up on your home loan when opting for a balance transfer with Axis Bank based on your eligibility.
Home loan balance transfer interest rates align with Axis Bank's standard home loan rates. You can check the current rates here
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