If you want to lower your home loan EMI burden, you should consider a balance transfer to the Bank of Maharashtra. Bank of Maharashtra offers a home loan balance transfer facility at very low interest rates starting at 6.90%. The loan tenure offered by the bank is of up to 30 years.
What are the transfer charges for a home loan balance transfer to the Bank of Maharashtra?
Before deciding on the balance transfer of your home loan to the Bank of Maharashtra, you must compare and calculate all the associated costs of loan transfer. The table below provides details of the Bank of Maharashtra home loan transfer interest rate and related home loan transfer charges of the bank:
|
Home Loan Rates |
6.75% |
|
Processing Fees |
Up to 0.25% |
|
Prepayment Charges |
Nil for loans at floating rates |
|
Memorandum of Deposit of Title Deed |
0.2%-0.5% |
Recommended read – Home loan balance transfer
How to do a home loan balance transfer to the Bank of Maharashtra?
To transfer an existing home loan to the Bank of Maharashtra, one needs to follow the steps mentioned below:
An applicant must submit the request to transfer a home loan from the existing bank to the Bank of Maharashtra by addressing a loan transfer letter to the bank. Applicants must also request for transfer of title deeds and other securities to the Bank of Maharashtra after the receipt of the loan amount.
Bank of Maharashtra is one of the largest public sector banks in India. The bank offers various facilities including home loan balance transfer from the existing scheduled commercial, private and foreign banks to the Bank of Maharashtra at the lowest interest rates.