The lending bank may charge a home loan processing fee, which is non-refundable and covers administrative costs.
You can use a home loan balance transfer calculator provided by Kotak Mahindra Bank to determine your potential EMIs and savings.
Yes, you can transfer the balance even if the property's value has changed, provided the new lender approves the transfer.
Yes, applying for a balance transfer might have a minor impact on your credit score, but this is usually temporary.
Yes, you can transfer the balance of your home loan multiple times, subject to the approval of the new lender.
The time for a home loan transfer process can vary but typically takes a few weeks to a couple of months.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.