Home loans are very popular amongst people as they provide them with an option to spread out the whole cost of their homes over multiple EMIs. This not only helps you to own the property but also make it manageable. Home loans are a long-term commitment, and people should do proper research while choosing a loan provider.

Suppose a person applies for a loan at a bank, and later finds out about another bank providing lower interest rates, then, in this case, the person can transfer his home loan in india to the other bank from his current bank. The new company or bank will pay the original lender the outstanding sum of the loan, and the person will pay the remaining money to his new bank or company.

However, there are a few conditions to be met by the loan applicant before he is deemed eligible to transfer his bank loan. Here are some things to keep in mind about loan transfer.