Topic: I want to transfer my home loan from ICICI Bank to SBI please advise me

I am a central government employee and my age is 34 years

This message was edited 1 time. Last update was at 27/07/2009 11:54:40

Please be clear on why you wish to change your home loan provider.
Is it because you want a better interest rate and change in home loan emi?
Is it because of service?
Or, any other reason?

There is usually a pre-payment penalty for the loan, so please understand that you will lose some money when you transfer out of ICICI Bank. additionally, SBI might also charge you a loan processing fee. So, you might end up paying two types of fees during this home loan balance transfer.

Ask both the banks what the fee will be. Maybe you can also ask SBI to cancel the processing fee for transferring your loan to them, this way you might be able to avoid paying these two types of fees.

Make sure that you do the calculations of whether you will really save money with the transfer or not. The last thing you want to do is pay all these hidden charges. Also, practically speaking, you want to make sure that you are not going to add to your headache on the service levels. Understand that SBI’s criteria for emi could be more strict than what you might be used to. So, please check this with SBI and compare with ICICI.

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