How can I change my HDFC home loan? If you have an HDFC home loan and are looking to change it, or have decided to refinance your HDFC home loan, there are certain formalities that you will need to follow as per the guidelines of the bank in order to make any changes to your existing mortgage. The following steps illustrate how you can change your HDFC home loan in 5 easy steps.
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1. Check if you have the eligible properties
If you have an eligible property for a mortgage and need to change lenders, then the following steps will help you do it with ease. It's always best to consult a qualified financial advisor for any related financial queries. You can also call up the customer care service at HDFC bank. Connect with The Home Loans Consultant Have an initial conversation with The Home Loans Consultant from HDFC bank and understand the various parameters that will come into play when you switch your loans. Your eligibility is based on a few factors including credit score, income and duration of employment.
2. Compare the interest rates of all the banks
HDFC offers a maximum interest rate of 10.6% with an EMI of Rs 16,184 and minimum outstanding balance of ₹20000. SBI offers a maximum interest rate of 9.5% with an EMI of Rs 13,253 and minimum outstanding balance of ₹100000.
3. Compare EMI schemes and plan accordingly
An EMI scheme is a fixed period for which one makes the monthly payment on a large purchase. There are generally 2, 4 components to an EMI scheme such as tenure, interest rate, and the upfront amount. Tenure is the length of time you need to repay an EMI scheme and interest rate is how much of the total amount you pay back each month. The upfront amount reflects how much money you actually put down at once.
4. Know how much you will need to pay from your pocket
Unfortunately, it's not always possible for homeowners to change their loans. The interest rates on these loans are typically higher than the rates you can get with a new mortgage, which makes them unattractive options. And if you're considering refinancing a private loan, bear in mind that there may be costs such as appraisals and credit checks.
5. Select a bank and make sure you meet all the eligibility criteria
Have you been thinking about changing banks? If so consider the following before moving on
1. The pros and cons of changing
2. Which type of account will be switched over 3. Whether or not you'll need a new account number
4. What are the costs involved with switching banks?
5. Whether or not it's worth it for you to switch