If your current home loan rate is above 9%, you could save significantly by transferring to a lender offering 8.5% or lower. Free comparison on Paisabazaar.
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A home loan balance transfer makes financial sense when the new rate is at least 0.5% lower than your current rate, you have at least 5+ years of tenure remaining, and the savings outweigh the processing fees of the new loan. On a ₹50L loan with 15 years remaining, even 1% reduction saves ₹7-8L over the tenure.
Your existing loan statement, property documents, income proof, and 6 months of bank statements. The process is handled digitally by the new lender in most cases.