Do not look only at rate
A lower interest rate is useful only if total savings are higher than processing fees, legal charges, valuation charges, and other transfer costs.
Decision guide
Home Loan Balance Transfer Checklist
A checklist to decide whether shifting your home loan to another lender is worth the charges and paperwork.
Check break-even period
If it takes too long to recover transfer charges, the switch may not be worth it. A short break-even period is usually more attractive.
Compare total payment
Compare current loan total interest and new loan total interest over the remaining tenure, not just the new EMI.
Before switching
Ask your current bank for a rate reduction first. Also verify foreclosure rules, document release timelines, insurance, and reset frequency.