Balance Transfer

Still paying old-rate interest on a new-rate market?

If your existing home or business loan is priced above what the market now offers, a balance transfer moves your outstanding amount to a lower-rate lender — same loan, smaller EMI, no need to start the tenure over.

Apply Now Calculate EMI

0.5%+

Typical rate cut

Same

Tenure retained

Min. paperwork

vs new loan

40+

Lenders compared

Why choose this with us

Benefits built around the borrower.

A short list of what actually changes when you apply through Financeway instead of walking into a branch.

Lower rate, same tenure

Keep your existing repayment horizon while cutting the rate you pay on it.

We compare, you save

Outstanding balance checked against 40+ lender rates to find the best available transfer.

Minimal paperwork

Most documentation carries over from your existing loan — no fresh property search needed.

Top-up available

Many banks allow an additional top-up loan at the same time as the transfer, at the new rate.

We manage the handover

Coordination between your old and new lender is handled on your behalf.

No prepayment penalty (floating)

RBI rules mean floating-rate home loans carry no foreclosure charge for individual borrowers.

Loan Instrument

See your EMI before you apply.

Move the sliders — the split between principal and interest updates in real time.

Loan Amount ₹3,000,000

Interest Rate (p.a.) 8.50%

Tenure 180 months

Apply at this EMI →

Estimated Monthly EMI

₹21,494

● Principal
₹10,00,000

● Interest
₹2,89,640

Balance Transfer

What you'll need

Keep these ready to speed up your application.

Documents Required

Keep these ready — our representative collects them at your doorstep.

Existing loan statement (last 12 months)
Loan sanction letter from current lender
PAN & Aadhaar Card
Latest salary slips / ITR
Property documents
Foreclosure letter from current lender

Eligibility Criteria

A quick self-check before you apply.

Minimum 12 EMIs paid on the existing loan
Clean repayment track record, no recent defaults
Outstanding tenure of at least 2–3 years remaining
Credit score of 700+ preferred
Rate differential of at least 0.5% to make the switch worthwhile

Questions

Frequently asked questions

Even a 0.5–1% rate cut can save lakhs in interest over a long tenure — our calculator can model the exact difference for your loan.

Some banks charge a processing fee on the new loan (typically 0.5–1%); your existing lender may also levy a foreclosure charge on fixed-rate loans, though floating-rate loans are exempt for individuals.

A balance transfer involves a fresh credit check, causing a minor temporary dip, but improved repayment terms usually help your score over time.

Yes, though frequent transfers can erode the savings once fees are accounted for — we'll tell you honestly if a switch isn't worth it yet.