I remember asking my personal loan bank manager if I could convert personal loan to home loan. He informed me that we can never convert a personal loan to a home loan. He told me that a home loan is secured, whereas a personal loan is unsecured. So, there is no way to combine these two different loans.
However, you have the option to refinance or transfer the amount of your personal loan rather than turning it into a house loan. I will tell you more about this.
Can Personal Loan Be Converted to Home Loan?
No, we cannot convert a personal loan to a home loan. But we can certainly do a personal loan balance transfer. If you think some other bank has a lower rate of interest and is offering some additional benefits, you can certainly transfer your personal loan to that bank.- A consumer transfers the entire amount owed on their personal loan from one bank to another through a personal loan balance transfer process.
- It typically occurs when the amount of the outstanding loan is lent at a reduced interest rate by the new bank.
- Therefore, the main goal of a Personal Loan balance transfer is to lessen debt overall.
- The borrower is not required to furnish any collateral as part of the loan transfer process.
- Stamp duty on the loan agreement, processing fees, and foreclosure costs would be a few small fees associated with the Personal Loan balance transfer (if applicable).
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A personal loan cannot be transferred to a home loan. A personal loan is an unsecured loan while a home loan is a secured one. You can transfer your existing high interest personal loan from one bank to another. Public sector banks like Bank of Maharashtra offers this feature.
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Personal loan and home loan are two different kinds of loans. Personal loan is an unsecured loan while home loan is a secured loan type. If you are wondering can personal loan be transferred to home loan or is it even possible. I would be able to answer this for you. Find out here.
Can I transfer my personal loan to home loan
Unfortunately, as far as I know NO bank has provided this service so far. However there are a couple of things that you can do.
I hope now we are clear on can personal loan be transferred to home loan or not.
I have checked the amount of home loan that I am eligible to get, through this,
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This was of great help to me.
- You can apply for a home loan and get the cheapest interest rate
- You can transfer your personal bank from one bank to another
| Home Loan | Personal Loan |
| It is a secured loan | It is unsecured loan |
| Can be used to buy a residential property | Can be used for various purposes such as weddings, buying gadgets, paying off other loans, etc. |
| Longer loan tenure (up to 60 years) | Shorter loan tenure |
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Can Personal Loan be Transferred to Home Loan?
Reshma
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2021-09-24T14:57:50+00:00 2024-04-29T14:40:40+00:00Comment
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