Switching your ongoing home loan to the My Mudra Home Loan Balance Transfer scheme. This way, you may concentrate more on the more important aspects of life, like spending time with your family, thanks to a smooth home loan balance transfer process.
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With the MyMudra Fincorp Home Loan Balance, you can easily reduce the burden of paying inflated EMIs on your existing home loan. To make sure you have a remarkable experience, we provide one of the market's most lucrative home loan interest rates. Additionally, we only charge small fees and uphold complete transparency. There are absolutely no extra fees.
Applicable Fees
Interest rate
A home loan interest rate starting at 9.55 % would help you control costs and keep your EMIs manageable. You may be confident that your experience will be affordable when combined with our other reasonable fees and distinguishing features.
Processing charges
For loan processing, verification, and other administrative services, we charge a small processing fee. Our fee is between 1 and 2 % of the approved loan value, along with the applicable taxes.
Foreclosure charges
With MyMudra’s Home Loan, you can completely benefit from the benefit of foreclosing the loan during the tenure, which is a terrific way to save on interest. Only fixed rate house loans are covered by this, and the amount due must be paid in accordance with NHB's terms and conditions. Foreclosing on a house loan with a floating rate is free of charge.
There are two kinds of Home Loan Balance Transfer interest rates: fixed and floating.
Here, the rate of interest charged on the Home Loan Balance Transfer amount will remain constant throughout the loan repayment period. You know your Home Loan Balance Transfer EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, Home Loan Balance Transfer interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Home Loan Balance Transfer interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Home Loan Balance Transfer will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
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