Make sure you hand over all original documents of the house to your new lender. The bank’s lawyer will then scrutinise your papers for a fee. This fee could be anywhere between Rs 1,500 and Rs 2,000.

The new bank may want to revaluate your property based on the location and condition of your property. The revaluation charge is approximately Rs 1,500, but can vary from bank to bank. 

The refinancing process could take between seven to 10 working days depending on the bank you’re dealing with.

Here's a look at charges at a glance:

Type of charge - Approximate cost
Processing fee  - 0.5 to 1% of the loan amount
Documentation fee  - Rs 1,500 to Rs 2,000
Revaluation fee  - Rs 1,500

Photograph is for representational purposes only.

Photograph: StockXchnge