Are you an active home loan customer who is dealing with a higher home loan interest rate?
Are you shelling out a higher amount of the loan EMIs?
If yes, you don’t need to suffer! It is because you can avail of the home loan balance transfer facility.
Read on and know more about it!
What is a home loan balance transfer?
The home loan balance transfer lets your transfer your current housing loan from your existing lender to one offering a lower rate. When you go for it, you can reduce your housing loan interest outgo and manage reduced EMIs. Using the home loan balance transfer calculator before doing it can help your estimate your overall savings.
What are the benefits of a home loan balance transfer?
1. It lets you save on home loan interest payment
The primary benefit of the home loan balance transfer is that it lets you save big on the interest portion. Even if you are able to save slightly on the interest part, it may go into thousands and lakhs. It is because a home loan is a long-term obligation. Longer is your loan tenor; smaller may be the EMI but bigger interest charges.
2. A higher top up loan amount
Most of the leading lenders in India may let you avail of a bigger top up loan when you opt for a home loan balance transfer. Under this, you may cover your diverse needs at a lower rate and a tenor as that of your current housing loan account. Using the loan amount without restrictions is made available.
Before opting for the home loan balance transfer, one should use the home loan balance transfer calculator. It can help you estimate your savings if you switch the loan to a new creditor.
Read Also: What is the Processing Time for a Home Loan Transfer?
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