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Home Loan Balance Transfer: How is it Beneficial?

· Home Loan Transfer

Being loyal to a particular lender is obviously good for you as it improves your relations with them, and also boosts your chances of getting good deals. However, must know when is the right time to stop trying and look for better options. For instance, a lender, irrespective of your good relations with them, won’t offer you a loan below the base rate. On the contrary, another lender, irrespective of your relations with them, might offer you a loan at a better rate.

So, if you come across a lender who is offering you a Home Loan at a better interest rate than your current lender, you should opt for a Home Loan transfer without a second thought.

What is a Home Loan Balance Transfer?

Home Loan balance transfer is a special facility offered to house loan subscribers. They can opt for this facility whenever they want to and switch their lender to get a better interest rate for their loan. Having said that, the decision must be taken wisely. The timing is very crucial and hence, evaluate the circumstances before taking a decision.

Perks of Home Loan Balance Transfer

Home Loan balance transfer is done for a few reasons: (1) to manage the EMIs by extending the repayment tenor through Home Loan refinance, (2) to lower down the payable interest which automatically reduces the EMI amount or the repayment tenor. So, you can get your loan refinanced and reduce the EMI burden.

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