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There are many times when you need some amount of money on an urgent basis. Especially when you are constructing or buying a new home, you might as well consider applying for a home loan service. Make sure that you are applying for a loan from a reliable service provider like Bajaj Finserv. In case you are finding it difficult to cope up with the particular loan lender due to higher interest rates or other issues, you can transfer your home loan to some other lender.
Here is the entire home loan lender switching process you should know about:
- Firstly, you are required to transfer the current balance of the current amount to the new loan provider. As such, you might consider getting hold of the important documents that are required for refinancing the home loan.
- After taking a proper consent letter from the previous loan lender, you can take all your documents to the new lender. After studying the documents carefully, the new loan provider might decide on the new interest rate, loan tenure, outstanding loan, and the amount of top-up loan that you might be eligible for.
- Upon the approval as well as verification of the documents, the new loan lender would provide the outstanding loan amount to the previous lender.
Reference Read: A Handy Guide to Switch your Home Loan Lender
Enjoy the ease of paying low-interest rates with a reliable home loan service provider.
