If you are interested in shifting your current Home Loan to a different lender, there are many takers in the market. Their websites are full of information and they offer many attractive facilities along with a lower rate of interest. You need to do a comparative study among the available options and try to find the best lender among them. Home Loan balance transfer is all about getting better interest rates and you should not transfer your loan blindly to any bank or NBFC.
You must be aware of all the factors associated with it such as the eligibility criteria, document submission, interest rate and other additional benefits.
The measures need to be taken by lenders and applicants while Home Loan transfer process, are:
Foreclosure letter needs to be collected from the existing lender by the applicant.
The documents related to Home Loan and the property that are already with the existing lender, needs to be transferred to the new lender.
Check whether you need to need to pay any penalty charges or not.
The difference between the interest paid earlier and the new interest must be calculated.
To check the other factors related to Home Loan balance transfer, read: 10 Points to Remember Before Transferring Your Home Loan