Are you not happy with your existing lender? Are you paying more interest at your current Home Loan? Then you are always open to the option of transfer your Home Loan account from one lender to another. The main reason why this facility was introduced was to facilitate low-cost Home Loan interest rate for applicants.
If you are paying more interest rate than the market rate, you can switch to another lender for a better deal and also to avail top-up loan. You just have to pay 1% of the total Home Loan to make this transfer. But, this cost won’t matter if you save on EMI and the interest rate.
The reasons why you should opt for a Home Loan balance transfer:
Lower the interest rate- You should try to make your Home Loan profitable. You should not pay a high interest rate; shifting the loan from the existing lender to a new lender will help you to save on your interest rate.
Get better facilities and services- The facilities and perks will differ from one lender to another. Choose a lender that offers better services and can be considered as trustworthy.
Avail flexible tenor - Changing the tenor of your Home Loan can be a one major reason to switch lenders
Save during income discrepancy - If there is a dip in your income, shifting a loan to another lender can help tide over till the difficulty lasts.
Get details of these factors here: Reasons to Go for a Home Loan Balance Transfer