With rising prices of properties, most individuals opt for home loans when buying a property. It involves a huge sum of money in most cases and involves some documentation before the loan is sanctioned. However, there are many instances wherein the borrower is not happy with the service of her/his borrower. In such a case what should the person do?
Should the individual continue with the lender? Is it a compulsion to remain with the same lender who sanctioned the loan? The answer surprisingly in both the cases is a no. After the first twelve months of the tenor or over, the borrower can opt for what is known as a home loan balance transfer facility.
Some of the reasons why borrowers opt for this facility are -
Lower Interest Rates
This is one of the biggest reasons why borrower switch lenders as they had opted for a fixed rate of interest at the time of opting for the home loan. When the wanted to change to a floating rate of interest, the lender is not ready to offer that facility. Once the borrower finds out that another lender is offering a lower home loan rate of interest she/he switches the lender by opting for a home loan balance transfer.
Many lenders start by providing excellent services before and during the time of applying for the loan but once the loan is sanctioned and the borrower starts paying the installments, the quality of services take a hit. Many times, they even do not provide the privileges and benefits which the borrower is entitled to it.
There are a number of lenders who offer home loans today. Ensure that you conduct proper research before choosing your lender. Some of the best-known lenders provide loans of up to Rs. 3.5 crores, long repayment tenor, EMI calculator, and online loan account facility.