How is Home Loan Balance Transfer Beneficial for You? - Loan Trivia

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Wednesday, 28 March 2018

How is Home Loan Balance Transfer Beneficial for You?

Many applicants face a common problem of choosing the wrong lender for a Home Loan. They choose a lender and later found the bank to be inappropriate. What is the solution to such situations? They can opt for a Home Loan Balance Transfer. This will help the applicant to enjoy several benefits, such as:
It will lower down the EMI. The remaining balance of your Home Loan will be transferred from the existing bank to the new bank. When your remaining principal amount will be paired with a reduced rate of interest, automatically your EMI amount will come down.

It will improve your credit score. The reduced EMI will help you to pay your EMIs on time. You may also have some surplus money in your hand which may help you to do part prepayment. This will further reduce the principal amount and your EMI. This may have a positive impact on your credit score.

It will enable you to make prepayments. You should transfer your Home Loan in such a bank or NBFC that offers prepayment and foreclosure facility free of cost. So that, you can prepay some amount and reduce down your EMI.

It will help you to avail value-added services such as customised insurance scheme, online loan of management, Top-up Loan, etc.

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