Ever caught in a situation finding yourself resisting your Home Loan payment? Times when you find yourself not able to save anything. If yes, you will definitely find relief with the Home Loan Balance Transfer scheme.
Study the Market
When you decide to make a switch, it is advisable to study the market and select the lender offering the most affordable rate on your Home Loan. Check the potential lender’s credibility online by talking to their existing customers or by simply walking up to their office or calling the customer care helpline. Find out about hidden charges, stamp duty, processing fee, terms and conditions to make an informed decision.
Necessary Approvals
Submit needed applications with needed documentation to your existing and new lenders of your loan. You will be required to acquire an NOC from existing lender, so the new lender gets you a quick clearance.
Additional Loan
Your new lender may offer you a top-up loan of up to Rs. 50 lakh on such transfers. This would let you cover additional/ unmet expenses, even letting you pay a lower rate on it, in the extended tenure.
Watch this video to know how to opt for balance transfer:
Lastly,
Loan transfer gives the benefit of lower and flexible EMI and minimum documentation. With online management you get the dual benefit to smartly re-pay, as you save.
Also Read:
Home Loan Rate is too high – Switch Your Lender
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