Steps to Follow for a Peaceful Home Loan Balance Transfer - Loan Trivia


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Friday 4 May 2018

Steps to Follow for a Peaceful Home Loan Balance Transfer

Home Loan balance transfer has become increasingly popular among existing Home Loan subscribers due to all the right reasons. The facility allows the existing borrowers to switch to a new lender with a lower interest rate and save a huge amount of money.

Accordingly, if you are also planning to opt for Home Loan Balance Transfer, here is how you should start:

Find a Good Scheme and Keep it in the Back of your Mind

When you plan to benefit from Home Loan balance transfer facility, you take a calculated risk which has only two outcomes possible: either you get a better deal from your existing lender, or you switch to the new lender. Hence, in order to make this risk work in your favour, find a good Home Loan balance transfer scheme and apply for it beforehand.

Aware your Existing Lender

As you already have an option, you’re in the position to take the second bold move - inform your existing lender about your plans. Informing your existing lender will put you on the right side of the bargain, and also compel the lender to offer you a comparatively beneficial deal in order to retain you as their customer.

Secure an NOC (No Objection Certificate)

If the existing lender fails to offer you a better deal and you are left with no choice other than to opt for the switch, the next thing for you to do would be to apply for a NOC. Securing a NOC from your existing lender is a must for Home Loan balance transfer, to avoid any legal objection later.

Also Read: Steps to Follow For Home Loan Transfer

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