What is the Ideal Time to Go for a Balance Transfer? - Loan Trivia


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Monday 15 October 2018

What is the Ideal Time to Go for a Balance Transfer?

Balance transfer is usually done in case of Home Loans when the instalment has gone up to such an extent that it has started affecting your monthly budget. This mostly happens in case of floating interest rates. A Home Loan balance transfer facility comes as a blessing in such a case using which individuals can transfer their existing loan from one lender to the other. Even though it involves a processing fee but it can provide a lot of relief in terms of the monthly expenditure.

However, apart from the increase in the interest rates, there are a number of other reasons because of which one can opt for a Home Loan balance transfer facility. For instance, the current lender may not be offering a good customer service. They probably do not provide an online account or refusing to provide loan statements. The other reason can be because of declining finances resulting from increased rate of interest or from other financial commitments.

No matter what the reason, if you are dissatisfied with the services of your current lender, you must switch to another lender. It is interesting to note that there are a number of financial institutions available in the market who offer this facility for transferring the balance of your Home Loans.

Apart from the loan transfer, you also get the option to have your loan topped-up to Rs. 50 lakhs. This is highly beneficial because despite our best efforts to calculate the costs involved, many times we come across situations where we have to deal with unexpected expenditures. There are no foreclosure charges and you get an online account to check all your details anytime you want.

If you are interested in knowing more about Home Loan balance transfer and top-up loans, you should visit the website of any such financial institutions to know more.

Additional Read:

What is the Right Time to Opt for Balance Transfer?

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