Two of the most important factors which guide the relationship with any individual are transparency and profitability. Thus, if you find that the existing lender of your home loan has increased the interest rate to an unprecedented level then it is time to give serious thought to the offer letter of a lower interest rate home loan received from another lender.
Despite the fact that there are a number of benefits of getting your loan transferred from one lender to the other, there are a number of aspects which needs to be borne in mind before doing that. Here are a few of them -
Right Conditions
The need for getting your loan transferred from one lender to the other can be due to a number of reasons. Apart from the fact that your existing lender has started charging a higher rate of interest, you can also opt for a balance transfer when you find that another lender is ready to offer you a higher loan amount at a lower interest rate.
Transfer Process
Your new lender will pay out the existing home loan in full of your old lender and now the remaining part of the home loan has to be paid to the new lender. There are many people who tend to have apprehensions in this regard but the process is exactly this simple. However, you also need to check the math as to whether or not you are saving some money in the entire process and if you are, then to what extent are you saving.
Despite the fact that there are a number of benefits of getting your loan transferred from one lender to the other, there are a number of aspects which needs to be borne in mind before doing that. Here are a few of them -
Right Conditions
The need for getting your loan transferred from one lender to the other can be due to a number of reasons. Apart from the fact that your existing lender has started charging a higher rate of interest, you can also opt for a balance transfer when you find that another lender is ready to offer you a higher loan amount at a lower interest rate.
Transfer Process
Your new lender will pay out the existing home loan in full of your old lender and now the remaining part of the home loan has to be paid to the new lender. There are many people who tend to have apprehensions in this regard but the process is exactly this simple. However, you also need to check the math as to whether or not you are saving some money in the entire process and if you are, then to what extent are you saving.
Reference Read: Stop Paying High EMIs. Try a Home Loan Balance Transfer
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