Do you know the advantages of Home Loan Transfer - Loan Trivia


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Monday 27 September 2021

Do you know the advantages of Home Loan Transfer

home loan balance transfer

 A large number of people with an active home loan continue paying large home loan interest rate charges despite rates falling. 

They assume that there is no way out, and they will have to deal with paying higher EMIs. 

But, with the home loan transfer available, you can reduce your interest charges and pay reduced EMIs. 

Read on!

What is a home loan transfer?

As the name suggests, a home loan transfer is a unique feature that lets you transfer your existing home loan to a new lender. It is generally switched to a lender offering a lower interest rate. Once done, a borrower is able to manage lower interest charges and pay reduced EMIs. 

What are the advantages of a home loan transfer?

  1. To save on interest charges 

One of the immediate benefits of a home loan balance transfer is to reduce the home loan interest charges. This way, one is able to save on interest charges and use that money for other expenses. 

  1. To pay the lower home loan EMIs

Once interest charges fall, a borrower gets to repay lower home loan EMIs. With the payment of reduced EMIs, you get to manage your outlays better than before. 

  1. To avail of a high value top up loan 

Another benefit of a home loan transfer is the availability of a high value top up loan. A top up loan comes with a large amount. You are free to use the loan amount for any expense as per your needs without restrictions. The interest charges and the tenor of a top up loan are the same or a bit higher than the home loan. 

A home loan transfer comes with a hassle-free home loan eligibility to meet. You only need to submit a few documents to change your lender. You can check out everything on your lender’s portal and apply confidently.  

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