A home loan balance transfer is a facility that leading lenders in India offer. It is available for existing home loan customers if they are paying higher interest charges.
A home loan balance transfer helps you switch your current loan to a new lender. It helps you to save on interest charges and pay reduced EMIs.
Let’s know about the benefits of a home loan balance transfer!
Attractive home loan interest rate charges
The biggest reason and the most vital benefit of a home loan balance transfer are to avail of a lower interest rate. Once done, a borrower gets to reduce the loan burden and pay lower EMIs. But before opting for a home loan balance transfer, you should know if you are actually saving. It is because the cost of switching the loan may be more than what you may save. You can know about your savings using the home loan balance transfer calculator.
Zero cost prepayment and foreclosure facility
Another benefit of going for a home loan balance transfer is enjoying prepayment and foreclosure without paying any extra charges.
A high value top up loan
When you go for a home loan balance transfer, top lenders in India also let you avail of a sizeable top up loan amount. This amount is made available over and above your housing loan. You may be able to get a top up loan amount of up to Rs.1 crore. You are free to use the top up loan for anything as per your needs. What’s more, the interest charge and the tenor of a top up loan are lower and longer. Hence, if you need funds, you don’t need to apply for a personal loan at a higher rate.
These benefits of a home loan balance transfer make it worth applying if you wish to reduce your current home loan outgo.
Read Also: What Does Home Loan Eligibility Mean and How Can We Increase it?
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