Things to Take Care of to Complete the Home Loan Balance Transfer Process

Various lenders offer a simple home loan balance transfer process with minimal steps involved to complete it. This makes availing the refinancing facility straightforward. This facility helps home loan borrowers to choose a new lending institution offering the financing at lower rates of interest than the current rate, thus enabling them to enhance overall savings on this advance.

Luckily, applying for a housing loan balance transfer can be completed online. You can take the following few steps to complete a home loan transfer –

Step 1: Go to the official website of a preferred lending institution one wants to refinance with 

Step 2: Navigate to the home loan balance transfer page and fill up the application form

Step 3:  Provide accurate details related to your existing home loan along with one’s repayment capacity to proceed

Step 4: Once a borrower has made the application, apply for a loan foreclosure with your existing lender

Step 5: One can foreclose your current home loan account after payment of a nominal additional fee

Step 6: Consequently, provide the necessary documents to the new lender for balance transfer approval

Step 7: Select new loan terms as available and sign this new loan agreement affecting the reduced rate of interest on your home loan and other favourable terms.

Additional Read: Here’s Why Home Loan Borrowers Must Try to Get the Lowest Interest Rates 

Note that you may be required to pay a certain fee to avail of this facility. Compare the total cost of this facility with the savings made to assess the feasibility of a home loan balance transfer.