The home loan interest rates, though they are in affordable state for now, but nothing can be said about the future trends. Thus, one must always be ready with feasible alternatives to opt for whenever the interest rates go beyond the limit. To suggest a few good options one can go with when the interest rates increase, home loan balance transfer is a good tool.
What is a Home Loan Balance Transfer?
Home loan balance transfer is a highly beneficial offered by some reputed banks and NBFCs in India. This facility lets any existing home loan subscriber switch their lender i.e. get their home refinanced by a new lender. However, the facility makes sense only in few cases:-
Read Also: Rising Interest Rates – You should Transfer the Home Loan Balance
Bottom Line: Though the said facility is accessible by all, the timing is a very crucial factor when opting for the facility. Hence, don't make a decision in haste, plan it well.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.