Have you bought your dream home by availing home loans? Is your home loan breaking you? Then it is the right time that you opt for home loan balance transfer. First of all, you can ask your own lender to decrease the interest rate according to the market condition. But after the reduction you still find your home loan unmanageable then you should approach other lenders for a balance transfer. Switching your loan from current lender to a new lender is called as balance transfer thereby reducing the EMIs. But it involves transfer charges which include the following:
Apart from the above, there might be some other charges which might vary from one lender to another. Normally, you should go for home loan balance transfer during the first half of your loan tenor because during this period you might not have paid heavy EMIs. Check that after the transfer you get enough savings. If not, it is not advisable to go for a balance transfer. Now-a-days, apart from banks, many NBFCs are also accepting balance transfer. You need to research and select the best option available for the balance transfer just like you must have done for availing the loan. They also have home loan balance transfer calculator available in their website through which you can calculate the savings you will make through this balance transfer. It involves minimal documents verification as you are already paying the EMIs with the current lender. If you are suffering from the huge burden of home loan EMIs, then it is the right time to opt for home loan balance transfer.
Read Also: All You Need to Know About Home Loan Transfer
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AuthorAman 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. |