Everyone who has a home loan to repay feels burdened. It is because a home loan is a big amount. Not everyone can pay the monthly EMI at the right time due to unforeseen situations. But if you miss one EMI, you become a defaulter. The best way to avoid such circumstances is by consulting with your loan lender to either revise the loan interest rate or to transfer the balance to some other lender.
This is known as balance transfer of loan. And people who face difficulty in repaying the home loan may opt for this facility. It is not possible to entertain lower the interest rate for your lender. So balance transfer is the right solution. Here are a few things you must know about home loan balance transfer.
Also Read: Learn more about Home Loan Balance 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. |