123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Truths About Home Loan Transfer You Never Realized

By Author: Aishwarya Mahurkar
Total Articles: 291

There are so many home loan transfer offers available in the market today. So, it is so easy for the existing home loan borrowers to consider a tempting home loan offer. But, hold your horses. It is not easy or quick. It almost takes some amount of time, research and resources as it takes for any housing loan. But, you need to know few more facts about home loan balance transfer offers. They are rather unique facts you need to know before you take a jump.


Lower interest rates are not enough


For most borrowers, “lower interest rates” is the biggest attraction. Most borrowers do few home loan calculations to discover that they will save considerable funds with these home loan rates. But, it is not that simple. You will need to get an NOC and sign a new housing loan agreement. So, you incur all the applicable expenses for successful completion of the process. For example, processing charges, legal fees, stamp duty, etc. Some housing finance companies in India include transfer with zero or minimal processing charges. But, at the end of the day, profitability of the home loan transfer is not guaranteed. You need to conduct your own home loan calculations to ensure that you have a fair deal. Profitability is the key. Figure that out before considering new home loan offer.


Your current credit score may harm your chances


You must meet the home loan eligibility criteria of a new lender. But, more importantly, you will need to meet their credit score and credit history criteria. Any unpaid bills and pending EMIs of other loans can damage your credit substantially. Therefore, you need to know if you are financially ready to meet loan criteria and incur these expenses. Home loan balance transfer can be much easier than taking housing loan for the first time. But, if you have any additional loans and expenses, it can be a real challenge.


NOC is not oh-so-obvious


Each borrower, along with other home loan documents, will need an NOC from current housing finance organization. It is not a quickly accessible document. First of all, any borrower, who missed home loan EMI, will not receive it. A lender is completely within his rights to do so as per the terms and conditions of home loan. So, try to get your NOC. You will discover the potential barriers standing in your way. You will need to consider them before making concrete plans to jump off the ship.


Home loan balance transfer can be easier. But, you need to get all your ducks in the row before submitting house loan application. A smart borrower will understand these truths ahead of time and use them to his/her advantage when the time comes.

Author Bio :
Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the home loan transfer sector.

Total Views: 86Word Count: 484See All articles From Author

Investing / Finance Articles

1. Why Open An Nri Account?
Author: Samantha Kennedy

2. Commercial Mortgage Loan
Author: Loansa Assit

3. Why Perform A Fundamental Analysis Of A Company?
Author: Aastha Kapoor

4. Open Online Trading Account With The Lowest Brokerage Charges
Author: Krutika Sharma

5. Avail Reliable Tax Return Online Australia Services To Get The Job Done Like Never Before
Author: jameslogaa

6. Get Yourself Best Sip Plans For Long Term
Author: Jignesh Shah

7. Equity Linked Saving Schemes (elss)
Author: Tanvi Sherzade

8. Basics Of Mutual Funds
Author: Tanvi Sherzade

9. 5 Most Critical Points On Loans For Unemployed With Bad Credit
Author: Ashley Corn

10. Need Vat Consulting? Get Help From Xcel Accounting
Author: aniket vichare

11. Best Stock Tips Provider In India
Author: deepti jain

12. Avail Professional Online Tax Return Services To Get Best Value For Your Money
Author: jameslogaa

13. Buy Financial Services Email List From Demandsteer And Improve Your Sales
Author: Gary

14. Thinks You Must Know Before Outsourcing Accounting And Bookkeeping Services
Author: Friso Krahmer

15. 5 Reasons To Study In India
Author: anaya shroff

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: