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Home Loan Balance Transfer – When & How
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The rising real estate prices have made it quite difficult for an individual to own a home. The financial aid provided by banks in form of loans has become immensely popular due to flexible repayments and lower rate of interests.
However, before you apply for a basic home loan you should place a basic budget and calculate your own contribution, before deciding how much you want to borrow. EMIs of your loan will be an added expenditure which you have to incur, so planning it carefully will help in lessen the burden. A home loan balance transfer is a facility which offers a customer an option to transfer the outstanding balance of the loan for better terms and conditions. The money that you still owe to the primary lender will be repaid by the secondary lender that is the bank you have transferred your loan to at their rate of interest.
When to transfer your home loan balance
If your current payment scenario has pushed the house you coveted beyond your budget, then it is a good time to transfer your home loan for a lower rate of interest and easy EMIs. You can retain your home on better terms and conditions, which are of less cumbersome and easily payable. You should transfer if you are trying to reduce your home loan term to a shorter period to repay faster or if you want to use the equity in your house for a top-up over your existing loan.
How to transfer your home loan balance
Home loan bank transfers are always treated as a fresh home application, so you will be required to re-submit all the documents that were submitted earlier to the primary lender. The bank however will be rechecking your documents for authenticity. The balance amount transfer is generally restricted to the outstanding balance of loan with the current lender and you will be asked to submit your income proof, banking details, residential proof etc with the application form.
Features and benefits
• Attractive lower interest rates help you a save a lot of money than your original plan.
• You can take a top-up over the existing home loan using the equity in your house for money
• Flexible repayment schedules help you to stay comfortable within your budget
• Rapid capital appreciation is an added bonus on a home loan bank transfer
• The procedure to apply and transfer your loan is designed to make it simple and easy, payable with their flexible tenures and transparent processing
• You can have a closure at your own convenience with zero pre-payment or part payment charges
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