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Home Loan Balance Transfer
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What is a Home Loan Balance Transfer?
A Home Loan is one of the biggest financial commitments. Home financing can often be a real struggle for you if you are paying a hefty monthly instalment, due to high interest rates. Since a Home Loan is a high interest liability, it is still possible to save money once you opt for a Balance Transfer or Refinancing of a Home Loan. A Home Loan Balance Transfer facility lets you shift your outstanding Home Loan balance from your existing bank to a new lender, which is offering a lower interest rate. The facility ensures that the Home Loan aspects offered by the new lender match your repayment capabilities and goals.
What does Home Loan Balance Transfer cover?
- Lower Interest option
- Lower EMI or Tenure
- Avail a top up loan
- Add additional benefits
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Bangalore, Karnataka
Our Services are available in Mumbai, Pune, Satara, Kolhapur, Delhi, Gujarat and surrounding areas.
Benefits of a Home Loan Balance Transfer:
- nstant loan Sanction: An instant sanction letter usually for a loan amount of up to Rs 1 crore.
- Attractive Interest Rates: Rate of interest usually starts from 6.75% p.a.
- Low EMIs: Pay low monthly instalments with a smart option and grow your savings.
- Sanction Multiple Loans: Avail of instant Balance Transfer on up to two Property Loans
- Longer tenure: Save more on loan repayments, by opting for a longer loan term under the Instant Balance Transfer
- Avail Top-up Loan: Overcome financial shortcomings by applying for a Home Loan Balance Transfer and Top up Loan, at the same time.
Personal Loan
Personal Loan is an unsecured credit provided by financial institutions
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Loan Against Property
Helping you pay for your to childs study abroad
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Helping you buy a vehicle you need
Why is a Home Loan Balance Transfer important?
Balance transfer is a good option for home loan borrowers. This is because the transfer of loan to other banks provides the benefit of lower interest charged on loans. In addition to that, balance transfer could even provide top-up loan offers to borrowers on the existing loan offers. A home loan typically involves a large amount of money to be paid, and the interest rate on the home loan is very steep in India, compared to the rest of the world. Over a 20-year term, a borrower will easily pay 2.5x of what the loan they avail. For example, a INR 1 crore loan can easily make for a payout of INR 2.5 crore over 20 years. Even a drop of 0.5% interest rate in the home loan can make a difference in the overall outgo. One way to reduce the interest rate is checking with the existing lender. However, if the current lender refuses there is always an option of transferring the balance to a new bank.
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