Understanding the Benefits of Home Loan Balance Transfer
You no longer have to face the consequences of a higher interest rate if you are an existing home loan customer.
Yes, it is because you can always switch the loan account to a new lender offering a lower rate and pay reduced EMIs.
When you avail a home loan balance transfer, you get many benefits.
Read on and explore more!
Home loan balance transfer perks revealed
- A lower rate of interest
One of the key benefits, why a large number of people switch their housing loan accounts to a new lender is to make the most of a lower interest rate. Even a slight difference in interest rate can go a long way in helping borrowers to save big. Once the home loan interest rate is down, a borrower also gets to pay lower EMIs.
2. Zero prepayment and foreclosure charges
Also, opting for a home loan balance transfer lets you enjoy amazing part prepayment and foreclosure terms. There is no need to pay extra charges if you wish to prepay or foreclose your account after transferring it to known lenders.
3. A high-value top-up loan made available
Once you transfer your home loan to a renowned lender, you can access a high-value top-up loan amount. Based on your eligibility, the top-up loan amount may go up to Rs.1 crore or even more. You are free to use the funds for anything as per your needs without restrictions. The rate of interest charged on a top-up loan as well as the tenor is lower and flexible to help you manage it without issues.
Must Read: 9 Checklist for Home Loan Balance Transfer
If you are still paying a higher home loan interest rate amount when charges have been reduced, you can go for a home loan balance transfer and enjoy all discussed benefits. This way, you can start saving and focus on other goals in your life.
