Benefits of Transferring Existing Home Loan in India

To all the existing home loan borrowers, you need to consider a home loan balance transfer if you are not happy with your existing loan. If you feel that the EMI or the cost of the loan is high, you need to make sure that you transfer your loan in order to get the right type of borrowing experience. A balance transfer is an ideal way to deal with an expensive loan. If you feel your home loan has become a burden, you can go for a balance transfer. Here is how you can benefit from it.

A balance transfer is one of the most common and easiest ways to lower home loan interest rates. You are likely to hand over the remaining principal amount to a loan provider who offers lower interest rates. It is important for you to get the right rate of interest when you decide to transfer. Make sure you are getting a lower rate of interest than what you are getting at present. Do not borrow at a high or the same rate. Learn How to calculate business loan by using business loan calculator.

It comes with insurance solutions: You can opt for an insurance scheme to protect your property or your family when you transfer your existing loan. You can add the premium to the new EMIs after you are done with the loan transfer. Many financial institutions offer customized loan options and insurance policies so that it is easy to meet all the requirements of the borrowers. When you balance transfer your loan make sure you go for the minimum charges.

Minimum charges:  Balance transfer on the home loan usually comes with affordable, or zero additional charges levied on the customer. You can go for a prepayment or a part payment of your loan so that you get rid of any additional fee, and enjoy a transparent process without any hidden charges when you opt for a home loan balance transfer. It helps you save a significant amount of savings done on the amount that you are liable to pay.

A balance transfer offers a top-up loan: Many financial institutions offer top-up loans during balance transfer. It can be very useful if you need an extra amount of money. If you are in need of money, then it will help you meet the expenses and makes it easy for you to make the right Investment.

Finishing up

When you wish to get a home or do a renovation on the existing home, you can either go for a house repair loan or a home loan from Clix Capital.

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