HOME LOAN BALANCE TRANSFER TIPS

on
        In the year 2017 the home loan base rate is reduced by RBI. Banks reduced home loan interest rates but the rate of interest differ from Bank to Bank/Financial institutions. If you think your home loan interest rate is high compare to other banks present interest rate. Its is better to transfer your Home loan to get interest benefir. Before considering a home loan balance transfer, have a conversation with your existing lender and request for lower interest rates.Perform a thorough study of interest rates offered by various lenders and choose the one with the lowest interest rates.Apart from paying attention to interest, read the terms and conditions of your new lender carefully and ensure that the terms are not binding or contradictory to your interests in any way.  Certain lenders may oblige in order to retain you as their customer. Compare and analyse customer service of various lenders, take into account reviews of other borrowers, and then choose a lender with good service.

         Ensure that the new lender has the provision for prepayment with no strings attached. Certain lenders charge phenomenal fees for prepayment of loan. Hence, when transferring, ensure that no such clauses exist. Prepayment of the loan helps you save money that you would have wasted on additional EMIs.Find out about all the fees and charges associated with the transfer and move forward only if it is truly feasible for you. Remember that transferring a home loan is a long and challenging process, so plan ahead. Be prepared to re-submit documents like address proof, identity proof, etc. and get these ready in advance.
         Ensure that you get all your original documents and paperwork from your existing lender.
Make sure to perform a home loan balance transfer as early in the tenor period as possible. This could save you a lot of money. Before performing a home loan balance transfer make sure to get an approval from your existing lender.

Presently SBI, HDFC Bank, ICICI Banks are offering low interest rates for Home Loan. For more details visit the bank website.