Home Loan Balance Transfer

Home Loan Transfer

  • Transfer the outstanding balance of you existing home loan to another bank or from one lender to another.
  • There is a fee usually equal to 1% of the loan transferred that is payable to the new lender for home loan by the borrower.
  • In most cases, the home loan balance transfer application is treated similar to a new home loan application.
  • The balance transfer on an existing home loan can only be availed after a pre-determined time period as mentioned on the original loan agreement.

Personal Loan For Salaried

A personal loan is a short to medium term unsecured loan (no collateral) that you can use to meet current financial needs. Though most commonly used to meet expenses related to debt restructuring, vacations, unexpected medical expenses and down payments, a personal loan may be used for practically any type of expense. If one looks at the benefits of personal loans, one can start with the fact that the tenure of a personal loan is shorter as compared to a mortgage. Unlike mortgage, which is for ten, twenty, perhaps thirty years, a personal loan is commonly for between one and five years.

Home Loan Balance Transfer or Refinancing or simply Balance Transfer is the process that allows you to benefit from the lower interest rate offered by the other lender. If you have an existing outstanding home loan with one borrower, you can make a home loan transfer, that is, shift the remainder amount to a different borrower who charges a lower rate of interest, the process is termed as a home loan balance transfer or refinancing. This unique home loan transfer service helps a customer avoid high applicable interest rates as listed by one home loan lender and migrate to a lower interest rate structure with another lender. Key Features of Home Loan Balance Transfer Transfer the outstanding balance of you existing home loan to another bank or from one lender to another. There is a fee usually equal to 1% of the loan transferred that is payable to the new lender for home loan by the borrower. In most cases, the home loan balance transfer application is treated similar to a new home loan application. The balance transfer on an existing home loan can only be availed after a pre-determined time period as mentioned on the original loan agreement. When the transfer is completed, the borrower owes the transferred principal loan amount plus applicable charges to the new lender instead of the original one. Home Loan Balance Transfer

The most important benefit of availing a home loan balance transfer is saving money. The difference in interest rates between the two lenders, the tenure of the loan and the amount outstanding are the three primary contributing factors. If you see a significant benefit in the home loan interest rate, it may well be worth considering a switch to the new home loan lender. You must first and foremost identify the objective for availing of a balance transfer of your loan. Then you must just ensure that your new home loan helps you bring down your overall cost of acquisition. The reason of switching the lender could include.