A home loan Balance Transfer simplifies the financial life of any unsatisfied home loan borrower to switch the outstanding amount of his home loan to some other lender offering a lower rate of interest along with many other benefits working as a breather.
Rate cuts are something, no more badly desired by anyone than an existing loan borrower. But in case one’s present loan lender is not passing on the benefits of the rate cuts made by RBI and at the same time, some other lender is extending loans at a comparatively lower interest rate, there’s no better option of lightening the debt burden that going for a loan balance transfer.
Home Loan Balance Transfers have proved to be a boon for many of the loan customers, who have saved a hefty amount of money switching to some new loan lender which suited best to their particular set of requirements.
Any existing loan customer not over the age of 60 and 65 years in case of salaried and self employed individuals respectively can apply for a loan balance transfer. He must have a track record of past 12-18 months of unbroken chain of EMI payments on the loan. Additionally, a lender may require a clear credit history and decent CIBIL Score.
» If one is paying EMIs at a higher interest rate to its present lender and another lender is offering a lower interest rate.
» When a person deliberates with his bank for reducing the home loan interest rates, considering his good repayment history and is refused for any such option.
» If a person has an unblemished repayment track record of 12-18 months on his current home loan.
Speak to one of our Loan Specialists to begin the customer needs assessment.