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Opt for Home Loan Transfers for Better Repayment Options

Are you finding it difficult to cope up with your existing Home Loan interest rates? Opt for a Balance Transfer!

A Home Loan Balance Transfer is the method of transferring your current Housing Loan account to another non-banking financial institution or bank. Individuals generally choose to transfer balance when they come to know of a finance company, which offers good Home Loan top ups and a reduced rate of interest. This article gives you an insight into the benefits of Balance Transfer and how you can do it.

If you want to opt for a Balance Transfer Loan, you can do so online. By doing so, you can take advantage of better interest rates and make the setting up of your home easier on your pocket. The Home Loan transfer process is simple and helps you work towards your goals easily.

Why Opt for a Home Loan Balance Transfer?

While applying for a Home Loan, you need to compare the interest rates of various banks and NBFCs. If your existing Home Loan interest rates are no longer suitable for you, or if you find a company offering a lower interest rate, here is why you should consider a Home Loan Balance Transfer:

● Pay lower monthly instalments and reduce the burden of loan repayment.
● Use the amount that you save on other important requirements.
● Lower interest rates make your Home Loan liabilities much easier to bear.
● Many NBFCs offer customised options for repayment, as per your needs.
● You can get a high Home Loan top up at a reduced rate of interest.

Eligibility and Documents

The eligibility criteria and the documents that are mandatory for a Home Loan Balance Transfer may vary a bit from one lender to another. However, most companies have certain standard eligibility conditions. You need to have made payments of over 12 loan EMI without having any bounces or dues. Your outstanding amount of Home Loan should be over Rs. 5 lakhs. Once you are eligible, you need to provide some documentation.
The finance company will require your most recent salary slips. You need to provide your salary account bank statements for the past 6 months. You must have authentic identity proof, such as a voter’s ID, driving license, NREGA-issued job card, Aadhar card, and PAN card. Provide an address proof, such as your passport, voter ID, Aadhar card, or driving license.

How to Apply for a Balance Transfer?

The Home Loan transfer process is pretty simple. You can easily apply online by filling out the application form. Fill in the required personal details, such as your name, address, date of birth, and contact information. Enter your income information to know the deal best suited to your financial position. Provide information concerning your employment status and the pertinent property.

Use the Home Loan eligibility calculator to know the best offers based on your creditworthiness. Check out the Home Loan transfer charges and pay the fee securely online to reserve the offer that is computed for you. Finally, upload authentic copies of all the necessary documents, including proof of signature and photographs.

Factors to Consider

You need to consider several things before opting for a Balance Transfer. Compare the Home Loan transfer charges of different companies and arrive at an informed decision. Look out for these features while transferring your Home Loan:

● Facility for prepayment
● No hidden costs
● Zero foreclosure charges
● Customized insurance schemes
● EMI holiday features
● Easy online account management

Assess the Policies

While opting for a Balance Transfer, choose a company whose policies allow you to borrow the amount you need. You can consolidate your auto and personal loans as well, to improve the loan amount you are eligible for. Keep track of changing plans and schemes. Compare different Home Loan transfer charges and policies to make an informed decision. Check out Home top up loan offers and make the best of it!

A Balance Transfer is the best decision if you want to refinance your Housing Loan and you still have a lot of interest to be paid. You can also take the services of professional loan advisors to figure out the best way to go about the Balance Transfer process.

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