Home Loan Balance Transfer is a facility that allows you to reduce your EMI or interest rate by transferring your outstanding loan from one lender to another. This facility lets you take advantage of lower interest rates available in the market.
So when should you take this facility? You should consider taking the balance transfer facility when your existing lender is charging a higher interest rate in comparison to what other lenders are ready to offer you.
The main reason for taking Home loan balance transfer is interest savings. By taking balance transfer, you can move your outstanding loan to another lender who is offering lower interest rates. Of course, you must compare the costs and benefits before taking this facility.
Take the following steps if you wish to avail home loan balance transfer facility:
The eligibility criteria may vary across lenders, but here are some of the most common requirements:
When you apply for balance transfer, it's almost like applying for a new loan. Therefore, you might have to submit all the documents that you may have submitted with the old lender. Take a look at some of the key documents required to apply for balance transfer:
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.