Yes, you can transfer your existing home loan to BOI. BOI, Bank of India, offers lower interest rates and longer repayment tenure to pay off your home loan comfortably.
A home loan balance transfer is the process of transferring an existing home loan to another lender with a lower interest rate and other advantages.
When you transfer your home loan balance to the Bank of India, the total outstanding amount is transferred to the new account, where BOI pays the remaining balance to the previous lender and the account is closed. This helps you save on the monthly EMIs and pay off your loan faster.
Read more on Home Loan Balance Transfers here!
Benefits of transferring your existing home loan to Bank of India:
- Lower interest rates than your current home loan
- More time to repay your loan through a longer repayment term
- You could choose a top-up loan to use for purposes such as a home renovation or remodelling.
- The top-up loan amount can be used for any of your needs without restriction.
- This is a good option if your current loan is putting a significant strain on your monthly cash flow.
- By choosing a balance transfer, you can reduce your debt payments while also improving your credit score.
When should you opt for a home loan balance transfer?
You can opt for a home loan balance transfer if
- You will be getting a lower interest rate
- You get a longer repayment tenure to pay off the loan
- You are shifting from a fixed rate of interest to a floating rate of interest
- You want to get a top-up loan along with your balance transfer
Additional Read: 8 Scenarios When You Should Not Refinance Your Mortgage
Note: Consider the cost involved in the balance transfer. If it is higher than the interest savings, it is better to stay with your current lender.