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A home loan balance transfer is applied for when one has taken a home loan from one lender and wants to transfer the outstanding home loan amount to another lender who provides a lower rate of interest and better services when compared to the current lender. This is done to help save money in the long run.
A home loan balance transfer is very beneficial if the interest rate provided by your new lender is much lower and if you have a long tenure for your current home loan left. If the interest rates vary mildly or if your loan tenure is going to end soon, then it might not be very advantageous as you will need to pay a processing fee and other small charges, thereby increasing the cost of the home loan balance transfer.
You can only transfer your home loan to another bank any time after the lock in period ends for the same. The lock in period for a home loan usually ranges from 6 months to 1 year. You can check with the lender you have borrowed from regarding the lock in period for the same. This process of transferring your home loan to another bank is known as a home loan balance transfer and can help you save on EMIs in the long run.
A home loan balance transfer is when a customer has taken a home loan from a particular lender and wants to transfer the outstanding home loan amount to another lender who provides a lower rate of interest and better service when compared to the current lender. This is usually done to save money.
Buying a house is very expensive and a home loan can help an individual to do so without taking a toll on their pocket. It is almost impossible to buy a house in one shot as one would have had to save up for many years and also spending such a high amount in one go can affect the other finances one needs to look after.
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