A home loan balance transfer helps you to pay off your existing home loan faster. It comes with lower interest rates and better repayment tenure.
Bank of India offers home loan balance transfers from other banks. Here are the benefits of transferring your existing home loan to Bank of India.
- Get lower interest rates than your existing home loan
- You can get more time, through longer repayment tenure, to repay your loan
- You could opt for a top-up loan to use for purposes like renovation or remodelling of your house
- The top-up loan amount can be used for any of your needs without restrictions
- This is a good option if your existing loan is putting a lot of burden on your monthly cash flow
- By opting for a balance transfer you get to ease your debt repayment, thereby improving your credit score
Additional read: Home Loan Becoming Too Much Of A Burden?
A home loan is a long time commitment. You need to be very disciplined with your EMI payments. If you find that the current lender is charging high interest rate, you can always explore options with a home loan balance transfer. Bank of India home loan balance transfer is a great way to reduce your home loan burden and pay off the loan comfortably.