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We understand that the term Balance Transfer can be slightly confusing. However, what it essentially means is that one can transfer an existing home loan with outstanding balance of a loan from one bank to another bank. The main reason why people choose to transfer balance is to save interest on the loans and reduce the number of EMIs as one is able to make a switch to a personal loan with a low rate.
There are many benefits to transferring balance from one bank to another that a borrower will experience. Here are a few of them:
To initiate the transfer, follow the below home loan transfer procedure:
What a person needs to keep in mind when one is looking to refinance a home loan are the processing fee and the transfer charges of the loan as well. When you do apply for a new bank’s balance transfer, have a look at the interest rates of the banks, and only after the additional charges combined happen to be cheaper than your current bank, decide to make the switch.