In case of home loans, the amount borrowed is very high as compared to other type of loans. As the loan amount is high, the tenure given to repay the loan is also long as compared to that of a personal loan. However, the interest rates of home loans have seen a considerable change over a period of time. Hence, the old customers might see a difference in the interest rates provided to the new customers by the lenders. If you feel that you can get a better interest rate on your existing home loan with another loan provider, you can transfer your home loan balance to that bank or financial institute.
A home loan balance transfer is also called as refinancing of a home loan. You can refinance your home loan in two ways-
Generally, people prefer applying for a balance transfer with a new loan provider as the number of benefits availed with a new provider are more in terms of deciding the interest rate, loan tenure and the EMI amount. Once you apply for a balance transfer, all your existing home loan repayments will be settled by the new loan provider, while the old account with the previous provider will be closed.
Step 1: Carry out a cost-benefit analysis for your home loan balance transfer
Step 2: Get NOC from your current loan provider
Step 3: Apply for a balance transfer with the new loan provider
Step 4: Settlement of your existing home loan by the new loan provider
Step 5: Repayment of the new loan
Let us discuss each of these steps in detail.
a. Once you get all the necessary documents in hand, you can proceed to apply for a balance transfer with the new loan provider
b. The application process will differ from bank to bank. However, the basic application steps remain the same. For instance, to apply for a Bajaj Finserv home loan transfer all you have to do is follow these simple steps-
For more details on home loan balance transfer, get in touch with us at Finserv Markets. The Bajaj Finserv home loan balance transfer facility can be availed at nominal interest rates, with no extra need for document verification. What’s more? You can get your home loan balance transfer application processed online and approved under just 3 minutes. Once approved, the loan amount will get credited to your bank account within 24 hours! For customized easy loan options with guaranteed 100% transparency, apply for Bajaj Finserv Home Loan Balance Transfer with us, today!
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