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Why You Must Choose a Home Loan Balance Transfer

Dec 23, 2022

4 min. Read

Why You Must Choose a Home Loan Balance TransferHome Loan

5 Reasons To Choose Home Loan Balance Transfer

Deciding to borrow a Home Loan to either buy the house of your dreams or construct one is a big decision for the common Indian man. However, according to several studies, a Home Loan is the most popular type of loan borrowed by people. Since it is so popular, banks have deliberately made it easy to obtain one. You might think your troubles would end with it, but that’s not true. A Home Loan can become a strenuous expense when you have to pay a huge chunk of your income in the form of EMIs and interest. Paying an interest rate that is too high is especially annoying. In such a situation, a Home Loan Balance Transfer can rescue you.


Home Loan Balance Transfer


A Home Loan Balance Transfer is the process of transferring your Home Loan from your current lender to a new lender. The main purpose to switch to a new lender is to avail of a lower interest rate and hence a smaller EMI. Upon doing your research, if you find that a bank is offering a lower rate of interest than your current lender, you can choose this new lender to pay the remaining amount of your loan and save the money you were paying in the form of high-interest rates. It is an extremely beneficial option to go for, as it not only reduces the interest rate but has several other benefits


Home Loan Balance Transfer Calculator


A Home Loan Balance Transfer Calculator is an online tool that helps a borrower calculate the benefits they can derive by transferring their loan to a new lender. Use this calculator to find out the EMIs you will pay to your new lender. By adjusting the principal amount in the Home Loan Balance Transfer Calculator, you can find out the Home Loan Balance Transfer Interest Rate, the EMI, and the loan tenure. It is a user-friendly tool that looks like a slider. Adjust the tab on the slider to increase or decrease the principal amount and instantly get the results
With a Home Loan Balance Transfer, you can either choose a new lender or choose to transfer your loan to another person. Overall, this option is a great chance to avail of better services and get rid of all the stress that keeps bothering borrowers. A Home Loan Balance Transfer And Top Up Loan is one of the most beneficial options for you if you are in debt but still need some financial assistance. The charges for a Home Loan Balance Transfer are minimal. After considering the benefits and features of this great option, it is highly recommended that you choose it. Say goodbye to a high rate of interest and substandard service and say hello to your new friend, A Home Loan Balance Transfer
L & T Finance provides Home Loan Balance Transfer with low-interest rates to their customers. If you are looking to avail of a Home Loan Balance Transfer, apply now!

Advantages and Benefits of applying for a Home Loan Balance Transfer


A Home Loan Balance Transfer is the borrower’s friend, and you must know every little thing about this friend before jumping to a quick conclusion. Here are the features of a Home Loan Balance Transfer that will help you understand it better:


Features


• Customized repayment options:
Choosing a Home Loan Balance Transfer allows you to customize your repayment plan according to your financial affordability. This feature lets you know how much EMI you would be paying each month to your new lender.

 

• Adjustable Loan tenure:
Loan tenure is the complete duration in which you are supposed to pay back your remaining loan amount. A Home Loan Balance Transfer Calculator will let you know how long it will take for you to repay your loan if you have the amount of the EMI decided and the Home Loan Balance Transfer Interest Rate fixed.

 

• Minimal documentation:
Unlike a regular Home Loan, a Home Loan Balance Transfer does not require too much paperwork. The entire process can be conducted online and in a no-fuss fashion. The crucial documents you will need when applying for a Home Loan Balance Transfer are - a request letter to the current lender and the NOC from your current lender. A request letter is written by the borrower asking their current lender for permission to switch to a new lender, and the NOC is provided to grant permission.

 

• Custom Loan Solution:
Because each business has its own set of unique needs and requirements, these loans are tailored to each individual business.


Benefits


A Home Loan Balance Transfer was introduced with the aim to ease the strain of borrowing loans from financial institutions. It has several other benefits than just a low rate of interest. Here is a list of benefits you can enjoy when you choose a Home Loan Balance Transfer:


• Lowered Interest rate:
The primary benefit of availing of this service is a lowered rate of interest. Most borrowers don’t even think of anything else once they see a lower interest rate being offered; however, that is not advised. You must conduct your own research that goes beyond a low interest rate.

 

• Adjustable Loan tenure:
Loan tenure is the complete duration in which you are supposed to pay back your remaining loan amount. A Home Loan Balance Transfer Calculator will let you know how long it will take for you to repay your loan if you have the amount of the EMI decided and the Home Loan Balance Transfer Interest Rate fixed.

 

• Top up loan:
With a Home Loan Balance Transfer, you have the chance to obtain some extra funds in the form of a Top Up Loan. Home Loan Balance Transfer and Top Up Loan is the ideal combination for borrowers seeking additional funds while paying low interest. You can borrow a decent amount of Top Up Loan when you transfer your loan balance to a new lender.

 

• Improved service:
Rate of interest is not the only thing that many borrowers find troublesome about their lender; it might also be poor services. With a change in the lender, there is a change in the quality of services too, and it is definitely for the better. The new lender provides better services to the customers as they want to build a good reputation for themselves.

 

• Loan consolidation options:
If you have multiple loans, it makes sense to consolidate them and bring them to one single lender for ease of payment. When you transfer your loan, you can choose to consolidate all your loans with your new lender and pay EMIs with ease each month.

 


This article is authored by L&T Finance

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