The repayment of a home loan becomes a burden for many because of the long tenure and the interest rate. If the tenure is long, the borrower has to keep paying according to the same rate of interest. On the other hand, the higher rate of interest may also make it quite impossible for the borrower to repay the loan.
Thus the solution is to switch your lender and transfer the lance of the home loan amount. This is known as the home loan transfer. This proves beneficial to many.
Let’s discuss in detail.

Know how it works
In this system, as you choose a new lender for your home loan, the new lender clears your due to the old one in full on your behalf. And in turn, you get to repay the loan amount as per the EMI of the new lender. The best part is you get to pay a lower interest rate. For this reason, one has to choose the right lender. Not all the lender will give you a lower interest rate. Always compare the rate of interest of the home loan before you decide to switch to a new lender for the home loan balance transfer.
Advantages Of Balance Transfer of Home Loan
  • It significantly lowers your EMI helps the borrowers to feel relaxed and pay the amount without much difficulty.
  • There is less or no chance of delay in payments as the EMI gets reduced.
  • It reflects your credit score positively.
  • You can choose a shorter tenure with the new lender.
So get your suitable lender and switch your home loan balance today!