Home loan transfer is a process of shifting an existing housing credit from one lender to another. You can reduce the total cost associated with such advances by availing this facility.

To make the most of a balance transfer facility, consider these tips mentioned below –

  • Choose the correct lender - Opt for a balance transfer facility only when you find a lender offering attractive benefits. Analyse the market conditions thoroughly to determine the ideal lender for you. Along with attractive interest rates, ensure that the company provides the provision of extending the loan tenor that can help you to reduce the debt obligations considerably.

  • Be aware of the associated charges - Financial institutions will conduct a thorough application procedure when you decide to transfer your home loan. The charges that you are required to pay include processing fees, secure fees, etc. Ensure that the new lender charges minimal fees to make the most of your balance transfer.

  • Select the ideal time - Before you opt to avail balance transfer facility, ensure that you plan it strategically beforehand. Choosing for it during the initial years of a loan tenor is advisable as you will be able to enjoy the benefits for a more extended period.
Keep these tips in mind when you opt for a home loan transfer. Additionally, ensure that the foreclosure charges are comparatively less than the amount you can save with this facility.