With government initiatives
like PMAY implementing numerous benefits on home loan, many Indians
are availing these financial packages to build their first house.
Consequently, numerous customers are also choosing to go for home
loan transfer facility
in order to avail lower rate of interest and additional features
which are offered by different financial institutions.
Some NBFCs offer exclusive
advantages on these transfer schemes, which ensure foreclosure and
prepayment options for the customers.
Anyone transferring their home
loan to a financial institution to avail such advantages should keep
the underneath pointers in mind to aid their choice.
While repayment of home loans, usually the early EMIs has a greater
percentage of interest and a comparatively lower percentage of the
principal amount in them. Consequently, it is imperative that an
individual transfers his or her home loan at the earliest to avail
better interest rates. Few NBFCs even provide the option of transfer
after just 12 months.
It is vital to work out the costs associated with the transfer.
These expenses may involve processing fee, registration charges, and
even options of prepayment with its ancillary charges.
These tips are vital
considerations, which are necessary to choose the perfect transfer
facility in India. These ensure a successful transfer as well as
reduced financial burden.