What is the Right Time for a Home Loan Balance Transfer?
The right time for a Home Loan balance transfer is five or four years before the tenure ends, but it also depends on a few factors like interest rates and additional charges.
5 Things to Consider When Transferring Home Loan
1. Interest Rates
The transfer is more beneficial when the interest rate is lower, as it reduces the total interest payment.
2. Fees and Charges
Before you decide to transfer, check all the fees and charges associated with the process. Any additional fees and charges can add up to your expenses, so better check.
3. Current Financial Situation
Transfer your Home Loan in case of financial difficulties or uncertainty with the EMI. This way, you’ll save yourself from overburdened interest charges.
4. Consider the Remaining Tenure
Discuss with the lender and know how the remaining tenure of the loan affects your savings. Thi way, you’ll know whether transferring the loan early or later in the tenure can help.
5. Understand the Agreement and Terms
Do carefully review the new loan agreement and terms of the new lender. And check if there are any specific conditions or limitations that may impact the timing of the transfer.
Thinking of Transferring your Home Loan Balance?
Connect with our representatives today