Home Loan Transfer

Home Money Balance Transfer helps you lower your EMIs by transferring your remaining loans to other financial institutions to those that offer a lower price. Home Loan Transfers or Re-Funding or simply Transfer balancing is a process that allows you to earn a lower interest rate offered by another lender.

If you have a debt outstanding balance of one borrower, you can transfer the mortgage loan, that is, the remaining balance that you have deposited with a different borrower at a lower interest rate, the process is called a mortgage transfer or rebate. This unique home loan service helps the consumer avoid high effective interest rates as it is written by one mortgage lender and move to a lower interest rate structure with another lender.

So why would anyone need to transfer the remaining money? Home loans involve a very large amount of money and therefore, the interest rate on a loan is a concern for everyone who decides to take out a home loan. The interest rate on a home loan can range from 6.80% to 12% and one of the most common ways to reduce interest rates is to talk to or lend your mortgage or to transfer your existing home loan balance or in rare terms, transfer your home loan to a lender. small.

Key features of home balance transfer

1. Transfer the balance of your existing home loan to another bank or transfer from another lender to another.
   
   
2. There is a fee usually equal to 1% of the transferred loan paid to the new mortgage lender to lender. This is the same as the processing fee for home loan.
   
   
3. In most cases, a home loan application is treated in the same way as a new home loan application.
   
   
4. The transfer of the balance of the existing local loan can only be obtained after a specified period as stipulated in the original loan agreement.
   
   
5. When the transfer is complete, the borrower owes the amount of the loan transferred and the applicable costs to the new lender instead of the original one.

Reason for applying for home loan balance transfer:

The most important benefit of getting a mortgage loan is saving money. The difference in interest rates between the two lenders, the loan period, and the outstanding amount are the three contributing factors. If you see a high-interest rate on a home loan interest rate, you may want to consider switching to a new home loan. First, you need to indicate the purpose of getting the rest of your loan. After that, you should just make sure that your new home loan helps you lower your adoption costs. The reason for changing creditors may include:

1. Reduce the EMI burden every month
   
   
2. Reduce the amount that has to be paid as interest on the loan
   
   
3. One can also consider applying for a refund of the balance just to get attractive discounts and benefits offered by another lender.

Home Loan Amount Balance Transfer - Eligibility terms

Any paid person, self-employed or self-employed businessman with an outstanding loan provided regularly at home may apply for a transfer of the balance at home. While all credit providers have different eligibility criteria, some of the basics of Indian Overseas Bank Home Loan are as follows:

1. You must be of Indian nationality and be 21 to 60 years old. While self-employed people are eligible for transfer up to 65 years.
   
   
2. Your credit rating should not fall within your loan application. Regardless of your credit rating at the time of the initial loan application, if the rate comes at the time of the transfer, banks may reject your loan repayment application.
   
   
3. The working span of the borrower should be long enough as mentioned by the lender and also the company he is working for should be old enough. This period is usually 2 years.
   
   
4. You should have some ability to pay every month or the minimum wage required.
   
   
5. Some banks may also require a small family income stated by the lender.