{"id":386,"date":"2020-08-15T06:55:33","date_gmt":"2020-08-15T06:55:33","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=386"},"modified":"2020-08-15T06:55:33","modified_gmt":"2020-08-15T06:55:33","slug":"benefits-of-home-loan-transfer","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/benefits-of-home-loan-transfer\/","title":{"rendered":"Benefits Of Home Loan Transfer"},"content":{"rendered":"\n
\"benefits<\/figure>\n\n\n\n

Is home\nloan transfer good? Is home loan transfer profitable? Is home loan balance\ntransfer beneficial? are some common questions from home loan borrowers. <\/p>\n\n\n\n

Many\ntimes the borrower is not aware of home loan transfer benefits and thereby\nmisses the chance to reduce his EMI, by transferring his home loan to other\nbank. Highlighted below are the benefits of home loan balance transfer.<\/p>\n\n\n\n

Home Loan Transfer Advantages<\/strong><\/h2>\n\n\n\n

1) Home loan transfer will get you a low\ninterest rate on home loan.<\/strong> <\/p>\n\n\n\n

The\nchange in the RBI\u2019s repo rate also changes the lending rates of the bank. With\nthe reduction in the repo rates, the bank\u2019s lending rates are reduced. If your\nexisting rate of interest doesn\u2019t change with the change in the bank’s interest\nrates, or if the change is negligible, then it is probably the time to shift\nyour loan. Home loan transfer from one bank to another will get you the low\nhousing loan interest rate.<\/p>\n\n\n\n

Additional\nRead: Know How To Deal With The Increasing Interest Rates Of\nHousing Loans<\/strong><\/a><\/p>\n\n\n\n
<\/strong>Home Loan Transfer Lowest Interest Rate of 6.95%*p.a.<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

2) Enjoy<\/strong> Reduced EMIs<\/strong><\/p>\n\n\n\n

Low\ninterest rate means low per month repayment outgo i.e. reduced EMIs. <\/p>\n\n\n\n

3) Total Interest Payable Is Less<\/strong><\/p>\n\n\n\n

Low\ninterest rate means less total interest payable to the bank for the same\nprincipal amount.<\/p>\n\n\n\n
<\/strong>Home Loan Transfer Offers<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

4) Opportunity To Enhance Your Loan Tenure<\/strong><\/p>\n\n\n\n

Home\nloan transfer will give you an opportunity to enhance your loan tenure.\nEnhancing the loan tenure saves money on your per month instalments, since the\nEMIs are  reduced. <\/p>\n\n\n\n

(Home\nloan transfer minimum tenure is 5 years)<\/p>\n\n\n\n

5) Get Top-up At Home Loan Rate<\/strong><\/p>\n\n\n\n

Home\nloan transfer is beneficial to avail a home loan transfer and top-up loan at\nhome loan interest rates.<\/p>\n\n\n\n
<\/strong>Home Loan Transfer With Top-up At Lowest Interest Rate Of 6.95*p.a<\/strong><\/a>. <\/strong> <\/td><\/tr><\/tbody><\/table>\n\n\n\n

6) Transfer From Fixed To Floating Interest\nRate<\/strong><\/p>\n\n\n\n

Home\nloan balance transfer also gives you an opportunity to transfer your fixed\ninterest rate home loan to floating interest rate home loan and vice-a-versa.<\/p>\n\n\n\n

7) Opportunity To Shift With The Bank With New\nAge Technology<\/strong><\/p>\n\n\n\n

Home\nloan transfer is beneficial when you are looking for a new age banking\ntechnology and ease of access which existing banks are not able to offer such\nas online requests for generating loan statements, online repayment or\nprepayment, documents retrieval request, interest rate reduction request, etc.<\/p>\n\n\n\n
<\/strong>Home Loan Transfer To ICICI Bank<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

8) Home Loan Transfer Can Get You A Loan Saver\nPlan<\/strong><\/p>\n\n\n\n

Home\nloan transfer also gives you an opportunity to transfer your home loan from the\nstandard plan to a saver plan \/ home loan with OD facility. The saver plan is\nwhere you can park your access funds in the saving account and pay less\ninterest or EMI.<\/p>\n\n\n\n
<\/strong>Home Loan Transfer Schemes<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

9) Enjoy Satisfactory Services With The New\nBank<\/strong><\/p>\n\n\n\n

If you\nare frustrated with the services provided by your existing bank, home loan\ntransfer will get you satisfactory services with the new bank such as timely\nresponse, generating loan statements, document requests and transferring the\nbenefits of reduced rates, etc. which your existing bank might have failed. <\/p>\n\n\n\n
<\/strong>Home Loan Transfer To HDFC Bank<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

10) Opportunity For Home Loan Transfer From\nNBFC To Bank<\/strong><\/p>\n\n\n\n

Interest\nrates with NBFCs are higher in comparison to banks. The home loan balance\ntransfer option will give you an opportunity to transfer your high interest\nrate home loan with NBFC to a low interest rate home loan with the bank.<\/p>\n\n\n\n

Additional\nRead: Why Home Loan Interest\nRates Of NBFCs Higher Than Banks<\/strong><\/a><\/p>\n\n\n\n
<\/strong>Click For Home Loan Transfer HDFC To ICICI Bank<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

11) Home Loan Transfer To Another Person Is\nPossible<\/strong><\/p>\n\n\n\n

Home\nloan transfer by the applicant to the co-applicant or from co-applicant to the\napplicant is possible with the home loan balance transfer option, provided the\ntransferer makes a release deed and transfers his ownership rights on the\nproperty to the other loan co-borrower subject to the income eligibility of the\nco-borrower. Home loan transfer from wife to husband and vice-a-versa, home\nloan transfer from parents to children (son & daughter) or vise-a-versa,\nhome loan transfer from sister to brother or vice-a-versa, home loan transfer\nfrom brother to brother, are some of the examples of home loan transfer to\nanother person.<\/p>\n\n\n\n
<\/strong>Home Loan Transfer Options<\/strong><\/a> <\/strong><\/td><\/tr><\/tbody><\/table>\n\n\n\n

 12) Other\nBenefits<\/strong><\/p>\n\n\n\n