While you may think that you have a good deal on your home loan, it is possible that with time, you come across better home loan terms. In such a scenario, you do have the option to make a change to make your home loan repayment more beneficial. You can do this with ease by carrying out a home loan balance transfer. This move is essential as it reduces the repayment burden and allows you to clear your home loan on time.
Here are the benefits of seeking a home loan balance transfer.
Lets you gain from a low rate of interest:
If you have been facing high rates of interest with your current lender, a home loan balance transfer can help you enjoy a lower rate of interest. This means that your EMIs will be much lower. Also, if finances allow, you will also be able to repay the loan over a shorter tenor. On the most basic level, switching to a lender with lower interest rate will help you save a greater portion of your income.
When searching for a new lender, make it a point to research the market thoroughly and select a lender with low rates of interest, as well as flexible prepayment options. For example, when you carry out a Home Loan Balance Transfer with Bajaj Finserv, you can benefit from part prepayments at no extra charge. Besides, you can enjoy a top-up loan, 3 EMI holiday, online account management and easy eligibility.
Gives you access to better customer service:
You may face numerous instances of poor customer service with your existing lender like not sending interest statements on time or defaulting on generating EMI receipts. In such a case, a balance transfer will introduce you to a lender with better customer service. This will go a long way in improving your borrowing experience. Also, apart from excellent customer service, you can benefit from features such as online access to your loan account, where you can monitor all loan-related activity, as per your convenience.
Gives you extra credit in the form of top-up loans:
You might need extra finance to furnish your home or for other important tasks such as paying your child’s annual school fee. In such a situation, you might need to take another small loan. But, if your lender is unwilling to offer extra credit, carrying out a home loan balance transfer is prudent. This holds true long as you ensure that your new lender is offering you a top up loan. For example, Bajaj Finserv offers a top-up loan that you can use to fulfil any need—home-related or otherwise. This loan enjoys the same long tenor as your home loan and is available at an affordable interest rate.
So, if you’re finding that your existing home loan is draining your resources and not offering you’re the benefits that you seek, carrying out a home loan balance transfer will help you improve your borrowing experience significantly.
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