Home Loan Transfer: We all must have a dream of having our own beautiful home. In today’s time, home loan helps people to buy their dream house as the process of getting a home loan have become easier.
Nowadays, any citizen can easily get a home loan from any bank or NBFC. Documents like an Income Certificate, PAN Card, Aadhaar Card, etc. are required to apply for a home loan.
Sometimes, it becomes hectic to stay with a lender for some or other reasons. Let’s say you feel that the interest rate is high compared to others. In such a situation, you can transfer your home loan to a home loan provider as per your choice.
Credit score matters
A good credit score is essential to avail of a home loan easily. Home loan is a long duration. Generally, citizens get the tenure of a home loan fixed for 30 years, 20 years, or 15 years. Many times people hurry and take home loans at higher interest rates. But this affects both the tenure and EMI of the loan.
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Home loan can be transferred to another bank
If you are facing difficulty in paying the EMI for an expensive home loan, then, you can easily transfer your bank loan to the bank offering a low interest rate. But before transferring a home loan, you should be aware of some important aspects related to a home Loan.
Inquire about transfer processing fees
If you have made up your mind to transfer your home loan, then before doing so, be sure to inquire about the Home Loan Transfer Processing Fees of the new bank. The act will help you in making decisions.
Check procedure carefully
While transferring a home loan, it is also important to check other details of the bank. Every bank has a different way of providing services.
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It is also important to know what market share the bank has. After transferring the loan, keep in mind the loan repayment tenure and interest rate. If you are transferring the loan for a shorter period then you will have to pay more EMI.
