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Hassle Free Home Loan Balance Transfer

Balance Transfer

ABF Micro Service is a leading loan provider that offers a wide range of loan options to individuals and businesses. We understand that everyone’s financial situation is unique, and that’s why we offer customized loan solutions to meet the specific needs of each of our clients.

Our loans come with flexible repayment options and competitive interest rates, ensuring that you can get the funds you need without putting undue stress on your finances. Our team of experienced loan specialists is always available to assist you in choosing the right loan product and guiding you through the entire loan process.

 

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Shopping around will always get you the best financial deal, especially when it comes to your home loan. We help you compare deals from all major lenders so that you can choose the one that’s best for you.

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Balance Transfer Made Easy

A home loan balance transfer is like a Godsent help for people who have taken a home loan. There are significant benefits.

When people get a home loan and buy a house, the joy of becoming a proud homeowner of that dream home is accompanied by the burden of loan repayment.  Granted that there are substantial income tax benefits on home loans. Yet, the monthly EMIs, the weight of the interest component, the long repayment tenure —  unpleasant thoughts about these keep playing at the back of the mind, and keep nagging the borrower. Naturally, one would be inclined to look for ways to reduce the monthly burden or cut down the repayment tenure. 

This is where home loan balance transfer comes in. Read on to understand what is home loan balance transfer is, how home loan balance transfer works, how to do a home loan balance transfer, home loan balance transfer charges and RBI guidelines, and what are documents needed for a balance transfer. 

What is Home Loan Balance Transfer?

Also called ‘refinancing’, home loan balance transfer is a process that lets you transfer your outstanding home loan balance to another lender. But then why would someone do that?  The benefit of a balance transfer lies in the lower interest rate offered by another lender. That is to say, even as you are repaying your home loan, and another lender comes along and tells you that you can transfer the home loan balance to him and he will charge you a lower interest rate than what you are currently paying, then you can actually go for it! You can transfer the outstanding balance to this new lender and enjoy significant savings resulting from the lower interest rate.

How Does Home Loan Balance Transfer Work?

The next question on your mind naturally would be, how to do a home loan balance transfer. Here is an outline of the steps involved in the process.

  1. Even before you start looking out for balance transfer options in the market, you would need to wait to fulfill the term specified by your current lender before which you cannot go for a balance transfer.  Generally, lenders allow balance transfers only after a certain minimum term. 
  2. Once you have completed the minimum term with the current lender and you are allowed to go for a balance transfer, look at the refinance options available.  You can look up the websites of various banks to check if they are offering balance transfers, and read up on the eligibility criteria. Telemarketing executives of various banks may reach out to you directly to offer you  home loan balance transfer.
  3. Weigh in the options, and calculate the benefit of going for a balance transfer. If you are convinced, you would need to apply for a home loan balance transfer, just as you would apply for a home loan, using the application form on the website.

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