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Home Loan Transfer Process

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Home Loan Transfer Process

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  1. Loan On Property

  2. Home Loan Transfer Process

  3. What is Home Loan Transfer ? Home Loan Applicants can transfer their remaining principal amount to another bank offering lower rate of interest. • Your new bank pays off remaining amount to old Bank and applicants pay EMI at new interest rate. • Home Loan Transfer is advisable when the outstanding principle amount and Loan Tenure left are considerable. • Note: If your Home Loan was on Fixed Rate of interest then pre-payment charges will be levied.

  4. When and Why to consider Home Loan Transfer ? Find out your Home loan Rate of interest and keep reading if your ROI is above 10% . • Current home loan rates are 9.40-11% • Ask your friends Or do web search of lowest interest rates from multiple banks and compare against your existing Bank’s Interest Rate. • The Need for loan transfer arises with the realization that applicants is paying at more interest rate than currently available in the market. • Switching in the early phases of your Loan On Property tenure makes sense.

  5. What to mention in the Transfer application letter ? • 1). Mention your desire of transferring the remaining principal amount of home loan to another Bank. • 2). Also mention, your present rate of interest and market interest rate. • 3). Ask them to consider resetting interest rate to lowest possible Or match competitors in the market. • 2). Letter Of consent/NOC from Present Bank • Mostly, banks comply to your transfer application, they then have to issue a written letter of consent agreeing to your request. • https://loaneasy.in/home-loan-transfer/

  6. Click to know more on Loan On Property: https://www.hdfc.com/non-housing-loans/loan-against-property-salaried Thank You…

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