Sunday, August 25, 2013

Home Loan Balance Transfer

Home Loan Balance Transfer is a product which is always in customer's court and which has the capacity to save considerable amounts in terms of Interest that is being paid on a Home Loan Account. Banks usually change the tenure when there is a change in interest rate which make the principal component in the EMI very less. If the tenure crosses 300 months then banks raise the EMI amount and it definitely benefit the customer but  increased EMI will be a additional burden in repayment.

To clear all these hassles to customer banks have designed this Home Loan Balance Transfer product which can give the flexibility of shifting your home loan account to some other bank which is giving lower interest rates and benefits. It is quite like other home loans where customer need to submit all his personal, income and property documents to the bank to which he would like to transfer his loan. The banks processes all the details and releases the outstanding loan amount along with pre closure charges if any to the previous bank directly. Banks will receive all the original documents that are mortgaged for the home loan availed directly.

Banks provide the option of availing different other products along with Balance Transfer. The additional products are Mortgage or Construction. Customer should have income eligibility and the property valuation should support to complete the Balance Transfer and the additional product amount to be disbursed. This product is available to the Resident Salaried individuals, Resident Self Employed Individuals and NRI Salaried Individuals.

1 comment:

  1. Really its very useful information that you have shared and looks great post.Thanks for sharing the information with us.Home Loan in Bangalore | SBI Home Loan

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