Undoubtedly, the loan facilities by the lending institutes have been a boon for every middle-class person. You can easily turn your dream of having a luxurious house into reality. Moreover, another amazing facility that the banks are giving is the balance transfer facility.
You have to be determined enough while making up the decision of taking up the home loan. From the interest rates to the tenure of the loan, you have to take care of all the important details. But, what if you are not happy with the interest rate you are paying at the moment?
You can easily avail the benefits of the home loan balance transfer. With the help of this facility, you can easily change the bank if you want to and can transfer the remaining loan balance to the other bank. Here are some of the features of this facility.
This facility offers you the opportunity to change the bank if you want to lower your interest rates. If you are not happy with what you are paying currently and you are getting the lower interest rate somewhere else, then you can easily transfer your loan balance. This procedure also helps you in saving the EMIs.
You wouldn’t have to wait any longer for this process to happen. Just like any other loan application, this process also takes only 7 to 10 days for the completion. Other than that, if you want a faster and more simplified process of the balance transfer, then you can also apply online. The internet applications usually take less time.
At the time of the transfer of the existing loan, you also get a facility of topping up your loan amount. With the help of Top-up, you can apply for more loan amount along with the balance that you are going to transfer. In this way, you can get more money and can also increase the tenure of your loan as well.
Customized Repayment Options
Usually, people find it difficult to pay back the loan amount at the existing interest rates, which is why they turn towards another bank in hope for the lower interest rates. Hence, you can easily customize your repayment options. The bank will guide and help you at every step and will prepare the EMIs as per your requirements and needs.
Unlike the earlier times, you wouldn’t have to face any hassles while dealing with the bank’s processing today. With the easy, simplified, and advanced processing, it has become quite a plain-sailing to transfer your loan amount. Also, if you are going to avail the benefits of the LIC HFL Home loan, then you must ensure whether or not there are any hidden charges. Read the documentation carefully and find out how this transferring will help you. If at all you couldn’t find out much difference, then you can take the steps as you want.