Home Loan Balance Transfer
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Buying a Home Loan involves a significantly large amount of money and therefore, the interest rate on the home loan should be a matter of concern for everyone who decides to avail a home loan. Interest Rates of Home loan begins from 8.35 % and go to 12 % or higher. One of the most common ways to reduce ROI is to either convince the bank that has provided you the loan to reduce it or else go for a transfer of your outstanding existing home loan i.e. shift your home loan to a bank offering lesser interest rates Home Loan Balance Transfer or Refinancing or simply Balance Transfer is the smart process that allows you to take advantage from the lower interest rates as offered by other lenders. If you have an existing outstanding home loan with one lender, you can make a home loan transfer, that is, shift the remaining loan amount to a different lender who charges a lower rate of interest from you. This process is known as home loan balance transfer or refinancing. This home loan transfer facility helps a customer in avoiding ever increasing interest rates as he migrates home loan to a lower ROI with another lending institution.
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