Transferring your existing home loan to a new lender is a great way to save money. Choosing the said facility makes even more sense if you are paying a higher interest towards your loan compared to other home loan subscribers.
As wise men have always said, “committing a mistake is okay, we all do it. But, not mending your mistakes on time is not justified especially when you have the option.” Accordingly, subscribing to a high-interest home loan is okay if you are not getting better options. However, knowing you are eligible for balance transfer and still avoiding it is not okay, especially when the decision is in your favour.
Having said that, a home loan balance transfer is beneficial only under certain circumstances. As a matter of fact, switching your lender is very similar to taking a home loan again. You will have to go through the same verification process, pay the processing fees etc. keeping these things in mind, it's always better to measure the profitability of your decision before switching your lender. To find that out, you need to ask yourself these three questions.To know more about the home loan balance transfer calculator and how to use it, check out this Youtube video:
How much money will you save?
How much top-up loan can you get?
What's your new home loan eligibility?
Finding the answer to these questions would have been difficult if it was 2010; but we are in 2018. Today we have Bajaj Finserv home loan balance transfer calculator which make the task so easy. You can use the calculator to make the difficult calculations and use the results to make the right decision.
As wise men have always said, “committing a mistake is okay, we all do it. But, not mending your mistakes on time is not justified especially when you have the option.” Accordingly, subscribing to a high-interest home loan is okay if you are not getting better options. However, knowing you are eligible for balance transfer and still avoiding it is not okay, especially when the decision is in your favour.
Having said that, a home loan balance transfer is beneficial only under certain circumstances. As a matter of fact, switching your lender is very similar to taking a home loan again. You will have to go through the same verification process, pay the processing fees etc. keeping these things in mind, it's always better to measure the profitability of your decision before switching your lender. To find that out, you need to ask yourself these three questions.To know more about the home loan balance transfer calculator and how to use it, check out this Youtube video:
How much money will you save?
How much top-up loan can you get?
What's your new home loan eligibility?
Finding the answer to these questions would have been difficult if it was 2010; but we are in 2018. Today we have Bajaj Finserv home loan balance transfer calculator which make the task so easy. You can use the calculator to make the difficult calculations and use the results to make the right decision.
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