


- About Us
- OUR OFFERINGS
- CALCULATORS
- RESOURCE CENTRE
-
Quick Links
- Existing Customers Benefits
- Become a Partner
- Pre-Approved Projects
- Home Loan App
- Blog
- CSR
- Locations
- Roi Switch Policy
- Co-Lending Policy
- Co-Lending Partnerships
- Customer Sensitization Program
- ROI Range
- Borrower Education - SMA/ NPA classification
- Borrower Awareness - RBI Ombudsman Scheme
- Borrower Awareness - procedure for handover of property documents
- NEWS CORNER
-
INVESTOR RELATIONS
- Financial Reports
- Investor Presentations
- Annual Reports
- Notices
- ESG Profile
- IEPF
- Investor Call Transcript
- Corporate Announcement
- Public Issue of NCD'S
- Qualified Institutional Placement
- Investor Relations Contact
- Familiarisation Programmes
- ISO CERTIFICATIONS
- Forms for Shareholder KYC-PAN-Nomination update
- Credit Ratings
- Statutory Advertisements
- CONTACT US
- Login

Online

India's 1st Completely Online Home Loan!
-
e-APPLY
-
e-SANCTION
-
e-DISBURSE
Start your eHome Loans Process Now!
Apply OnlineHome Loan Transfers: What can it do for you?

- Home Loans Guide
- Nov 20, 2015
- VIEWS: 3352
A home loan balance transfer has several benefits, and a lower interest rate is only one of them.
Let us say that you have moved into your new house and paying EMIs. However, you are not happy about your loan experience. You may not be pleased with the services of the bank, or you may have found another bank that is offering a better interest rate. In such a situation you have the option of a home loan balance transfer.
When you transfer a loan to another bank, there are several ways you can benefit. We will consider the various things a home loan balance transfer can do for you.
Lower interest rate: This is one of the most significant advantages when you do a home loan transfer. This is particularly applicable when you are paying a higher interest than prevailing market rates. A home loan balance transfer works in a falling interest rate scenario. Even when the base rates go down, some lenders may not reduce home loan interest rates or lower them only after a lag. A home loan transfer to another bank lets you reap the benefits of a lower interest rate.
Save on interest: When you do home loan transfer to a bank that offers a lower rate of interest, there are some obvious benefits. Even a small change in interest rates can help you save a lot of money you pay as interest. Let us say that a repayment of 30 lakh needs to be made over 15 years. If the interest rate is 8.65 percent per annum, you have to pay Rs 23,65,181 as interest. For a reduced interest rate of 8.10 percent, the interest is Rs 21,91,443. The total amount you have to pay taking principal and interest into account gets reduced to Rs 51,91,743 from Rs 53,65,181.
Reduce your EMI: A lower interest rate also means that EMIs will reduce, thus lowering your EMI. This would make it easier for you to manage your monthly payments. In the above example, your EMI will go down from Rs 29,807 to Rs 28,843. A lower EMI will help improve cash flows.
Better negotiation opportunity: When you do a home loan transfer to another bank, you will already have a good repayment record with your present bank. You will thus be in a better position to negotiate. Apart from a lower interest rate, you can also get a better deal as far as the terms of repayment are concerned. For example, if your financial situation has improved, you may reduce the tenure of the loan in which case your EMI will go up, but you will be able to pay back the loan faster. If your financial obligations have gone up, you can opt for a longer repayment term and reduce your EMIs.
Better customer service: Sometimes, you may not be satisfied by the customer service of your existing bank. Also, your current bank may still be following some outdated practices and not providing the benefits that the latest technology offers. In such instances, a balance transfer home loan can be useful.
Option of a top-up loan: There are also some indirect benefits when you go for a balance transfer home loan.
You have the option to avail a top-up loan when you transfer home loan to another bank. Such loans are based on the equity you have in your house. These loans are available at competitive interest rates. The money can be used to for any immediate cash needs like payment of debt or also for renovating your home. A top-up loan is a more affordable solution to get funds compared to other borrowing options like a personal loan. Your current lender may not offer you a top-up loan. However, with a new lender your chances of getting a top-up loan goes up. This is because the new lender will consider the current market value of the property. Also, as said before, you will have a good payment record to show for it.
We have seen what a home loan balance transfer can do for you. To transfer your home loan balance to India Bulls Home Loans, click here.
- What’s More Beneficial? Home Loan Balance Transfer or Top-Up Loan
- Your Checklist For Home Loan Balance Tranfer
- How Home Loan Balance Transfer & Top Ups Work?
The post Home Loan Transfers: What can it do for you? appeared first on Indiabulls home loans.

Top up home loan vs personal loan a comparison to determine the better choice for loans
Taking on a loan of any kind is a financial responsibility. It is a debt that needs to be repaid, in full, based on the tenure chosen by the borrower. Most banks, housing finance companies and non-banking finance companies offer a myriad of loans to finance the different needs of customers.
- Home Loans Guide
- Jul 23, 2019
- VIEWS: 8506

MCLR in Home Loan
The interest rate is one of the most important components of a loan, especially in the case of a high-value loan that lasts for 2 decades or more; the home loan.
- Home Loans Guide
- May 24, 2019
- VIEWS: 6255

Types of Home Loan Charges
Most people fulfil their wish of becoming homeowners by taking out a home loan. It is the easiest way to afford a property as one can pay for the house in monthly instalments.
- Home Loans Guide
- May 24, 2019
- VIEWS: 7203
No Comments
Subscribe
Most Viewed Blogs
Categories
- Home Loans Guide 125
- Home Renovation Loan Guide 3
- Home Loan Transfer Guide 14
- Home Extension Loans Guide 1
- Loan Against Property Guide 28
- Home Loan Interest Rates Guide 2
- Others Guide 8
- Home Decor & Lifestyle Guide 5
- Plot Loan Guide 3
- PMAY Guide 5
- Uncategorized Guide 1
- NRI Home Loans Guide 5
- Financial Resolutions Guide 1
- New Year Resolutions Guide 1
Archives
- Mar 2020
- Jan 2020
- Nov 2019
- Jul 2019
- Jun 2019
- May 2019
- Apr 2019
- Mar 2019
- Mar 2019
- Jan 2019
- Dec 2018
- Nov 2018
- Jul 2018
- Jun 2018
- May 2018
- Apr 2018
- Mar 2018
- Mar 2018
- Jan 2018
- Dec 2017
- Nov 2017
- Oct 2017
- Sep 2017
- Aug 2017
- Jul 2017
- Jun 2017
- May 2017
- Apr 2017
- Mar 2017
- Mar 2017
- Jan 2017
- Dec 2016
- Nov 2016
- Oct 2016
- Jun 2016
- Apr 2016
- Mar 2016
- Mar 2016
- Jan 2016
- Dec 2015
- Nov 2015
- Oct 2015
- Sep 2015
- Aug 2015
- Jul 2015
- Jun 2015