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Why Should You Apply for Home Loan Balance Transfer?

Home loan borrowers must refinance their home loans for:

· Lower Interest Rate: Many existing home loan borrowers might have availed home loans at higher interest rates due to their lower loan eligibility and poorer credit profile. But improvements in their credit profiles over the years can make them eligible for availing home loan at low interest rates.

· Maximum Tenure: Many lenders allow balance transfer customers to opt for loan tenures longer than the residual tenure of their original home loan. Opting for extended loan tenure would result in lower EMIs and thereby, reduce their EMI burden. However, opting for this option would increase their overall interest costs.

· Top-up Loan: Home loan borrowers opting for balance transfer also get a provision of top-up loan along with home loan balance transfer. The top up loan amount can be used for meeting any personal, professional and requirements without any end-usage restriction. The top up loan amount may vary from one lender to another depending on the overall loan amount eligibility of the balance transfer applicant. Thus, existing home loan borrowers unable to avail top-up home loans from their existing lenders or are being charged higher interest rates for it can opt for home loan balance transfer.

· Additional Benefits: Depending on your new lender, you may get to enjoy better loan features such as EMI waivers, zero processing fees, etc.

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