Is Balance Transfer A Good Idea For Home Loan
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- Aug 21, 2017 · If the difference between the initial Home Loan and the new one is high, you must seriously consider a balance transfer. However, if you’re almost done repaying the initial loan and only a small amount remains unpaid, a balance transfer may not be in your best interest since you’ll just end up spending unnecessarily on processing charges, etc.
- A balance transfer is a good way of reducing your debt obligation especially if you are subscribed to a high-interest rate home loan. However, the time of balance transfer plays a key role in deciding whether the decision would be beneficial or not. Banks or NBFC would settle most of the interest co
- One can avail a home loan balance transfer if he/she is paying a higher interest rate towards a loan in a bank that offers a lower interest rate. If a bank is unwilling to reduce the interest rate despite the fact that you have a cordial relationship with the organization. In the occasion that other bank are offering lower rates of interest.
- However, doing a balance transfer of your personal loan, which involves getting a new personal loan from a different lender to pay off the outstanding of your existing lender, could save a good part of your interest payout. There are several scenarios …
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