Home Loan Balance Transfer
Key Feature of Home Loan Balance Transfer
- Transfer the outstanding balance of you existing home loan to another bank or from one lender to another.
- There is a fee usually equal to 1% of the loan transferred that is payable to the new lender for home loan by the borrower.
- In most cases, the home loan balance transfer application is treated similar to a new home loan application.
- The balance transfer on an existing home loan can only be availed after a pre-determined time period as mentioned on the original loan agreement.
- When the transfer is completed, the borrower owes the transferred principal loan amount plus applicable charges to the new lender instead of the original one.