Transfer your Home Loan in easy steps

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Transfer your home loan in easy steps
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There are several reasons why a person may choose
to change his home loan finance company in the
middle of the tenure. Another company may offer
attractive home loan interest rates. The existing
institution may not be providing benefits that
you can probably avail someplace else. You
interest rates may be higher while you choose to
opt for a loan with fixed interest type. Your
loan may be of the fixed interest types but you
want to go for the floating rates to enjoy the
benefits of fluctuating interest.
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There is possibility that the changes in the
company policies may not suit your requirement
anymore. These and more are reasons you can have
your loan transferred to another financial
institution - whether banking or non-banking.
With a few regulations more involved, the process
of home loan balance transfer is easy. All you
need to do is research well and go through the
process of availing a home loan over again. There
are not much formalities included otherwise.
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• You first need to be sure that you want to have
  your home loan transferred. Regretting later
  might only make matters inconvenient for you.
  With a strong reason and resolve, go ahead with
  your decision.
• First and foremost, read through all the terms
  and conditions of the new loan company you want
  your loan to proceed from.
• Talk to the professionals thoroughly to ensure
  your new needs will be met with.
• To terminate your loan with the existing company,
  you got to have an application submitted.
• The termination process may incur charges based
  on the company policies that you have to comply
  with.
• The company will, after all considerations and
  clearances, will provide you with a NOC (No
  Objection Certificate).

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There are several reasons why a person may choose
to change his home loan finance company in the
middle of the tenure. Another company may offer
attractive home loan interest rates. The existing
institution may not be providing benefits that
you can probably avail someplace else. You
interest rates may be higher while you choose to
opt for a loan with fixed interest type. Your
loan may be of the fixed interest types but you
want to go for the floating rates to enjoy the
benefits of fluctuating interest.
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• With the new company, you will have to proceed
  through with all the formalities that are
  required to buy a home loan.
• It will start with a home loan application.
• Verifications and evaluations will follow before
  your home loan application will be green-lighted.
  Other than these, the procedure is nothing
  different.
• In most of the cases, the interest rates are
  generally lower than the one with the previous
  lender.

• You also need to understand when a home loan
  transfer is suitable.
• If you have paid half or more than half of your
  loan amount, it may not make much sense for you
  to transfer your loan.