Key things to check before transferring home loan

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Key things to check before transferring home loan

• Author - Mymoneykarma

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Home Loan Balance Transfer Process

• Close the deal with the existing bank
• A letter must be submitted to the lender seeking
  loan transfers. Depending on your request, the
  bank will give a statement that will refer to a
  consent letter / not and the best amount.
• Provide NOC with a new lender and then restrict
  your loan amount to the old lender for the
  closure of the customer. After the expiration of
  the transaction, your property documents will be
  issued to the new lender.
• Removed post-dated checks / ECS have been
  canceled.

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Cost Involved

• Pre-payment penalty Pre-payment penalty is not
  fine on floating rate housing loans. If you have
  a fixed rate loan, check the penalty with the
  bank
• Processing fee The new bank will charge you
  processing fees on credit transfer. But you can
  negotiate with the ban.
• Stamp Duty Banks have to pay stamp duty to the
  government on the title filed with the bank. Cost
  of you recovered
• Legal allegations Banks employ lawyers to verify
  the legal status of assets

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COST BENEFIT

• If a person takes a 30-lari loan of 10 years at
  10.5 interest rate, interest payment is Rs 18.50
  lakh. The interest rate is 9.5 per cent and total
  interest is Rs. 16.5 lakh. It works for an annual
  savings of Rs. 20,000. Including other fees, such
  as processing fees and stamp fees, while working
  at total cost

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THINGS TO WATCH OUT FOR

• It is advisable to change the initial loan in ten
  terms to save interest rates.
• There are no benefits to change the debt when
  paying less than 5 years.
• Check for the foreclosure, which is charged by
  banks for the initial closure of the bank's
  lending and processing fees transferred by the
  loan.
• Remember that the teaser rate increases after the
  specified time frame.
• Teaser loan schemes offer lower rates because do
  not go to debt transfer.
• A statement from the current lender to announce
  that property documents will be sent within a
  specified period to avoid future hassles.
• The loan can not be transferred if an irregular
  refund with the current lender. The new lender
  may have a processing fee negotiation.

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Its Time To Take Action Now )

• Reference Links
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