What is Balance Transfer?
Balance Transfer refers to transferring your existing Home Loan/ Mortgage Loan from one bank/ financier to another.
Why should I opt for a Balance Transfer?
With the Balance Transfer facility, you can transfer your existing Home Loan running at a higher rate of interest to another bank/ financier offering a lower interest rate. Hence, the EMI reduces and you save on your monthly outflows. Further, you can also take additional loan, referred to as Top-Up Loan, on your existing property along with the transfer. This loan can be used for any personal use like refurnishing of house, holiday, education of children, etc.
How much time will it take for my loan to get sanctioned?
The loan sanction process generally takes around 7 working days.