A home loan balance transfer is a popular choice among individuals looking for ways of reducing interest rates on their credit. However, there are several other benefits that borrowers find advantageous.
5 Compelling reasons to go for a home loan balance transfer
Below are four undeniably profitable reasons that one must consider for selecting a home loan balance transfer:
- Increasing loan amount
Individuals can top up their loan amount by opting for a balance transfer. They can use this extra fund to cover additional expenses.
- Lowering of interest rate
The new creditor can offer the borrower a lower interest rate on their credit. This can prove to be beneficial as one can save significantly on their EMIs.
- Changing interest type
Individuals can change from fixed interest rates to floating interest rates and vice versa. This can prove to be quite profitable for borrowers.
- Changing loan repayment tenor
One can opt for increasing or decreasing their home loan tenor as per their convenience. Thus, if they have sufficient funds, they can opt for a shorter tenor and vice versa.
- Receiving better customer service
Borrowers can opt for home loan balance transfer if the customer service facility of their present lender is not that good.
It would be prudent to go for a transfer home loan balance transfer at the early stages of their loan tenor. This way, one can maximise their profit from this option.
Infohub 