Already taken a Home Loan from elsewhere?
Not satisfied with your existing home loan provider?
Are you paying through your teeth in servicing this loan?
With our help, you can lower your monthly outgoings by transferring your outstanding balance transfer to another lender. With a new lender, we would be able to negotiate smarter options for you to choose from.
Under the RBI rules, Balance Transfer (BT) is a service that all banks are required to provide to customers who would like to switch from one bank to another in order to reduce their EMI slabs. The terms and conditions however remain the same, as in most cases, banks treat it as a fresh home loan application.
Ideally, you should opt for a Home Loan Transfer only if:
At Creditfina Financial Services, we can work out instalments that would make you feel comfortable and then negotiate the same with a new lender.
Before transferring your loan outstanding to another lender, make good use of Creditfina’s comparative chart and advisory services to understand who is putting what on the table.
You can apply individually or jointly with your spouse for a Home Loan, in which case both would be co-applicants for the loan. However, all co-applicants may not necessarily also be co-owners of the property for which loan is sought.
Creditfina executives would be happy to sit with you and explain how EMIs are worked out. You can then use this information to secure the best deal from your lender.
In all balance transfer cases, collecting your documents and an NOC from your previous lender is a time-consuming, tedious, and often frustrating process, as it signifies the loss of a customer for the earlier bank. With its strong domain expertise and network in the banking industry, Creditfina advisory service can cut the red-tape and simply some of these processes for you. In any case, it’s wise to keep a copy of all the documents you submit to the bank with you for such an eventually, when you need to opt for balance transfer to another bank.
The process may be a little complex and time-consuming but that’s where Creditfina loan advisory service can be of help to you. NOC from your existing lender is required as unless you close your account with the previous bank, another bank will not entertain you as a prospect.However sometimes a home loan switch is needed, especially where the saving in interest are substantial between the two lending institutes. The Bank you switch your account to, will treat you as a new customer and require you to complete all the documentation afresh and follow the same procedure all over again. Additionally, on every loan transfer you may be required to pay certain processing fees to your new lender that may range from 0.5% to 1.5% of the sanctioned amount.