As we will slowly resume our life back to normal, all our monthly expenses will keep rising and hence it can difficult to repay loan EMIs. One of the biggest EMIs a person can have in his kitty is the Home loan EMI.
Home loan EMIs are usually paid for 10-20 years at least. Even though it’s a long term loan product, the monthly EMI is often higher than almost every other loan product.
As a first time borrower, you might be able to repay your home loan EMIs monthly without any problem. But in certain situations like lockdown due to COVID-19, it can get increasingly difficult for a person to manage such a huge EMI amount.
But don’t worry as we have the best solution for you. That solution is “Home loan Balance transfer“.
What is a Home loan Balance transfer?
This is a facility offered by Banks and NBFCs in India to home loan borrowers. If a new Bank is offering a lower interest rate than your existing bank, then you can opt for a home loan balance transfer and move your home loan to the new Bank.
Yes, in such a situation you will end up saving a good EMI amount.
When should I take a home loan balance transfer?
You should apply for a home loan balance transfer when you are in the early stages of your home loan i.e. within the first 5 years of your home loan. This is the period when you pay maximum interest and hence by taking a balance transfer you will save a lot of money.
Is this the right time to apply for a Balance transfer?
With the lockdown, many are struggling with repaying their monthly EMIs. Some have opted for the moratorium but that directly affects your loan tenure. Instead, you can choose to find the Bank/NBFC that offers the lowest interest rates as compared to your Bank.
How can Ruloans help me?
Ruloans is one of the pioneers in the loan industry. After being in the loan industry for over 2 decades, we know how the market works and how does a trend move. When you apply for a home loan balance transfer through us, we help you find the best deal online. This is because our motto is “We help you borrow right”.
Hence if you want to apply for the best home loan balance transfer in India, visit our website and apply today.