Home loan transfer process, also known as home loan balance transfer, is the process of transferring your existing home loan from one lender to another. This means that your existing loan amount and outstanding balance will be transferred to the new lender who will provide you with a new loan agreement.
A home loan balance transfer can help you save a significant amount of money on your monthly EMI payments. If you have taken a home loan at a higher interest rate, then transferring your loan to a lender who offers a lower interest rate can save you thousands of rupees over the course of your loan tenure.
Apart from lower interest rates, another advantage of a home loan transfer is the availability of a top-up loan. A top-up loan is an additional loan amount that is provided to borrowers who have an existing home loan. This loan can be used for various purposes like home renovation, wedding expenses, education expenses, etc.
