Home loan is getting expensive, so save interest money in this way, there will be double benefit
You can easily transfer the home loan to another bank.
Banks can charge a processing fee of 1% for this process.
The EMI will also reduce if the loan is transferred to a bank with a lower interest rate.
New Delhi. Due to increase in the repo rate several times by RBI, most of the banks have also increased the interest rates. Banks are now increasing interest rates on FDs, deposits in savings accounts and loans. In such a situation, if you have also taken a home loan from any bank, then it may be that you have to pay more interest on it. But we are telling you a way by which you can save this interest.
If your bank has increased the interest rates more and you are finding the loan expensive, then you can easily transfer it to another bank. However, while doing this, you need to keep some things in mind. Let us know what will be the benefit for you by transferring the loan to another bank and what things you should keep in mind while doing so.
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How to choose a bank for loan transfer?
To transfer your loan to another bank, you must first compare the interest rates of all the banks offering home loans. Out of these, you can choose the bank whose interest rate is lower than your bank for loan transfer. After this, you will have to contact the branch of the bank from which you have taken the loan. You can ask the bank to transfer the loan. Here you can easily complete this work through a process.
keep these things in mind
To transfer the loan, you will have to apply for foreclosure in the bank from where you have taken the loan earlier. From here, submit your account statement and property documents to the bank where you are getting the loan transferred. Apart from this, you will also have to take NOC from your old bank. You will also have to deposit this NOC in the new bank. Explain that banks can charge a processing fee of one percent for this process.
What would be the benefit?
When your loan is transferred to a bank with a lower interest rate, the EMI of the loan will be lower than before. With this you will be able to save extra every month. On the other hand, if your loan amount is more, then the savings will also be more, which you can invest in any scheme like mutual funds giving good returns. With this you will get double benefit i.e. on the one hand interest money will be saved and on the other hand you will also get return on investment.
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Tags: 5 important ways to manage your home loan EMI, bank, Bank loan, business news, business news in hindi, money, save money, Taking a home loan
FIRST PUBLISHED : February 03, 2023, 14:09 IST