Is it time to switch your home loan?

(Moneycontrol.com)- 'Refinancing' or 'switching' your existing home loan to another lender is also known as a 'Balance Transfer'. In a Balance Transfer, your outstanding loan is transferred to another lender of your choice by conforming to their rules and regulations. There are many reasons for which people opt for switching the lender, of which the following are the most common ones:

To lower Interest Rates: Suppose, you have taken a home loan from a bank two years back and if the interest rate in the market has become lower now, it may not make economic sense for you to continue paying a higher EMI. You do have the option to apply for a refinance with a new lender or even with your existing bank if they are open to shifting your loan to the new lower interest rate. Read more here…