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Trust & Wills

Prospurts offers Housing Loans to applicants from different walks of life – salaried, self employed, professional, NRIs to name a few, through multiple Banks and NBFCs in the shortest possible time.

Major types of Trust & Wills

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Home Loan Balance Transfer: An Overview

If you have an existing outstanding home loan with one borrower and transfer the remainder amount to a different borrower who charges a lower rate of interest, the process is termed as a home loan balance transfer or refinancing. The process allows you to benefit from the lower interest rate offered by the other lender even though you are charged a fee (usually 1% of the total amount transferred) for performing the transfer.

Key Features of Home Loan Balance Transfer

  • The outstanding balance of a current home loan is transferred from one lender to another.
  • There is a fee usually equal to 1% of the loan transferred that is payable to the new lender by the borrower.
  • In most cases, the home loan balance transfer application is treated similar to a new home loan application.
  • The balance transfer on an existing home loan can only be availed after a pre-determined time period as mentioned on the original loan agreement.
  • When the transfer is completed, the borrower owes the transferred principal loan amount plus applicable charges to the new lender instead of the original one.

Home Loan Balance Transfer: An Overview

If you have an existing outstanding home loan with one borrower and transfer the remainder amount to a different borrower who charges a lower rate of interest, the process is termed as a home loan balance transfer or refinancing. The process allows you to benefit from the lower interest rate offered by the other lender even though you are charged a fee (usually 1% of the total amount transferred) for performing the transfer.

 

Home Loan Balance Transfer: An Overview

If you have an existing outstanding home loan with one borrower and transfer the remainder amount to a different borrower who charges a lower rate of interest, the process is termed as a home loan balance transfer or refinancing. The process allows you to benefit from the lower interest rate offered by the other lender even though you are charged a fee (usually 1% of the total amount transferred) for performing the transfer.

If you have an existing outstanding home loan with one borrower and transfer the remainder amount to a different borrower who charges a lower rate of interest, the process is termed as a home loan balance transfer or refinancing. The process allows you to benefit from the lower interest rate offered by the other lender even though you are charged a fee (usually 1% of the total amount transferred) for performing the transfer.