This is an offer to consolidate your home loan and it entails moving your current home loan to the account of a new lender. It means switching lenders, and what's more— the greatest benefit from this is that you enjoy a reduced rate of interest when you decide to refinance a home loan. This should only be an option when you are unsatisfied with the current lender. 

To see the benefits of refinancing home loan in India and how to refinance home loans, check the section below.

The benefits of home loan refinancing include:

• When you opt to refinance a home loan, you enjoy a reduced rate of interest. Upon discovery of other home loan lenders that provide lenient interest rates, switching sides means that you will enjoy the newly reduced rate of interest. So, by simply refinancing a home loan in India, you benefit from low-interest rates.
• One of home loan refinancing's perks is that you can move from a fixed rate to a floating rate for your home loan. A home loan can be disbursed on a fixed rate basis or a floating rate basis. Usually, this is determined during the home loan sanction stage. But, if you want a switch, a home loan refinancing deal is a wise way to get it done as you can select a type of interest that suits your pocket. 
• Opting to refinance home loans means that you can alter the duration of the loan or even the EMI schedule. Sometimes, your financial stage changes and you may become cash-strapped. When this happens, you will want to lengthen the home loan duration which means lower EMI payments. Or you suddenly become financially buoyant and want to shorten your loan tenor by paying a higher EMI. For both instances, a home loan refinancing ensures that you get to alter the outline of your home loan the way you want. 
• When you switch lenders, you may enjoy an improved relationship with the new lender. You may have left your previous lender on account of their attitude, like nonchalant behaviour. When you decide to refinance home loans, you stand to enjoy great customer service from the new lender.
• A quick tip: Ensure that the current lender's customer service pales in comparison with your prospective lender to enjoy this benefit.

For customers asking “how can I refinance my home loan?”, the easiest way to refinance a home loan is to see that your new lender clears the debts you owe the previous lender. Doing this allows the new lender to absorb the loan amount. Upon selection of a fresh lender with pleasant conditions and services, you can finalize the agreement with the new lender and the lender repays the remaining home loan. After this, you begin paying reduced EMIs to your new lender. 

Now that you know what is home loan refinancing, the benefits from when you refinance home loans, how to refinance home loan, it is wise to monitor recent trends as regards interest rates and the EMI schedule offered by several lenders. Home loan refinancing helps you save more and improves your financial condition.