All You Need to Know About Home Loan Refinancing

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5 Min 22 Apr 2024

Highlights:

Home Loan Refinancing
Benefits of Home Loan Refinancing

What is Home Loan Refinancing?

Home Loan refinancing is an opportunity to transfer your current Home Loan to a new lender of your choice. This move helps you secure a more competitive Home Loan interest rate, reduce your EMIs, and even avail of a Top-up Loan above your Home Loan amount.

This move is particularly beneficial for those who are looking for better Home Loan terms on their ongoing loan.

To know more about the benefits of refinancing Home Loans and how to proceed with them, read on.

What are the Benefits of Home Loan Refinancing?

Attractive Home Loan Interest Rates: Provided your Home Loan eligibility matches that of your new lender, you can negotiate a better interest rate that is lower than your current one. You can even switch your interest type while transferring your Home Loan balance. Many borrowers use this opportunity to link their Home Loan interest rate to the RBI repo rate.
Flexible Repayment Tenure: When you opt to transfer your Home Loan balance, several of your current Home Loan terms can be reworked, including your repayment tenure. You may want to shorten it or take longer to repay your revised Home Loan amount, and your new lender may grant you a new term, basis your loan balance and eligibility.
Sizeable Top-up Facility: When you avail of a Home Loan Balance Transfer, you can even avail of an additional Top-up Loan to address your other expenses that aren’t covered by your ongoing Home Loan. The sanctioned amount can be used for home renovation or any other housing purpose.

Additional Link: Types of Home Loans Available in India

How Can I Refinance My Home Loan?

You can transfer your existing Home Loan balance to us and experience a hassle-free Home Loan journey. You can apply for a Home Loan Balance Transfer online using the following steps:

Visit our Home Loan application form.
Select your occupation profile, the type of Home Loan (Home Loan Balance Transfer), and PIN code.
Fill in the requested details, including your personal details and information about your income and ongoing Home Loan.
Submit the form successfully.

Once your application is received, you will be contacted by our representative within 24 hours* to walk you through the next steps of your application journey.

Additional Link: Understanding Stamp Duty and Property Registration Charges

*Terms and conditions apply.

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