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Balance Transfer Of Home Loan Abhishek | Loans and Credit Cards | 1 Reply


I am presently having a Home loan from GIC housing Finance Bangalore which is a year old. Presently I am paying 12.5% rate of interest. I was thinking to shift my home loan from GIC to HDFC as HDFC is offering 10.4% rate of interest. I would like to know if my decision is a viable one as I have not done much business with HDFC, I am not aware that how do they regulate their rate of interest. It should not happen that once my loan is transferred within few months I am rolled back to higher rate of interest. Can any one suggest me on this Regards

By IndianMoney Experts - 2013-Jul-31
Dear Abhishek, Home Loan Balance Transfer is a refinancing option to get the existing home loan in one bank transferred to another bank in order to avail the benefits of a lower interest rate. Here the existing home loan is set at a very high rate and despite discussions with the existing lender or bank there is no response. Here banks may not want to consider the negotiation options available to them and under these circumstances we might need to act in order to protect your interests.In many foreign countries after 3-5 years it is very common to refinance ones home loans in order to tap into the benefits of obtaining loans at very competitive interest rates due to prevailing market conditions. This also helps to pay off home loans faster.Here it is good to drive a hard bargain by talking to the existing bank. Here we can meet the bank and state the reason for the switching of the loan. Here we state that the current floating rate is too high and I would like to lock- in a lower floating rate due to my urgent financial commitments and I would like to retain the loan at the same bank rather than shift to another lender. Then settle for a round of discussion and negotiations.Here if we get a better rate in another bank we would like to shift our loan to this bank. We would require a letter of consent from the existing bank to give the go ahead to shift to a new lender. Here you need to make sure that you get the necessary foreclosure statements, account statements and the list of property documents from your existing bank.If you want to know more about the home loan please lookup the website is India\'s only free on call money adviser.
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