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Showing posts from April, 2021

Transferring Your Home Loan: Things to Consider

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When a bank offers you alluring interest rates that seem better than the bank you've currently availed your home loan from, you may be tempted to transfer the loan. But remember the point that every bank has its own marketing strategy and things may not be what they seem from the exterior.  It is imperative that you know the details of a bank's offer in-depth. There are other important things to take into account than just the interest rates of your loan. The following are the things to consider when you are transferring your home loan. Compare the Total Outflow While a new bank can draw you by its side by offering reduced EMIs and elongating the time period of your loan repayment, you should be aware that this can increase the total amount you are to pay in the end due to the constant addition of interest rates to your outstanding loan amount.  If your current EMI is higher than what the new bank offers, you must compare the total outflow of the two banks before you shift. Unl