The best way to Reduce the EMI is by doing Balance Transfer
Yes, but to enjoy the major and full benefits of balance transfer, you should transfer your loan in the initial stage, like in the first or second year.
Yes, you can transfer the loan to another bank, but you need to repay the existing loan first. It only makes sense, if you take loan from another bank at lower interest rate. Your CIBIL score, credit history and EMI regularity are highly taken into consideration.
It plays a major role in availing any kind of loan. Credit score defines your creditworthiness and your financial portfolio. It determines your repayment history.
Home loan is a product which assists an individual to buy a house or flat. Home loan balance tranfer is a product where you transfer your existing loan from one bank to another which offers lower rate of interest.
The following documents are required by financial institutions to process a home loan balance transfer.
The RBI issued a new set of guidelines known as the Marginal Cost of Funds-based Lending Rate (MCLR). Commercial banks must use the MCLR to set their interest rates. Its main purpose is ensuring that banks pass on the benefit of rate cuts to borrowers.
The right time to do balance transfer is within the first two year.
No, but if you are paying your emis on time without any skips, then only your credit score will improve