Despite the economic slowdown, the Indian realty market saw positive growth of 60% and 53% in the September and October quarter in FY20, respectively.
The primary reasons are affordable homes, easy availability of home loans, and a low-interest rate throughout as RBI decided to keep the repo rate unchanged at 4%. Therefore, it makes a favourable time for aspiring homebuyers to book their property.
Along with that, it also encourages existing home loan borrowers to opt for a home loan balance transfer that ensures a lower interest rate than what they are servicing.
While home loan refinancing seems a great option to lower the EMI burden, individuals need to consider a few things while opting for this facility. It will allow them to facilitate smooth repayment and save substantially on interest payment.
Things to remember Before Opting For Home Loan Balance Transfer
Following are some of the useful tips that individuals can use to make the most of this transfer.
i) Calculate the Savings on Interest Payment
One of the primary reasons individuals make a home loan balance transfer is to service the outstanding loan at a lower interest rate. Depending on the borrower
