Key things to check before transferring home loan - PowerPoint PPT Presentation


Title: Key things to check before transferring home loan


1
Key things to check before transferring home loan
  • Author - Mymoneykarma

2
What we do
Hmmm Don't Waste Your Time Get in touch with us
Just click here on - mymoneykarma.com
3
Home Loan Balance Transfer Process
  • Close the deal with the existing bank
  • A letter must be submitted to the lender seeking
    loan transfers. Depending on your request, the
    bank will give a statement that will refer to a
    consent letter / not and the best amount.
  • Provide NOC with a new lender and then restrict
    your loan amount to the old lender for the
    closure of the customer. After the expiration of
    the transaction, your property documents will be
    issued to the new lender.
  • Removed post-dated checks / ECS have been
    canceled.

4
Cost Involved
  • Pre-payment penalty Pre-payment penalty is not
    fine on floating rate housing loans. If you have
    a fixed rate loan, check the penalty with the
    bank
  • Processing fee The new bank will charge you
    processing fees on credit transfer. But you can
    negotiate with the ban.
  • Stamp Duty Banks have to pay stamp duty to the
    government on the title filed with the bank. Cost
    of you recovered
  • Legal allegations Banks employ lawyers to verify
    the legal status of assets

5
COST BENEFIT
  • If a person takes a 30-lari loan of 10 years at
    10.5 interest rate, interest payment is Rs 18.50
    lakh. The interest rate is 9.5 per cent and total
    interest is Rs. 16.5 lakh. It works for an annual
    savings of Rs. 20,000. Including other fees, such
    as processing fees and stamp fees, while working
    at total cost

6
THINGS TO WATCH OUT FOR
  • It is advisable to change the initial loan in ten
    terms to save interest rates.
  • There are no benefits to change the debt when
    paying less than 5 years.
  • Check for the foreclosure, which is charged by
    banks for the initial closure of the bank's
    lending and processing fees transferred by the
    loan.
  • Remember that the teaser rate increases after the
    specified time frame.
  • Teaser loan schemes offer lower rates because do
    not go to debt transfer.
  • A statement from the current lender to announce
    that property documents will be sent within a
    specified period to avoid future hassles.
  • The loan can not be transferred if an irregular
    refund with the current lender. The new lender
    may have a processing fee negotiation.

7
Its Time To Take Action Now )
  • Reference Links
  • Compare - Find best home loan for you
  • Calculate - Home Loan Calculator
  • Home Loan Checkup
  • Knowledge Glossary
  • Learn
  • 3 Reasons to refinance your home loan
  • 4 ways to save money on home loan interest
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Key things to check before transferring home loan

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Title: Key things to check before transferring home loan


1
Key things to check before transferring home loan
  • Author - Mymoneykarma

2
What we do
Hmmm Don't Waste Your Time Get in touch with us
Just click here on - mymoneykarma.com
3
Home Loan Balance Transfer Process
  • Close the deal with the existing bank
  • A letter must be submitted to the lender seeking
    loan transfers. Depending on your request, the
    bank will give a statement that will refer to a
    consent letter / not and the best amount.
  • Provide NOC with a new lender and then restrict
    your loan amount to the old lender for the
    closure of the customer. After the expiration of
    the transaction, your property documents will be
    issued to the new lender.
  • Removed post-dated checks / ECS have been
    canceled.

4
Cost Involved
  • Pre-payment penalty Pre-payment penalty is not
    fine on floating rate housing loans. If you have
    a fixed rate loan, check the penalty with the
    bank
  • Processing fee The new bank will charge you
    processing fees on credit transfer. But you can
    negotiate with the ban.
  • Stamp Duty Banks have to pay stamp duty to the
    government on the title filed with the bank. Cost
    of you recovered
  • Legal allegations Banks employ lawyers to verify
    the legal status of assets

5
COST BENEFIT
  • If a person takes a 30-lari loan of 10 years at
    10.5 interest rate, interest payment is Rs 18.50
    lakh. The interest rate is 9.5 per cent and total
    interest is Rs. 16.5 lakh. It works for an annual
    savings of Rs. 20,000. Including other fees, such
    as processing fees and stamp fees, while working
    at total cost

6
THINGS TO WATCH OUT FOR
  • It is advisable to change the initial loan in ten
    terms to save interest rates.
  • There are no benefits to change the debt when
    paying less than 5 years.
  • Check for the foreclosure, which is charged by
    banks for the initial closure of the bank's
    lending and processing fees transferred by the
    loan.
  • Remember that the teaser rate increases after the
    specified time frame.
  • Teaser loan schemes offer lower rates because do
    not go to debt transfer.
  • A statement from the current lender to announce
    that property documents will be sent within a
    specified period to avoid future hassles.
  • The loan can not be transferred if an irregular
    refund with the current lender. The new lender
    may have a processing fee negotiation.

7
Its Time To Take Action Now )
  • Reference Links
  • Compare - Find best home loan for you
  • Calculate - Home Loan Calculator
  • Home Loan Checkup
  • Knowledge Glossary
  • Learn
  • 3 Reasons to refinance your home loan
  • 4 ways to save money on home loan interest
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