What is the procedure for Housing loan balance transfer?
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A home loan transfer is to transfer a debtor’s home loan by charging some processing fees from some borrower to another bank or NBFC. Well, hold your breath tight. This process can become a problem because it is profitable. A balance transfer is generally given priority to a large amount of savings when other bank / NBFC offers a lower interest rate than the current bank and a slight reduction in interest rate. So, borrowers usually prefer this option. It’s second in the list and floating interest rates on the home loan. The first fee for any borrower is that if he is a typical home loan EMI payer he may go to the present bank and ask the bank to reduce the interest rate based on his credibility. If the bank agrees to do so, it is good for him and good, or he should choose the second option.