The lowest Interest rate is the deal that we all seek. Even
after getting the loan we look for opportunities to get better interest rate.
You can also get your best deal on ICICI Bank Home Loan Interest rates at LoanAdda.
If you have also availed the loan at a
particular interest rate but you want to switch the lender for interest
benefits, you can make use of Home Loan refinancing. You can reduce your EMI by choosing home loan
balance transfer, also called Refinancing home loan.
Here are the few benefits of refinancing your home loan
1. Lowering your interest rate:
While there are best personal loan offers available online.
For a Home loan, Interest rate is the most crucial thing. Everyone seeks for a
better interest rates and that is the main objective of switching the lender.
You can move to a lender who provides home loan at lower interest rates than
your existing lender. This will lower your monthly EMI and make repayment more
convenient.
2. Stress-free repayment
If the current lender is unwilling to negotiate and is stuck
to his rigid terms, the repayment becomes difficult. While by shifting the
lender, such as Bajaj Finserv, you can enjoy three EMI holidays. By delaying
your EMIs by three months at the begging of tenure, the purpose is to give you
time to arrange the funds and manage other expenses in the first 3 months.
Also, it offers you to foreclose or prepay your home loan at
any time without paying any fees.
3. You can customize repayment using flexi
Hybrid Facility.
Bajaj finserv’s Flexi Hybrid loan allows you to pay interest
only EMIs for up to 4 years at the begging of tenure. Thereafter, you can pay
full EMIs. This Unique facility of Bajaj makes repayment affordable and thus
reduces burden. You can later pay EMIs consisting of Interest and Principal
amount.
4. You can enjoy additional benefits
Online account management, top-up loans are other benefits
that you can take, depending on the lender you choose. Now a days you can apply
online for Personal loan and other kinds of loans. Online account management
allows you to get all information related to your home loan, online. While
top-up loan enables you to get additional funds for your home improvements,
education etc.
Compare your current EMI against the new EMI, before you
finally decide to refinance your home loan. It is advised to avoid shifting
lenders for marginal differences in Interest, Switch your lender only if your
savings are significantly higher.
