Balance Transfer & Topup
Home Loan Balance Transfer & Topup
A Home Loan Balance Transfer is a loan transfer process where you transfer your outstanding home loan balance from your existing lending institution to a new lender. It facilitates savings in terms of interest payments when you opt for a lender who offers to charge you a lower rate of interest than what your current lender charges you. This migration known as Home Loan Balance Transfer may also be termed as Refinance, or Balance Transfer.
Your current lender will charge you a foreclosure or prepayment charge predetermined in your Home Loan agreement. In the course of the transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.