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Home loan balance transfer is a process through which you transfer the remaining amount of your home loan from the old lender to the new one. This is a beneficial practice, as when you balance transfer home loan, you get a lower rate of interest than the one charged by your previous lender. This reduces the overall burden.
Home loan transfer is available to anyone who is an Indian resident, but here’s a catch, you have to fulfill certain eligibility criteria. These criteria include:
● The age of the applicant
● The income
● Educational qualification
● Financial standing, etc.
You can easily check your eligibility with Kotak Mahindra Bank’s home loan balance transfer calculator.
A home loan top up is a financial assistance given to you by your bank or lender above your existing home loan transfer. With a home loan top up, you can fulfill your other financial needs, like renovation or refurbishment of your house. The benefit of such loans is that they have a lower interest rate and longer tenure than personal loans.
The interest rate is one of the most salient features of a home loan balance transfer, also known as home loan refinance. It is considerably lower than the one charged on a home loan. The lower rate of interest decreases the overall EMI which in turn reduces the financial burden.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
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