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This is Why Many Opt To Transfer Their Home Loan to Kotak Mahindra Bank - Know Here!
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Your home loan interest rate determines your total interest outgo and cost of borrowing. Therefore, it is a significant factor that you must consider while choosing a home loan. Naturally, it could be disappointing for you if the home loan interest rates have dropped after you took the loan. You might feel that you are stuck with high interest rates for the entire tenure.
Not anymore. You can instead opt for home loan balance transfer. By transferring your loan to Kotak Mahindra Bank, you can get better interest rates and save on interest costs.
What Is a Home Loan Balance Transfer?
A home loan balance transfer is an option to transfer your home loan from one lender to another. You can do so to get lower interest rates and better services and facilities. To transfer your loan, you need to apply for a new home loan. Once your loan application is approved, the new lender repays the outstanding loan to the old lender in full. Once your loan is closed, you can pay the remaining EMIs to the new lender at their interest rates.
Why Transfer to Kotak Mahindra Bank?
If you have been wondering why many opt for Kotak Mahindra Bank to transfer their loan, the reasons are given below.
If you are stuck with a home loan with a higher interest rate, you can transfer the home loan to reduce your interest outgo. By transferring your home loan to Kotak, you can get one of the lowest interest rates in the market. With a lower interest rate, you can reduce your cost of borrowing and save money.
Prompt communication and better customer service can make a huge difference in the overall home loan experience. With us, you can be assured that you will get the best services and facilities. You can also opt for a top-up loan to meet your other needs by home loan transfer. You can also get a doorstep facility and a dedicated relationship manager to assist you in the process.
By transferring the loan, you can restructure the loan. You opt for different tenure and increase or decrease your EMI. As per your financial comfort, you can restructure the loan terms and make repayment easily.
A home loan balance transfer can help you reduce your interest outgo and save money on the home loan. However, there are certain aspects that you must consider. For example, it is crucial to calculate the total cost of the transfer compared to the savings you expect to make. You can do a cost-benefit analysis or use a home loan balance transfer calculator for the same. Also, you must transfer the loan at the initial years of the tenure when the interest component is higher. It is not advised to transfer the loan when you have repaid a substantial amount of the loan.
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