Before getting your Home Loan transferred, one should have a close look at the Fine Print document. Fine Print is the portion of a document, especially a contract, which contains qualifications or restrictions in small type or obscure language. Following are the few tips for Home Loan Balance Transfer:

First thing which should considered for going in for a balance transfer is the Rate Of Interest, further your repayment track can help you a lot on this.

Secondly, The pre-closure charges paid by the bank on customer’s behalf should not be added into the total principal amount of the new loan.

Thirdly, if the new bank is providing you any additional feature like Mortgage Insurance etc.

Fourthly, your rate of interest would be calculated on monthly or annual basis.

In Addition, you should also compare the cost of balance transfer and repayment/switching to another bank.

Lastly, The Paperwork Required, you should get it confirmed with the bank if you’ll have to submit New Cheques or your original EMI Cheques can be used.

Balance Transfer is not a good option if the repayment tenure left is less than five years. It is a good time to opt for a balance transfer as the ROI is on a downfall. A small information can help you save your precious time and money.