ABS Solutions

Home Loan Transfer Can Help You Save Big
When interest rates defy gravity, balance loan transfer can cut your loan
burden, especially if the new rate is 2% lower

Interest rates have been heading northward for some time now, inflating the equated monthly instalments (EMI) on home loans,
particularly for individuals who have opted for floating interest rates. Understandably, most of them are disconcerted by the impact of
rising rates on their monthly budget. Moreover, banking circles are now abuzz with talks of further hardening of rates in the next few
months.
Financial experts always suggest that one should keep the EMIs within manageable limits. In other words, if the home loan burden
becomes too heavy, try to pre­pay the loan, negotiate with the bank for better rates, or extend the tenure to keep your monthly
budget on track.
MAKING THE SWITCH
Home loan refinancing – or balance transfer – by switching to another lender may give you a better deal. “Borrowers usually complain
that banks are unfair to them, since they are quick to hike the floating home loan rates in a hardening interest rate scenario, but are
less inclined to reduce it when the rates soften.

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