Switch your existing housing finance to Bank of Baroda home loan

Undoubtedly, Bank of Baroda home loan is the most preferred financial tool to own your dream property. A house is a place which depicts your true lifestyle and thus, it is essential to choose the right property within the right budget. However, sometimes the decision is made so quick that the borrower then later regret for choosing the home loan at higher interest rate. But, there’s nothing to worry about when you can opt for home loan transfer option. The quicker you unload the loan repayment burden at higher interest rates, the more financially comfortable you will be.

Home loan transfer is a viable option for first time buyers to switch from one lender to another in order to avail lower rate of interest. It may be noted that Bank of Baroda provides home loan at comparatively lower rate of interest and flexible terms. While switching to the BOB home loan, the new lender take over your home loan by paying the outstanding loan amount to the existing lender. Post clearing the outstanding amount, the new lender then sanctions the home loan at affordable interest rate. Once the process is complete, the borrower has to pay the remaining EMIs to the new lender as per their norms.

Benefits of home loan transfer:

Balance transfer is somewhat similar to the process of obtaining a home loan online at https://www.applykaroo.com/loans/bank-of-baroda-home-loan. However, despite the fact that you can only transfer the housing loan after a certain period, there are several benefits of switching the existing loan to the new lender.

• Low interest rate – The very first benefit to switch to Bank of Baroda home loan is lower interest rates. Of course, a hefty sum is paid towards interest during the entire housing finance tenure. Therefore, even a slight difference in the ROI can help you rack a good amount and hence, resulting in more savings.
• Good track record – Citing your good repayment history, credit score, and income, you can negotiate the BOB home loan terms and conditions. This could help you avail better benefits and flexible terms than your existing lender offers.
• Shorter tenure – Once the financial burden reduces, you can opt for a shorter tenure and hence, again saving a good amount of interest.
• Top-up loan – Your existing lender might not offer top up loan facility and thus, one of the many benefits of home loan transfer is that BOB offers top-up loan facility to the borrowers. Housing top up loan can be availed at competitive interest rates and the same can be used either for home renovation or buying home interior goods.