With the Reserve bank changing their lending loan rate within short span of few months it is but obvious that all the lending institutions and banks have to bear the brunt. The rules are going haywire and even if you have selected a fixed rate of interest you may have to bear the rise in your EMI amounts due to this.
This is one of the most important factors why many borrowers are shifting their home loans to a better housing finance company or lending institution. If the lender tries to put all the burden of this on the borrower in form of increased EMI amounts you have the option to select a new housing finance company that offers you the continuing loan amount for a lower rate of interest.
Try to find out what other lenders are offering in terms of interest rate on loans. You may enquire online or by friends and colleagues and select a housing finance company that keeps customer benefit at first. As you finalise the bank you can go about with transferring or closing your loan with the previous housing Finance Company. It is true that this will not be easy and they will persuade you and talk you out of it. Think in terms of money and if your previous finance company is offering you loan at the lower rate of interest that is being offered to you by a new company then you can continue with the same loan without all the hassles of closing and applying for a new home loan for the remaining amount. Negotiate for the best deal available in terms of saved finance and not perks.
There are many banks who guide you to close your previous home loan and offer you attractive offers and also guide you with the process. customer care of any housing finance company is most important to maintain previous home loan borrowers and bring new home loan borrowers in these times of inflation and rise of interest rates.