Home loan lenders are passing the burden over to you without you, the borrower, realizing this. Any home loan tenure continues for approximately a longer period of say 15 to 20 years and hence as there are changes taking place with finances and economy your housing finance company will also keep changing their rules.
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.
|Home Loans Simplified Facts|
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 finalize 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.
All the Best from Rizwana!