Get ready to shell out more money

Once again the time has come again to the home loan customer to shell out more money from their pockets. With the current financial markets being so volatile and the falling rupee value resulted in the increase of interest rates. All the major leading private sector banks like HDFC and ICICI have started increasing their interest rates for the existing and new home loan customer which affect the repayment tenure and the EMI amount. All the banks are raising interest rates by a min of 0.25% and applying it to the existing customers too.

If you are one of those banks customers which have raised the interest rates then you will be definitely affected by the Interest raise. Banks raise the tenure of the home loan account by keeping the EMI same and if the tenure crossed then Banks will raise the EMI amount.

Customers can opt for Home loan balance transfer to save money from these situations. All banks have this product which provides the customers with the option of choosing Fixed and Floating interest rates. Customers need to submit all the Income, property documents and Existing account repayment track record with outstanding letter to the preferred bank which will process the Balance Transfer and release the amount directly infavour of the previous bank.