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.
