Many borrowers contemplate idea of switching home lender or prepayment of loans in order to combat with high interest rate. As prepayment comes along with penalty plus lump sum funds, therefore, switching to a lending institution who can offer you better interest rates is a good choice. Let’s find out different methods which should be keep in mind while switching home loan from one lender to another-
• You should approach varied lending institutions in the hope of transferring the loan. By approaching multiple lenders, you can get a good deal on the basis of your income and repayment track record. Moreover, you should inform your present banker about your intent of transferring the home loan. You can do it by submitting a letter to the lender.
• Generally, your present lender may be interested in negotiating with you. It can be considered a good time for letting your lender to know the reason of your dissatisfaction. After negotiations, the lender will give you a consent letter which will be on the basis of your negotiations. The letter will consist of information about the amount of loan taken, outstanding loan, etc. After getting the consent letter, you can approach the potential lending institution for transferring your balance.
• To activate transferring, you will be required to fill an application form which will consist of all important details. You should keep all original documents at one place. The lender can also demand no objection certificate (NOC) from the relevant regulatory bodies, relating to the property.
• You should approach varied lending institutions in the hope of transferring the loan. By approaching multiple lenders, you can get a good deal on the basis of your income and repayment track record. Moreover, you should inform your present banker about your intent of transferring the home loan. You can do it by submitting a letter to the lender.
• Generally, your present lender may be interested in negotiating with you. It can be considered a good time for letting your lender to know the reason of your dissatisfaction. After negotiations, the lender will give you a consent letter which will be on the basis of your negotiations. The letter will consist of information about the amount of loan taken, outstanding loan, etc. After getting the consent letter, you can approach the potential lending institution for transferring your balance.
• To activate transferring, you will be required to fill an application form which will consist of all important details. You should keep all original documents at one place. The lender can also demand no objection certificate (NOC) from the relevant regulatory bodies, relating to the property.
No comments:
Post a Comment