Balance Transfer

Term Plan Comparison

Balance transfer, commonly termed as BT is a loan extended for transfer of an existing loan from one bank to another.

Most of the banks charge a pre-payment (foreclosure) fees ranging from 2% to 3% for transfer of the loan. In spite of a cost involved in transferring your loan, the number of balance transfer cases is quite substantial in current mortgage market.

A balance transfer can help you in evaluating a better deal for your Home Loan. There are various reasons on which a balance transfer can be a good option for you. The reasons can be that it might lower down your rate of interest, the loan tenure will extend and with the Top Up amount you can use it anywhere you want to.