Refinance
Refinance is the process of taking a new loan from a new lender to pay off an existing home loan. If you get a loan which is offering low rate of interest and for long tenure, you can refinance the loan to save on interest.
Refinance Home loan is a good option if you need to extend your repayment term or your credit score has improved and you’re able to obtain a more competitive interest rate as a result and lower interest rate through a refinance reduces your cost of borrowing so you’ll pay less on your home loan.
Balance Transfer Loan
Balance Transfer Loan is the process of transferring your outstanding loan to other lender if they are giving you better offer than existing loan. It is quite similar to availing a new Home Loan however it also added some cost like processing fees and legal fees but if borrower benefitted in long run due to lower rate of interest than one should take decision after all pros and cons.
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Top Up Loan
Top Up Loan is the loan given by the lender over and above your current loan. You can avail it for home renovation, additional construction, even for other expenses like marriage, education etc. because it is cheaper as compared to personal loan. So it is preferred choice for borrower.
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Benefits of Refinance Loan
Change the type of Loan
Refinance provides you to change the the type of loan such as high rate of interest can be change into fixed rate of interest and also you can also extend your loan tenure.
Interest Rate
The most important benefit of Refinance is the low interest rate. If another lender is providing the low rate of interest then the existing lender then it directly affects your EMIs.
Lesser EMIs
When you want to refinance then you already paid a large amount of current loan. So refinance is already much less than current amount and new EMIs are also lesser than before.
Top Up Loan with Refinance
At the time of refinancing of loan, you can get the 10-25% top up of the laon with the outstanding loan amount with lower rate of interest and other services subject to Income and LTV value of property.
Repayment Tenure
With the change of lender, you can also change your tenure according to your financial sitution.
Top Up Loan
Refinance provides you the benefits of Top Up loan. If you urgently needs finance then Top Up on the current loan is the best option. Low rate of interest and long tenure are the benefits of this loan.
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