Home Loan Balance Transfer
Balance Transfer Loans can be quiet useful in cases which a borrower be it an Employer or an Employee needs to pay for an existing Loan for which he or she is lacking the required amount.
Balance Transfer allows the borrower to apply for another Loan from which he or she can close the existing loan by clearing the due amount for the existing loan and can then pursue towards clearing the second Loan – the Balance Transfer Loan – in a scheduled manner as agreed upon with the Lender/ the Loan Provider being a Bank or an Organization.
In general Balance Transfer Loans have Higher Rate of Interest compared to most of the existing Loan categories.
The Applicant needs to provide Income Statements and undergo several screening actions before the Balance Transfer Loan gets approved. Assets can be attached as an assurance.