Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
29 NOVEMBER, 2021
Your home loan can span for decades. Sometimes, in this duration, the terms of the loan change drastically. You might have availed a loan at a lower rate, but in a few years, it could witness a massive rise. Unfortunately, sometimes the opposite happens too. Few years down your tenure, you could realize that you are paying a much higher home loan interest rate than the one currently offered. This could be disturbing and expensive for you. Thankfully, you have a solution - refinance. With Kotak home loan refinances, you can easily transfer your home loan to a lower interest rate and save money. Read on.
How does home loan refinance work?
To transfer your loan, you need to close the existing loan and apply for a home loan balance transfer. Once your application is approved, the new lender pays off your outstanding balance to the existing lender. You then start paying the remaining EMIs to the new lender at their interest rates.
Why refinance your home loan with Kotak Mahindra Bank?
Things to note while transferring your home loan
Home loan refinance can help you restructure your loan by reducing your interest rates and adjusting your tenure. However, you must ensure that you meet the lender’s eligibility. You can use the home loan balance transfer EMI calculator to see the reduction in your EMI with the refinance and proceed with the application.
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