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Buying your dream home is a milestone. But what if the home loan you chose earlier is now weighing you down with high EMIs and interest rates?

This is where a Home Loan Balance Transfer comes in – giving you the power to shift your existing loan to a new lender at a lower rate of interest.

What is a Home Loan Balance Transfer?

A home loan balance transfer simply means transferring the outstanding loan amount from your current lender to another bank or financial institution that offers better terms.

In simple words – it’s like switching your loan to save money.

Why Consider a Balance Transfer?

Here are the top reasons why people choose to transfer their home loans:

Lower Interest Rate – Even a 0.5%–1% reduction in ROI (Rate of Interest) can help you save lakhs over the tenure.

Reduced EMI Burden – With a lower interest rate, your EMIs become lighter, giving you more breathing space in monthly expenses.

Top-Up Loan Facility – Need extra funds for renovation, education, or business? Many banks offer top-up loans along with balance transfers.

Better Loan Features – Modern lenders provide flexible repayment options, digital account management, and faster services.

No Hidden Charges – With transparent lenders, you avoid surprise fees and get a fair deal.

Example of Savings

Suppose you have:

Loan Amount: ₹40 Lakhs

Tenure: 20 years

Interest Rate: 9%

Your EMI = ₹35,989

Now, if you transfer the loan to a lender offering 7.5% interest, your new EMI will be around ₹32,227. 👉 That’s a saving of ₹3,762 per month and ₹9 lakhs+ over the tenure!

When Should You Opt for a Balance Transfer?

If your current loan is still in the early or mid-tenure (first 5–10 years).

If the new lender offers significantly lower interest (at least 0.5% less).

If you want to consolidate debt with a top-up loan.

If you’re unhappy with the service or transparency of your present lender.

 Steps to Transfer Your Home Loan

Check Your Eligibility – Credit score, repayment history, and income.

Compare Lenders – Look for lowest interest rates and processing fees.

Apply for Balance Transfer – Submit documents (KYC, loan statement, property papers).

Loan Closure from Old Bank – Your new lender will repay the outstanding loan to your old bank.

Start Fresh EMI Plan – Begin repayments with your new lender at a lower EMI.

 Things to Keep in Mind

Processing Fees & Charges – With refernrewards no processing fees & no charges.

Tenure Reset – Avoid unnecessarily extending tenure; focus on saving interest.

Credit Score – A strong CIBIL score improves approval chances.

 Why Choose Refernrewards for Balance Transfer?

At Refernrewards, we make loan transfers simple, transparent, and rewarding.

✅ Lowest interest rates from top banks & NBFCs.

✅ End-to-end digital process.

✅ Rewards for both applicants & referrers.

✅ No hidden charges.