What is refinance?
Ans.: You have taken a loan for your house from a HFI at a particular ROI. However over the years the ROI drops. In such a case you stand to lose. Well not if you opt to swap your loan. This could be done from either the same HFI or another HFI at the current rates of interest, which is lower. This is known as refinance. • How can I refinance my existing loan? Ans.: The procedure for refinance is as follows: Arrange for funds to repay the loan with the current HFI after getting the loan approved from the new HFI. Once you have repaid the loan, collect your title documents from the old HFI and submit it to the new HFI and avail of disbursement on your loan. Kindly read the details on the Balance transfer product and use the calculator to find out the benefits that you gain because of such a swap. • What is a Balance Transfer? Ans.: When you transfer the balance of a loan that you availed at a higher ROI to either the same HFI or another HFI at the current ROI, it is known as Balance Tra
