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Loan against property or LAP - this concept is not at all new in our country. On the contrary this has been an age old way of arranging money in times of need. In fact, plots of many old Hindi films

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Home Loan Refinance

Home Loan Refinance

WHAT IS REFINANCING BANK LOAN IN MUMBAI?

If you are fed up with paying the monthly installments for the home loan you took last season to buy that coveted dream home of yours, then you can always have the option to refinance it. Refinancing a home loan is actually a process to take new loan from a bank or from LIC which is a home loan dsa in Mumbai and pay your existing loan. It is extremely essential for you to go through all the criteria’s before taking such a move.

Home loans in Mumbai are provided by host of banking institutions and home loan agents in Mumbai. There are also several home loan dsa in Mumbai who provide the customers all the necessary information about home loans in Mumbai. To take a new loan to refinance your old one, you can always visit the leading banks and check out what they have to offer. New home loan products and services are always launched by leading banks of the country under their respective bank’s name.

GUIDELINES TO REFINANCE YOUR EXISTING HOME LOAN IN MUMBAI

If you are wondering when to refinance your existing loan, then the following points will act as a guide for you before moving ahead.

  • When the interest rates have fallen and you are paying bigger easy monthly installments, then you need to understand that the time has come to refinance your existing loan. But for that, you need to pay prepayment penalty. Various home loan products are available in Mumbai like SBI home loan, ICICI bank home loan and they all come with a pre payment penalty feature.
  • If you want to pay lower EMI even if the interest rates have climbed up, then you can always have the option to refinance your existing home loan. You need to talk to the home loan agents in Mumbai or you can visit several banks as well as home loan dsa in Mumbai. This feature is good in the sense that you can take a new loan for a longer tenure period and then, you would probably need to pay a lower EMI.

NEW HOME LOAN PRODUCTS IN MUMBAI

If you are in Mumbai and searching for new home loan products to refinance your existing loan, then you should take a look at SBI home loans schemes. Out of all the offers, the best home loan in Mumbai is the one by the State Bank of India. They have launched two new products

  • The SBI Home Loan Schemes: For a loan amount up to 30 lakhs, THE SBI Easy Home Loan can be taken at a variable rate of interest for the first three years and a combination of floating rate and fixed rate thereafter. For the crossing the 30 lakh limit, SBI offers the SBI Advantage Home Loan with suitable rates of interest.
  • If you take a home loan in Mumbai from the ICICI under their latest loan scheme, which is a crafty combination of fixed and floating rate, the interest for the first two years will be fixed while the third year on, you will be able to benefit from a floating rate. This will, of course, depend on whether the loan amount is within 25 lakhs or above it.

There are also host of other banking institutions and home loan agents in Mumbai. However, you need to be very cautious before zeroing in on a particular deal.