You took a home loan and purchased your dream home. This decision made you very happy. You have been repaying the high loan EMI on time for the past few years. But one fine day you realize that your next door neighbor is paying a lower EMI for almost the same loan amount you took.
Does that hurt?
Of course it would. When you realize that you could have paid a lesser amount, it’s not a good feeling. But you don’t need to be sad about it. At Ruloans, we realize that purchasing a home is a big decision and with market fluctuations happening on a regular scale, there is a high possibility that interest rates can fall to a lower level.
Your possible savings in such a scenario where loan amount is 30 lakhs for a home loan of 20 years is 5069/- per month. That’s a huge amount you could save each month.
With this, we would also like to shed light on the most recent development;
NBFC have raised their lending rates by 2%
Yes, this news broke out few days ago and there is a lot of turmoil in the market. As a customer, this news means that all your loans taken from an NBFC will cost you 2% more. This would mean a higher EMI.
In this scenario of NBFC raising interest rates by 2%, your possible savings where loan amount is 30 lakhs for a home loan of 20 years is 9342/- per month. That’s a huge amount you could save each month. More than what you could see in the previous table.
Ruloans brings to you the best decision you can make at this moment. That decision is to utilize a “Loan Balance Transfer”.
What is a Loan Balance Transfer?
A loan balance transfer is a process where you shift your existing loan amount from the old bank to a new bank. One of the prime reasons of doing this is because the new Bank offers lower interest rates which mean you can save a lot of money. Apart from lower interest rates, the new lender might give you better terms, waiver on fees which can help you move your loan via a balance transfer.
How can Ruloans help you?
Ruloans understands that this scenario with NBFC rising their interest rates is very difficult for the customer and hence we wish to help them make the right choice. All you need to do is visit our online portal and apply for a balance transfer. Your benefit of applying via Ruloans is that you don’t have to check for options in multiple places. On our portal, you can compare loan options provided by different lenders. You can compare interest rates; terms etc and make the best choice as per your needs.
So, what are you waiting for? Utilize a loan balance transfer today and save money.
