Your home is not only a place of comfort but also a significant financial asset. As a homeowner, you might have heard about the term "refinancing," but do you truly understand what it means and how it can impact your financial well-being? Refinancing home loans can offer several compelling advantages that cater to a homeowner's financial needs and goals.
Refinancing a home loan involves replacing your current mortgage with a new one, ideally with better terms and conditions. This process can be likened to giving your financial arrangement a fresh start. By refinancing, you essentially pay off your existing loan and secure a new loan with more favourable interest rates and repayment terms.
IIFL Home Loans offers a refinancing option through its balance transfer facility with competitive interest rates that can be more favourable to you than your existing loan. For more information, check out the official IIFL Home Loans website.
Now, on to the focus of our discussion here, which is to understand why you should refinance a home loan.
Lower Interest Rates: Interest rates in the housing finance market can fluctuate. If you initially secured your mortgage when interest rates were higher and they have since dropped, refinance mortgage can reduce your monthly payments and overall interest costs.
Shorter Loan Tenure: Refinancing can enable you to choose a shorter loan tenure. While this might increase your monthly payments, it can help you pay off your mortgage faster and save on overall interest costs.
Switching Lenders: If you're dissatisfied with your current lender's customer service or terms, refinancing gives you the opportunity to switch to a more favourable lender. Not only does this move ensure better service but also helps maximise your savings.
Top-up Facility: It enables you to access additional funds based on the equity you've built in your property. By refinancing with a top-up loan, you can address financial needs like home improvements, education expenses, or debt consolidation without the hassle of applying for a separate loan.
Economic Changes: Changes in the overall economic landscape, including shifts in the Reserve Bank of India's policy rates, can influence the interest rates offered by lenders. If you anticipate rising rates and seek stability, a fixed rate might suit you; whereas, if you expect rates to drop or prefer initial savings with possible fluctuations, a floating rate could be more appealing.
Refinancing your home loan can be a strategic move to improve your financial situation and achieve your goals faster. By understanding the process, comparing offers, and analysing the potential benefits, you can make an informed decision that aligns with your financial aspirations. Remember, your home is not just a place to live but also a valuable tool for securing your financial future. Refinancing might just be the key to unlocking its full potential. Visit the IIFL Home Loans website for the best home loans and refinancing deals!
Lower Interest Rates
Reduced Monthly Payments
Shorter Loan Terms
Switching Loan Types
Home loan refinancerates play a pivotal role in the decision to refinance. When interestrates drop even by a small margin, it can result in substantial savings over the tenure of the loan.
Keep an eye on economic trends and interest rate forecasts. If rates are expected to rise, you might want to refinance sooner rather than later to secure favourable home loan refinance rates.
Research lenders and their terms.
See if you fit their eligibility criteria.
Gather the required documents.
Submit your application and await approval.
IIFL Home Loans' balance transfer facility allows homeowners to shift their existing home loan from another financial institution to IIFL Home Loans at more competitive interest rates and favourable terms, potentially resulting in reduced monthly payments and overall interest costs.
You'll generally need a strong credit score, a stable income, and a favourable debt-to-income ratio. Lenders often offer their best deals to borrowers who present low risk and demonstrate the ability to repay the loan. Check out IIFL Home Loans’ eligibility criteria for a balance transfer to see if you are a match.
Home Loans
Home Loans
Is Home Loan Insurance Mandatory for a Home Loan?
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
Home Loans
Home Loans
Home Loans
Home Loans
Defaulting on Home Loan EMIs: What You Should Know
Read Blog
IIFL Home Loans | Sep 15 5:59 AM
Home Loans
All You Need to Know About Home Loan Statement
Read Blog
IIFL Home Loans | Sep 15 5:18 AM
Home Loans
Home Loans
Home Loans
Home Loans
TDS on Property Purchases in India: A Complete Guide
Read Blog
IIFL Home Loans | Aug 07 8:00 AM
Home Loans
Home Loans
How to Claim Tax Benefits on a Second Home Loan
Read Blog
IIFL Home Loans | Aug 04 6:38 AM
Home Loans
Home Loans
Guidelines for Affordable Home Loan Balance Transfer
Read Blog
IIFL Home Loans | Jul 12 6:18 PM
Home Loans
Home Loans
Save More With Tax Benefits of Home Renovation Loan
Read Blog
IIFL Home Loans | Jul 12 11:09 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
What Is a Pre-approved Home Loan and Its Benefits
Read Blog
IIFL Home Loans | May 15 5:28 AM
Home Loans
Home Loans
Key Factors Affecting Your Home Loan Amount Eligibility
Read Blog
IIFL Home Loans | May 12 11:58 AM
Home Loans
How to be Tension-free while Taking a Home Loan
Read Blog
IIFL Home Loans | Apr 28 12:03 PM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
A Quick Guide to Buying a Home for the First Time
Read Blog
Abhishikta Munjal | Mar 22 6:11 AM
Home Loans
Home Loans
Affordable Home Loans In India And IIFL Home Loans
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
Home Loans
Home Loans
7 Expert Tips For First-Time Home Loan borrowers
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
Home Loans
Home Loans
Home Loan Balance Transfer - Step By Step Guide
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
Home Loans
Home Loans
Steps To Close A Home Loan Without Complications
Read Blog
IIFL Home Loans | Aug 24 9:48 AM
Home Loans
Home Loans
Home Loans
Home Loans
Best Tips To Get Lowest Home Loan Interest Rates
Read Blog
IIFL Home Loans | Oct 03 12:15 PM
Home Loans
Success Tips For Young First-Time Home Buyers
Read Blog
IIFL Home Loans | Oct 03 11:45 AM
Home Loans
Home Loans
How To Claim Tax Benefits On Joint Home Loans?
Read Blog
IIFL Home Loans | May 21 2:45 PM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Five Things to Keep in Mind Before Buying A House
Read Blog
IIFL Home Loans | Jan 23 4:45 PM
Home Loans
Home Loans
SIPs Can Help You to Pay Your Home Loan Interest
Read Blog
IIFL Home Loans | Nov 15 1:00 PM
Home Loans
Home Loans
Home Loans
Home Loans
Tax Planning
Home Loans
Calculate Your Eligibility With Home Loan Calculator
Read Blog
IIFL Home Loans | Feb 07 11:00 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
10 Things You Must Know About Home Loan EMI Calculator
Read Blog
IIFL Home Loans | Oct 05 12:15 PM
Home Loans
6 Things To Consider While Choosing Your Home
Read Blog
IIFL Home Loans | Oct 01 11:45 AM
Home Loans
Here are 6 ways to Save Money on Your Home Loan
Read Blog
IIFL Home Loans | Aug 05 12:15 PM
Home Loans
5 Hacks for Improving the Home Loan Eligibility
Read Blog
IIFL Home Loans | Jul 18 3:45 PM
Home Loans
Home Loans
Whether taking home loan is a wise decision or not?
Read Blog
IIFL Home Loans | Apr 14 2:15 PM
Home Loans
Yes, Every Home Loan Needs Insurance. Here Why
Read Blog
IIFL Home Loans | Apr 14 11:30 AM
Home Loans
10 Things You Must Know About Home Loan EMI Calculator
Read Blog
IIFL Home Loans | Oct 05 12:15 PM
Home Loans
5 Hacks for Improving the Home Loan Eligibility
Read Blog
IIFL Home Loans | Jul 18 3:45 PM
Home Loans
Home Loans
6 Things To Consider While Choosing Your Home
Read Blog
IIFL Home Loans | Oct 01 11:45 AM
Home Loans
7 Expert Tips For First-Time Home Loan borrowers
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
Home Loans
Home Loans
A Quick Guide to Buying a Home for the First Time
Read Blog
Abhishikta Munjal | Mar 22 6:11 AM
Home Loans
Affordable Home Loans In India And IIFL Home Loans
Read Blog
IIFL Home Loans | Nov 23 4:12 AM
Home Loans
Home Loans
Home Loans
All You Need to Know About Home Loan Statement
Read Blog
IIFL Home Loans | Sep 15 5:18 AM
Home Loans
Best Tips To Get Lowest Home Loan Interest Rates
Read Blog
IIFL Home Loans | Oct 03 12:15 PM
Home Loans
Calculate Your Eligibility With Home Loan Calculator
Read Blog
IIFL Home Loans | Feb 07 11:00 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Defaulting on Home Loan EMIs: What You Should Know
Read Blog
IIFL Home Loans | Sep 15 5:59 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Five Things to Keep in Mind Before Buying A House
Read Blog
IIFL Home Loans | Jan 23 4:45 PM
Home Loans
Home Loans
Guidelines for Affordable Home Loan Balance Transfer
Read Blog
IIFL Home Loans | Jul 12 6:18 PM
Home Loans
Home Loans
Here are 6 ways to Save Money on Your Home Loan
Read Blog
IIFL Home Loans | Aug 05 12:15 PM
Home Loans
Home Loan Balance Transfer - Step By Step Guide
Read Blog
IIFL Home Loans | Nov 02 9:30 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
How to be Tension-free while Taking a Home Loan
Read Blog
IIFL Home Loans | Apr 28 12:03 PM
Home Loans
How to Claim Tax Benefits on a Second Home Loan
Read Blog
IIFL Home Loans | Aug 04 6:38 AM
Home Loans
How To Claim Tax Benefits On Joint Home Loans?
Read Blog
IIFL Home Loans | May 21 2:45 PM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Is Home Loan Insurance Mandatory for a Home Loan?
Read Blog
IIFL Home Loans | Oct 20 10:06 AM
Home Loans
Home Loans
Key Factors Affecting Your Home Loan Amount Eligibility
Read Blog
IIFL Home Loans | May 12 11:58 AM
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Home Loans
Save More With Tax Benefits of Home Renovation Loan
Read Blog
IIFL Home Loans | Jul 12 11:09 AM
Home Loans
Home Loans
SIPs Can Help You to Pay Your Home Loan Interest
Read Blog
IIFL Home Loans | Nov 15 1:00 PM
Home Loans
Steps To Close A Home Loan Without Complications
Read Blog
IIFL Home Loans | Aug 24 9:48 AM
Home Loans
Home Loans
Success Tips For Young First-Time Home Buyers
Read Blog
IIFL Home Loans | Oct 03 11:45 AM
Home Loans
TDS on Property Purchases in India: A Complete Guide
Read Blog
IIFL Home Loans | Aug 07 8:00 AM
Home Loans
Home Loans
Home Loans
What Is a Pre-approved Home Loan and Its Benefits
Read Blog
IIFL Home Loans | May 15 5:28 AM
Home Loans
Home Loans
Home Loans
Whether taking home loan is a wise decision or not?
Read Blog
IIFL Home Loans | Apr 14 2:15 PM
Home Loans
Home Loans
Home Loans
Yes, Every Home Loan Needs Insurance. Here Why
Read Blog
IIFL Home Loans | Apr 14 11:30 AM
Home Loans
Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.