Ask Yourself – What Is Home Loan Refinancing? (Real Estate - Home Loan & Refinance)

Item ID 8556710 in Category: Real Estate - Home Loan & Refinance

Ask Yourself – What Is Home Loan Refinancing?


Home loan refinancing means the conversion of the old loan with a new paid off the home loan. The terms & conditions include payment schedule of old home loan replaced by the new home loan offering. When individuals or companies refinance their home loan, they have to pay a switchover fee.

Whether you are tied up with an existing home loan EMI or are planning to apply for a new home loan – you should know the concept of “home loan refinancing”. If you have missed the bus and availed a home loan at the high-interest rate for whatsoever reasons, you can still lower your interest rate – and the mantra is “Home Loan Refinancing.”

Introducing the concept
Mr. Prakash Singh, working as a mechanic at a manufacturing plant in Gurgaon, purchased a property from a builder at Rs 20 lakh. He borrowed money from his friends at a high-interest rate. 6 months later, he wants to mortgage his property to a bank and refinance home loan for the same property. Why is he doing that? He is pressing hard to do so because interest rate for a home loan will become less and his switching cost is also affordable. In other words, he wants to refinance his home loan for slashing his home loan interest rate.

Home loan refinancing means the conversion of the old loan with a new paid off the home loan. The terms & conditions include payment schedule of old home loan replaced by the new home loan offering. When individuals or companies refinance their home loan, they have to pay a switchover fee. Refinancing can be for housing finance, student loans or car loans. Generally, in refinancing, the terms & conditions are revised in such a manner that repayment plans are changed to a great extent; actually, the most prominent changes are on interest rate and maturity date.

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Last Update : 12 February 2020
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Item  Owner  : komala
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2020-10-27 (0.072 sec)