{"id":5553,"date":"2020-07-03T17:04:43","date_gmt":"2020-07-03T11:34:43","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=5553"},"modified":"2020-07-03T17:04:43","modified_gmt":"2020-07-03T11:34:43","slug":"from-1st-july-2020-home-loan-rates-to-be-cheaper-is-it-the-right-time-for-balance-transfer","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/from-1st-july-2020-home-loan-rates-to-be-cheaper-is-it-the-right-time-for-balance-transfer\/","title":{"rendered":"From 1st July 2020, Home loan rates to be cheaper. Is it the right time for Balance Transfer?"},"content":{"rendered":"\n<p>From 1st July onward major Banks like SBI, HDFC,\nICICI and other major lenders will lower their home loan interest rates. What\ndoes this mean for you?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> \u25cf If you are planning to purchase your first home, there can be no better opportunity than this to get a lower EMI and save lot of money.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li> \u25cf If you already have a home loan, this is the right time for you to opt for &#8220;<a href=\"https:\/\/www.ruloans.com\/ruloans-home-loan.htm\">Home loan Balance transfer<\/a>&#8221; and lower the interest rates. Doing this will save a lot of your interest money.<\/li><\/ul>\n\n\n\n<p><strong>Why\nshould I opt for a Balance transfer?<\/strong><\/p>\n\n\n\n<p>In simple words, this opportunity will help you\nsave a lot of money. Let us understand this through an example.<\/p>\n\n\n\n<p>Name &#8211; Mr. Kumar<\/p>\n\n\n\n<p>Home Loan amount &#8211; 25 lakhs<\/p>\n\n\n\n<p>Loan Taken &#8211; 1st January 2019<\/p>\n\n\n\n<p>Loan tenure &#8211; 20 years<\/p>\n\n\n\n<p>Interest Rate &#8211; 8.99%<\/p>\n\n\n\n<p>Monthly EMI&nbsp;\n&#8211; 20,000 (just an example)<\/p>\n\n\n\n<p>So as we can see, Mr. Kumar took a home loan, 1.5\nyears ago. He still has to repay this monthly EMI for another 18.5 years. Due\nto the interest rate of 8.99% he is paying a higher EMI of 20,000 per month.<\/p>\n\n\n\n<p>But after getting to know that from 1st July 2020,\nhome loan rates will fall, Mr. Kumar checks for options. He realizes that one\nBank is ready to offer him 7.5% on his loan. Remember that Mr. Kumar was paying\n8.99% interest. This means he will be saving almost 1.50% interest. This means\nhe will pay lower EMI.<\/p>\n\n\n\n<p>Hence Mr. Kumar must opt for a <a href=\"https:\/\/www.ruloans.com\/ruloans-home-loan.htm\">Home loan\nBalance transfer<\/a>.<\/p>\n\n\n\n<p><strong>Can\nevery home loan borrower apply for a Balance transfer?<\/strong><\/p>\n\n\n\n<p>Yes. Every home loan borrower can apply for a\nbalance transfer until the home loan tenure ends. But Ruloans highly advises\nyou to check the cost of transferring your home loan from the existing bank to\nthe new Bank. If the cost is more than the benefits, then there is no point\ntransferring your home loan.<\/p>\n\n\n\n<p><strong>When\nis it the right time to balance transfer my Home loan?<\/strong><\/p>\n\n\n\n<p>Ruloans suggests that it is best to utilize this\nopportunity when your home loan is in the initial stages i.e. 3-5 years. If you\nhave paid more than 40-50% of your home loan. then there&#8217;s no point balance\ntransferring your loan. This is because you pay most of your interest amount in\nthe initial years.<\/p>\n\n\n\n<p><strong>Where\ncan I get the best deals on<\/strong> <a href=\"https:\/\/www.ruloans.com\/ruloans-home-loan.htm\">Home loan\nBalance transfer<\/a>?<\/p>\n\n\n\n<p>Ruloans is your one stop destination for Home loan\nBalance transfer deals. Visit our website, find the deal that suits your needs\nand get your loan approved quickly. We will always help you borrow right. So apply\ntoday and save lot of money.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 1st July onward major Banks like SBI, HDFC, ICICI  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":5554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-5553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan"],"rttpg_featured_image_url":{"full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"landscape":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"portraits":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-150x150.jpg",150,150,true],"medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-300x202.jpg",300,202,true],"large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"1536x1536":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"2048x2048":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"blog-large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-614x272.jpg",614,272,true],"blog-medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-320x202.jpg",320,202,true],"recent-posts":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"recent-works-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-66x66.jpg",66,66,true],"fusion-200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-200x135.jpg",200,135,true],"fusion-400":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-400x270.jpg",400,270,true],"fusion-600":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-600x405.jpg",600,405,true],"fusion-800":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"fusion-1200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"portfolio-full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-614x400.jpg",614,400,true],"portfolio-one":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-540x272.jpg",540,272,true],"portfolio-two":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-460x295.jpg",460,295,true],"portfolio-three":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-300x214.jpg",300,214,true],"portfolio-five":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1-177x142.jpg",177,142,true],"menu-24x24":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",24,16,false],"menu-36x36":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",36,24,false],"menu-48x48":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",48,32,false],"web-stories-poster-portrait":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",614,414,false],"web-stories-publisher-logo":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/07\/From-1st-July-2020-Home-loan-rates-to-be-cheaper-614x414-1.jpg",96,65,fals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href=\"https:\/\/www.ruloans.com\/blog\/home-loan\/\" rel=\"category tag\">Home Loan<\/a>","rttpg_excerpt":"From 1st July onward major Banks like SBI, HDFC, ICICI 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