MANOJa

Refinancing your loan - Indian Express

pank2012

Refinancing is a better option to fetch benefits of decreasing interest rates. Provided your credit record is good. As mentioned in article it is important to calculate & verify the cost of switching & prepayment penalty from your previous loan. There are many online refinance calculators which can help in finding a best deal for you.

Along with this also consider following points
- Don't be dependent on interest rates published by banks check if there are some other charges mentioned in terms and conditions.
- Check effect of this refinance loan on your home loan insurance cover if you have any.
- Check how is this going to affect your tax benefits
- If home loan is taken jointly there may be different conditions for refinance.