1138429 SIP myths you must know!
If you have also taken two home loans, then the best option for you is to convert both loans into one. It has many advantages.
In this era of inflation, taking more than one loan has become common. Most people easily take houses, cars, etc. on loan. Apart from this, many have also taken two home loans. But managing more than one loan is difficult. Planning is needed to repay the EMI of both loans. The size and interest of both loans could be different. And if you show negligence in the payment of any one, then it affects the other loan as well. If you have also taken two loans or are planning to take one, then what should you do?
If you have also taken two home loans, then the best option for you is to merge both loans into one. It has many advantages. First, you will have to pay the EMI to one bank. In such a situation, your interest rate can also be cheaper. If you want to merge two home loans into one, you can do so through loan consolidation. Overall, it makes it easier for you to manage the loan.
How to merge two loans
For this, you have to choose the option of balance transfer option. Nowadays this facility is available in almost every bank.
For this, your creditworthiness and loan eligibility will be checked by the bank. Not only this, consent for loan transfer will be taken from your existing bank. Under this, your new bank will pay the outstanding amount to your old bank to close the loan.
Loan top-up
You can repay the second home loan by availing of the top-up loan facility on one loan. Under this, one of your properties becomes debt-free. But for this, you should have a sufficient top-up loan amount. This way you can save more interest and repayment tenure.