Many a times it is seen that a borrower is not happy from the loan scheme that he has borrowed, people who have not researched properly about their loan scheme are the one who generally fall in such a situation.
Such a situation can be avoided very easily by understanding each and every aspect of the loan scheme before the borrower finalizes a deal, but what if somehow a borrower has to face such a situation, is there anything else that he can opt for?
The best option out in these situations is to refinance the loan. Refinance can also be a solution for the people that are paying high interest rates on their loan and some other lender is ready to offer a loan to them at lower interest rate.
Under refinance, a borrower can shift his loan to another lender that is willing to offer loan scheme that the borrower finds more suitable for him than the present one or the loan scheme is cheaper then the one that he is stuck with.
In case of opting for refinancing a home loan a borrower must be ready to pay prepayment penalty to the present lender, although the Reserve Bank of India does not approves for such a penalty but still the lender do levy this penalty unless the borrower is prepaying by his own sources.
The conditions for the penalty can vary so a borrower must get an idea of about how much he will have to pay in case he opts for prepayment; if the profit out of such a deal is not substantial then there is no use of going for such a deal, in that condition a borrower can look for some other lender that can offer him even lower interest rates.
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