New Delhi, Oct. 24 -- A home loan balance transfer facility allows borrowers to move their loan to another lender before the loan tenure ends, usually to secure a lower interest rate. The new lender evaluates the application as a fresh loan and if approved, repays the outstanding amount to the existing lender.

Once the transfer process is done, you begin repaying the remaining loan amount to the new lender at the revised interest rate.

However, a balance transfer is not necessarily a one-time option. Borrowers may consider switching lenders again if another lender offers a more competitive interest rate or more favourable terms.

Yes, there is no fixed legal limit on the number of times you can transfer a home loan. Borrowers can switch...