Most of the borrowers believe that it is easy to make a home loan transfer from one lender to another. However, transferring is similar to availing a new home loan.
An EMI stands for Equated Monthly Instalment. A home loan borrower who has availed a home loan needs to discharge his or her liability by making monthly payments to repay the loan amount within a stipulated loan tenure. These monthly payments are called EMI.
A home loan by its very nature is a long-term liability. It is up to the borrower to determine if it is more expensive or cheaper than the alternative sources of funds that can be availed to purchase a house.