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Question: When is the right time to opt for a home loan refinance?

Answer: Usually most people opt for home loan refinance when their interest rate is way too higher than the existing rate of interest. So you may be either be changing from one bank to another or switching from fixed to floating. Home loan is a long term product with a long tenure. There are bound to be interest rate fluctuations along the way. Unless the interest rates drop more than 0.75 to 1% from your prevailing interest rate, even considering a home loan refinance is a big no.

Usually most people opt for home loan refinance when their interest rate is way too higher than the existing rate of interest. So you may be either be changing from one bank to another or switching from fixed to floating. Home loan is a long term product with a long tenure. There are bound to be interest rate fluctuations along the way. Unless the interest rates drop more than 0.75 to 1% from your prevailing interest rate, even considering a home loan refinance is a big no. Source: CoolInterview.com

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