
According to recent data, the credit card industry is likely to grow at a CAGR of more than 25% by 2025. This particular sector’s growth trajectory signals that individuals are increasingly depending on digital payments now more than ever. However, in tandem with this upsurge of credit card requirements, several frauds are increasing with every passing day.

The home loan balance transfer feature is a unique solution available to existing home loan borrowers looking for better loan terms. It allows borrowers to transfer their existing debt to a new lender at a revised home loan interest rate or tenure. Naturally, such a provision can be a smart option for a long-term instrument like the home loan and has the potential to save you a considerable sum. However, to get value out of such an undertaking, you must have all your bases covered. To that end, here are 5 things to know before you opt for a home loan balance transfer.