Refinancing involves taking out a new loan that replaces an existing one, primarily to secure lower interest rate, to take the equity out, and other better features. Refinancing can reduce the amount of interest to pay, which ultimately reduces your repayment over the life of your loan.

Similarly, other reasons for refinancing could be if your property’s value has increased and  you would like to do some renovations, to consolidate other loans, to release equity, etc.

It is advised to revise your mortgage every 2-3 years and assess if the current loan structure fits your needs and your circumstances. Your income and expenditure status are prone to change over the years, and thus, refinancing may be a wise decision to save money over a longer term.

At Laxmi Home Loans, we help in examining your existing loan and evaluate more cost-effective options. We frequently track the interest rates and apply for an interest rate concession whenever possible.    We make sure that we present to you the best loan alternatives!