Shreya took a 20 year home loan of Rs 50 lakhs 3 years back at a fixed interest rate of 10.5 %. Now, in the current falling interest scenario, most banks are offering loans at the rate of 9.00 % – 9.5 % p.a. Since the amount of loan is sizeable and she still has 17 years to go, she wants to explore if it makes sense to switch over to another loan provider and take advantage of the low interest rates. But, moving a loan is a time consuming and a cumbersome process, and there is a cost involved too. These are some things which people like her should know and evaluate before taking a decision to shift.

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