Balance transfer

A balance transfer moves your outstanding loan from one lender to another offering a lower rate: the new lender repays the old one and you continue on fresh terms. It saves money only when the rate gap is meaningful and enough tenure remains, because the saving comes from future interest — a transfer late in the tenure rarely pays for itself. Count the full cost: processing fee, legal and valuation charges, and stamp duty where applicable. Compare total outgo before and after, not the headline rate. Sanction is at the new lender's sole discretion.