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SwitchMe – A solution to the customers for Take Over Home Loans

SwitchMe is a fintech startup and is India’s first online service that helps with a new home loan or loan transfer to the lower interest rate. It is a consumer service that provides the best service to the consumers to switch from one service to another at low interest rates. Home owners, working class people, save time and money from their end for the home loan services. It is the fastest and easiest way to switch payment methods if the interest rates are higher for the loans. It provides online switching services to make the selection process of choosing the cheapest service  provider.

Too many people find it very difficult to choose the best financial services at the appropriate interest rates. Also, the procedures, including filling up application and lots of supplementary forms, legal paperwork, norms and regulations to adhere, sales people involved, pushing up to choose the deals is a tedious job.

So SwitchMe is the best service provider with a mission to help and change how people approach their finances. Not only does it provide the best services but also provides the lower interest rate services.

Story of SwitchMe: How was it Found?

Aditya, Head, India for Core Banking Sales at TCS had an idea to simplify things for the customer and take care of the best financial assisting services. He had issues with the electricity bill payment. So he was looking forward to switch his electricity provider. By switching his electricity provider, he wished he could save up to 30% of his electricity bill but did not any have any idea on how to do it. From his discussions through his friends, he learned that there are bigger issues like home loan transfers that need to be dealt with. So the concept of SwitchMe came into existence. Initially it started with the switching electricity providers. The idea was to design a technology that would help to find a solution to bigger problems like the Home Loan transfers.

Aditya met his friend Sourasis, who happened to be a mathematician and a tech genius. He liked the idea of using technology to solve the real-time problem that helps and solves the problems of the people. They teamed up and worked to build a framework that helped home loan advisors and executives to serve the customers. SwitchMe focuses on making Home Loans easy and time saving. The horrible days of standing for hours in queues and wasting weeks comparing lenders has finally come to an end. Today, it has helped our customers save crores by transferring their home loans to the best possible plans and schemes. We have achieved this massive success as we work only for our customers, their problems and needs and not for the lenders. SwitchMe helps consumers to switch customers to their home loan interest rates to low per cent. Also its raised an undisclosed round of funding from investors like Mohandas Pai, Hiro Mashita, Singapore Angels, and other investors.

How Does Switch Me Work?

SwitchMe brings the most preferable Home Loan Balance Transfer calculator in India. It helps the customers to compare multiple home loan products from various banks on the basis of their interest rates, plans and schemes. So, if you are searching for means and ways to save on your existing home loan, SwitchMe is the best option to choose. The advantages of SwitchMe are it compares latest Home Loan Interest Rate, analyses Home Loan Transfer Charges, adjusts for EMI or interest rate, Compare multiple products of the same Bank, and also no pre-payment penalty on home loan transfer. After the announcement of the MCLR (Marginal cost of lending rate), we update the interest rates for all banks and Housing finance companies every month. This accounts the variation between the different MCLRs that banks use. For instance, the interest rates and the time period of different banks are updated. We also update the interest rates after RBI rate cut announcements are made. We provide the information of the cost of switching home loan.

This includes the charges that your current bank may charge and also charges of the new bank. The Home loan balance transfer calculator shows the detailed charges for all the internal interest rate reset with the current lender. It adjusts for EMI or interest rate. Some people remember their current interest rate while others remember their EMI. So, this calculator adjusts to what customers enter. Several large banks and finance companies have several different products for home loans. This calculator takes all of them into account. For example, the interest rate on SBI Maxgain is different from the interest rate on SBI’s standard term loan. This calculator shows both of the products. So it compares multiple products of the same Bank. The prepayment penalty has been completely waived off on all floating rate loans as per the instructions of both RBI and NHB. So, the calculator doesn’t state any penalty amount to you. So there is no pre-payment penalty on home loan transfer. It is easy and efficient to Use the SwitchMe Savings Calculator which uses the easy-to-use savings calculator and get a complete list of savings with different lenders. So the customers can save a lot of money.

SwitchMe services are currently available in Mumbai, Pune, Bangalore and Delhi. It helps customers to switch their home loan to the low rate of interest from the customer’s comfort home bank. A switch to lower rate can save lakh of rupees but many customers struggle and face issues to achieve it because of paperwork, complications in the loan process, high interest rates to pay and the tedious leg work involved. SwitchMe’s technology finds the best match of lender for the customer as per multiple factors which simplifies customer’s efforts and provides the best solution and offers as per customer’s requirements and convenience.

This leads to a quicker process and higher success rate, which saves the time and energy of both the customer and lender keeping them happy. The investor of SwitchMe has said that with a good solution to the asymmetry of information between the lenders, alternative mortgage providers and the consumer will no longer exist. The SwitchMe team has utilized its domain knowledge, expertise and techniques to build a platform that eliminates the uncertainties, insecurities and  in turn collaborates and integrates all the essential components to provide the best possible experience for the customers.