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You can transfer home loan to any other bank

Posted: Sunday, Jan 20, 2008 at 2246 hrs IST
Updated: Saturday, Jan 19, 2008 at 2302 hrs IST

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: Amitoj Sethi, (Director, www.deal4loans.com)

I am an NRI working abroad and I would like to purchase residential plot in India. I wanted to know which banks provide loans for land/plots and what documents one needs to submit to avail the same.

Banks do not lend money for purchase of land. They do lend money for construction of a house if you already own the land.

Please advise if there is any rebate on home loan principle or on interest if it is a builders flat under construction and the owner is still waiting for the possession?

The rebates associated with a home loan from a tax saving perspective are on the interest paid as well as on the principal repaid. The deduction of interest payable on the loan taken to buy the house is up to a maximum of Rs 1.5 lakh every year under section 24(b) and the principal portion of the loan repaid to the bank will be eligible for deduction under section 80C (along with other contributions and investments) up to a maximum limit of Rs 1 lakh. This rebate can be claimed even if the flat is under construction and the owner is still awaiting possession, but the property should be registered in the name of the owner.

I had brought a flat eight years ago by taking housing loan from my company (Insurance). Now, I want to know whether I can transfer that loan account to any bank that can takeover & provide me loan with current market value status.

You can transfer the home loan to any other bank. The bank will carry out a valuation of the property to estimate the current market value. Based on the current market value, they will offer you a home loan. Part of this amount will be paid directly to the company to take over the loan and the balance can be paid out to the applicant.

I am working in Ahmedabad and I want to buy a flat in Noida. Can I apply for a home loan? If yes, from where should I apply—Ahmedabad or Noida?

Ideally you should apply for a home loan from your current city of residence. The home loan can be for property in any other city. You should approach a bank which has branches in both cities as your residential and income status would need to be verified in one city and the property’s legal documentation and commercial...

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Comments

» home loan transfer

Posted by atul koche on 2009-08-18 19:06:34.592902+05:30
could you please suggest me how to transfer my home loan from ICICI bank to any other bank like union bank and waht will the union bank will apply the rate of interest, also what documents will be required, for further please tell the contact no.thanks

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» ICICI Home loan transfer

Posted by venkatachalam on 2009-06-18 22:13:15.59212+05:30
I take a home loan from ICICI 3 years back on floating interest rate basis; now I wish to transfer to LIC Housing finance / other PSUs. What is the procedure.

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» ICICI loan takeover

Posted by Sandeep on 2009-05-24 22:42:25.467025+05:30
I had taken loan from ICICI bank 5 years back. Is it advisable to request SBI to takeover this loan amount for low EMI payments

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» Transfer home loan

Posted by Srprd on 2009-03-08 23:45:30.334058+05:30
I have a floating home loan with HDFC for 20 years. Loan amount is Rs 20 lakhs. I wish to transfer this loan to a PSU bank. I am currently a non-resident for the past 1.5 years. Am I eligible to get such a transfer, because some PSU banks websites state that they give loans to NR Indians only who have completed 2 yars abroad.Could someone please clarify this ?

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» Transfer of loan to another bank

Posted by Sathyanand Prabhu on 2009-02-11 17:33:25.810547+05:30
have a home loan from ICICI bank for a period of 13 years. I want to transfer my account from ICICI to SBI as the inerest rate is lower. What is the procedure!

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» Home loan transfer to other bank

Posted by Vyankatesh Udgiri on 2009-02-04 14:13:38.724338+05:30
In Apr. 2008, I was taken home loan from "A" bank for "A" flat purchase. Again I have taken another home loan from "B" bank for "B" flat purchase. Right now I am residing in flat "B" where as Flat "A" is still under construction. Is it possible to me to transfer both loan in other bank "C" who has lesser ROI than bank "A" and "B"? If yes, what is procedure for that?

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» Transker of home loan from one bank to another

Posted by Banibrat Adhikary on 2009-01-29 09:09:04.398075+05:30
I have a home loan from HDFC bank for a period of 15 years. I want to transfer my account from HDFC to SBI as the inerest rate is lower. What is the procedure!

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» about loan procedure

Posted by gbshah on 2009-01-02 18:55:57.965973+05:30
the loan is given to those whose monthly income is high when bank declined the persons whose income is rs 9000? p.mso what are the sourses for such type of people who want to buy their own house?

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» house loan transfer

Posted by PREMKUMAR on 2008-12-26 15:58:20.957382+05:30
I have taken housing loan from icici bank two months ago.Can I transfer my loan to any bank which offers low interest than icici bank

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» New home loan from PSU Bank by repaying Pvt. Bank loan

Posted by Tapan on 2008-12-16 16:38:34.587868+05:30
My home loan (ICICI) outstanding balance is less than 5 lac. I am repaying the whole amount to ICICI. Can I apply

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