Takeover of Home Loans
Category : Home Loans
Home Loan may be taken over from the following Institutions?
- Scheduled Commercial Banks (SCBs);
- Private and Foreign Banks;
- Housing Finance Companies (HFCs) registered with National Housing Bank (NHB);
- Borrowers employers if they may be Central/State Govts. Or their undertakings or Public Sector Undertakings, yes. Issue to the following:-
- Borrower should fulfil the eligibility standards for availing Home Loan as in line with the Banks instructions.
- The borrower needs to have serviced interest and/or instalment of the existing loan regularly, as in step with the authentic terms of sanction.
- The borrower has valid documents evidencing the title to the house/flat.
Take over with sanction of Higher Loan Amount is possible?
Bank may sanction an amount higher than the amount taken over from different bank/ monetary group for purposes of protection/ extension/ furnishings. Similarly extended repayment period may be sanctioned supplied that always the standards regarding maximum permissible finance and security margin under the Bank’s schemes aren’t diluted.
What is the process for Take Over?
- The borrower ought to deal with a letter to the bank/ economic group from whom he has availed the loan asking them to supply, at once upon receipt of the loan quantity, the name deeds and other securities, if any, direct to our lending branch;
- The borrower must give to the branch a request letter for paying to his existing lending financial institution / monetary group the excellent quantity of his mortgage by debit to his mortgage account.