Takeover Loan
Overview
If you have already taken a home loan from any of the bank or financial institution at a higher rate of interest, you can look for home loan transfer to any of the bank to lower the burden of your home loan. You can anytime switch your home loan from existing home loan lender to a new lender. Home loan transfer is easy and simple to avail and you can contact to any bank, which is offering this facility. However, banks charge a fee for acquiring your loan from the existing lender and to complete the take over formalities. Takeover of home loan is beneficial to lower your total outgo as interest in the home loan. It helps in saving huge money over the period of time. If the new lender is charging you a lower amount as processing fee and you are paying just a few thousand of rupees in the whole takeover process and your saving is in lakhs then it is a good deal to switch your home loan. You should always compare and negotiate with the bank to get the lower rate of interest on the new loan on flexible terms. Always, read the terms and conditions of the loan and find out the add-on products or any investment conditions related with the loan before availing it. Most of the banks offer home loan transfer facility to customers. You can any time transfer your home loan to other banks at a competitive rate of interest. It takes over your existing home loan from your lender.
The bank will take over the home loan from any of the private or foreign bank. Home loan taken from Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) are also eligible for loan take over. Employees of central/state govt. or undertaking or public sector undertaking are eligible for home loan takeover facility.The bank will take over the home loan from any of the private or foreign bank. Home loan taken from Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) are also eligible for loan take over. Employees of central/state govt. or undertaking or public sector undertaking are eligible for home loan takeover facility.