home loan transfer charges

1.      PropertySimplified Home AboutUs OurTeam Howtotransferyourhomeloan? April7,2018 RealEstate home loan balance transfer, home loan transfer SrishtiChandola  Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

2. Like1 The borrower can certainly shift the house loan to any other lender who is willing to help with better interest rates. At times, an applicant for the home loan may also expect to increase the tenure of the loan due to numerous reasons. A customer may want to transfer the loan if she or he wants to top-up the present loan and the present lender isn’t willing to proffer thesame. What is the process for transferring the homeloan? For the transfer of the home loan, the present lender requires being paid first before releasing the original documents of the property. The new lenders, however, will not issue the cheque unless one receives the original documents for the property. Thus, how does one do resolve this catch- 22 situation? A borrower can request her/his existing lender, to issue the letter to a prospective lender. The letter should certainly mention the list of the documents related to property lying with recent lender, outstanding loan amount and undertake the bank will hand over property documents to a prospective lender on the payments of the outstandingamount. Also, the new lender will carry out the due diligence check on the customer and property to assess title of property as well as the repayment capabilities and the track record of theborrower. The new lender may willingly not be to transfer the loan unless and until you have good repayment history as well as the credit report is good aswell. What are the charges involved in transferring the homeloan? For shifting the home loan from the lender to another, you may actually have to pay for the charges to both thelenders. The present bank may levy the prepayment charges on loan. The housing finance and banks organizationsarenotreallyallowedtolevyanyoftheprepaymentchargesonthefloatingrate Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

3. home loans. Even in the case of the fixed rate home loans, the residential finance companies can’t levy the penalty if the borrower prepays the loan out of his or her own funds other than the borrowing from any of the financialinstitution. Also, the borrower may have to pay proceeding charges to a new lender. This might vary from 0.2% to 0.75%, from one to another lender and depends on the profile of the applicant. At times, the banks may also waive the transfer charge a nominalamount. The applicant should remember that processing fee that is payable to the bank is negotiable and consequently, they bargain to minimize the amount or maybe waiver off the transfer processing fee. Though new lender may not charge anything for processing of balance transfer application, you may have to pay registration charges and the stamp duty for a mortgage. Also, one may have to pay valuation charges, if the bank takes the decision to go for the fresh valuation of property, either for top-up loans or where the property isn’t approved by thelender. ← How to Choose the Correct Architect for YourHome? Leave aReply Your email address will not be published. Required fields are marked* Comment Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

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7. RecentBlogs How to transfer your home loan? April 7,2018 How to Choose the Correct Architect for Your Home? April 5,2018 What Happens if Co-owner Gives Up the Ownership Rights? April 2,2018 Ways to File a Complaint in Consumer Court March 31,2018 Consider These Points Before Gifting a Property March 26,2018 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSGCapital. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estatespace. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services inIndia. ABOUT Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

8. AboutUs OurTeam Career Contact Us Terms PrivacyPolicy Disclaimer SiteMap QUICKLINKS Post PropertyFREE EMI Calculator Blogs Compare Projects Download MobileAPP SaleProperty RentProperty CONTACTFAVISTA Toll Free - 1800 2121 000 (ALLINDIA) Gurgaon -+91-124-3378700 Noida -+91-120-4117463  Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana122002. Mumbai -+91-22-40142051 Email Sales -sales@favista.com Email Enquiry -info@favista.com 1 Square meter = 10.764 Squarefeet HaveMoreQuestions?Donothesitatetocontactus! ReadourFAQ'sorLeaveafeedbackforustocontactyoushortly. © 2015 Favista Real Estate Pvt. Ltd., All RightsReserved. Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

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