How can I transfer my home loan?
A borrower who wishes to transfer his/her home loan, should keep a watch on the interest rates that one is paying, as well as periodical offers made by banks, from time to time A borrower can shift the home loan to any other lender, who is willing to offer better interest rates. At times, a home loan applicant may also want to increase the loan’s tenure, due to various reasons. A customer may also want to transfer the loan, if s/he wants a top-up loan on the existing loan and the present lender is not willing to offer the same. What is the process for transferring a home loan? To transfer a home loan, the existing lender needs to be paid first, before it releases the original documents of the property. However, the new lender will not issue a cheque, unless it receives the original property documents. So, how does one resolve this catch-22 situation? A borrower can request his/her existing lender, to issue a letter to the prospective lender. This letter should mention the l
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