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POSTED BY ON February 21, 2013 5:33 pm COMMENTS (7)
I took a loan from SBI for my apartment that is under construction. I was eligible for 28 lakhs, so I took a joint loan with my father, which increased my eligibility to 33 lakhs. But, the tenure was made only 7 years because that was the time left for my father’s retirement and hence the EMI is very high.
I have paid 18 EMI’s and now my outstanding amount is 27.5 lakhs, which is within my eligibility. Can I change the tenure of my loan to reduce my EMI’s.
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Dear Mr. Vikram,
If your present current cash flows or income is enough to support Rs. 27.5 lakhs, then we would suggest that you approach the bank to increase the tenure of your loan thereby reducing the EMI burden.
Regards,
Credexpert
Dear Vikram S, you mean to say that your current income is enough to support 27.5L Rs.? If your answer, is yes, please contact your RACPC to change the term of your loan. It’s possible but an effort is required from you to get this thing done.
Thanks
Ashal
Thanks for the reply Ashal.
Yes, I was originally eligible for 28 lakhs, and since my income is more now, I should be eligible for 27.5 lakhs. I will try to contact my RACPC branch to find out.
With whatever knowledge I have gained through my personal experience on taking home loan and repaying / pre-paying, I think Bank would not agree on increasing the loan tenure otherwise they would have done that at the time of sanctioning the loan.
I suggest you can approach another bank and try to move the loan to another bank. You may ask the new bank to sanction the loan in your name only and thus you shall be the only payer and you can ask them to extend the time period to 10-15 years. But this would actually mean you will end up paying more interest. Some paper work and running around may be required but hope that shall serve your purpose.
Dear Vikram, are you asking to increase your loan term from 7Y to 20 or 25Y?
thanks
Ashal
Ashal, yes I want to extend it from 7 to 20 or 25 years.
Ashish, thanks for the answer. My problem is that the agreement as it is right now is in a joint name between me and my father. As I understand, I cannot take a loan in my name if it is jointly held.
Is is possible that the agreement be transferred over to my name?
Dear Vikram,
As far as my knowledge goes, you can take the loan in your name even if the property is in joint name though vice versa is not possible i.e, if property is in your name only you can not take a joint loan. So you can always approach any bank for loan transfer. You can cross check with the bank before applying for transfer.