Hi All,
Generally finance companies charge a penalty of 1-2% if home loan is foreclosed from funds raised through “other sources”. I understand this is to safeguard their interest in case borrower decides for a balance transfer to some other bank.
However, I would like to know if the income of the husband will also be treated as “other source” if utilised in clearing the home loan in wife’s name and subjected to 1-2% penalty.
Regards,