Home loan transfer from Indiabulls Housing Finance to some Bank because I am not getting benefits

POSTED BY pateldilip00 ON May 29, 2014 8:16 pm COMMENTS (2)

Dear Sir,

I had taken Home loan from indiabulls housing finance for 14,71,757  at ROI 11.00% (for salaried). Now that its completed only 20 months of the tenure( out of 274 Months) I am gaining less benefits as rate of interest is not difference between banks and I have expenses more. My current outstanding balance 14 Lakh. Right now SBI have ROI 10.15%. I want to transfer my current loan to SBI, BOB or HDFC bank due to some unhealthy experiences with indiabulls housing finance.

I am also holding a savings account with SBI, BOB or HDFC.

Following is my questions.

·         How easy is it to get my home loan transferred my current loan to SBI, BOB or HDFC?

·         What are the issues that I will face during this transfer?

·         Which account with SBI, BOB or HDFC will be the best option to have my home loan transferred and what are the pros and cons.

·         I would like to know how much will be charges and whether it will have impact to my existing balance loan amount

·         Should I transfer my loan to SBI, BOB or HDFC? I am hesitating because I need to pay extra 10000-15000 Rs.

·         Is there de-mortgage charges applicable when loan is closed?

Is general home insurance is compulsory to take from SBI, BOB or HDFC. I already have home insurance from TATA AIA life insurance.

Please suggest me a good direction to have my EMI reduced.

2 replies on this article “Home loan transfer from Indiabulls Housing Finance to some Bank because I am not getting benefits”

  1. Subhasish says:

    Dear Sir,

    I had taken Home loan from indiabulls housing finance for 16,84,000 at ROI 9.85% (for salaried). Now that its completed only 13 months of the tenure( out of 227 Months) I am gaining less benefits as rate of interest is not difference between banks and I have expenses more. My current outstanding balance 16 Lakh 45thousand . Right now SBI have ROI 8.60%. I want to transfer my current loan to SBI, BOB or HDFC bank.

    I am also holding a savings account with BOB &HDFC.

    Following are my questions.

    · How easy is it to get my home loan transferred my current loan to SBI, BOB or HDFC?

    · What are the issues that I will face during this transfer?

    · Which account with SBI, BOB or HDFC will be the best option to have my home loan transferred and what are the pros and cons.

    · I would like to know how much will be charges and whether it will have impact to my existing balance loan amount

    · Should I transfer my loan to SBI, BOB or HDFC? I am hesitating because I need to pay extra 10000-15000 Rs.

    · Is there de-mortgage charges applicable when loan is closed?

    Is general home insurance is compulsory to take from SBI, BOB or HDFC.

    Please suggest me a good direction to have my EMI reduced.

    1. Hi Subhasish

      Your cases is a bit complex and I think we are not the right people to comment on it.

      My suggestion would be hire someone who is professional in this area and consult them

      Manish

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