Loan transfer from a bank that is sold to another Fincorp

POSTED BY Phani marupak ON March 5, 2013 11:03 pm COMMENTS (2)

Hi,

I have a home loan with Interest rate – 13.78% from GE money housing finance, now this bank’s shares have been sold to Magma Fincorp. I’m planning to transfer this home loan to another PSU bank. Will there be any obligations since earlier bank is sold to new bank? Please provide your opinion and any suggestions. Many Thanks in advance.

2 replies on this article “Loan transfer from a bank that is sold to another Fincorp”

  1. Credexpert says:

    Dear Phani,

    Typically in a take over like in your instance, the terms and conditions do not change. In interest of saving time, we would suggest that it would be best if you contact the bank directly for clarification on this matter. Also since the interest rate i.e. 13.78% is high, we would suggest that you consider switching your loan to a lender offering lower rate of interest.

    Regards,
    Credexpert

  2. Dear Phani, please check with the bank, where you want to shift that ‘ll it allow switch over or not from Magma. Only bank people can answer this clearly regarding their own rules & regulations for the same.

    thanks

    Ashal

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