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POSTED BY ON June 27, 2012 12:15 pm COMMENTS (9)
Hi,
My friend want to switch home loan from LIC to SBI. As per the mail conversation he had with LIC, he has been told that pre closure charges will be applied for this action.
I am also transferring my loan from IDBI to SBI and IDBI has mentioned that no charges will be applied if I change the bank.
Do we have a consistent regulation (by RBI) on this regard? Can LIC charge for trasferring home loans to other bank?
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Currently I have gone loan from LIC housing- 2 yrs fix & thereafter floating… 2 yrs will be completedby April 17…
I want transfer my home loan to SBI…
Pls suggest whether foreclosure chargeswill be applicable from LIC& what else be the charges from SBI..
& WHETHER SHULD I switch immediately..
Hi,
I want to transfer my home loan from lichfl to idbi
am i need to pay any pre closer charges to lic ????
is it right move to go to IDBI Bank
We cant comment on just this much information, There are many factors involved !
Hi Ashal, I planning for switch my Home loan from LIC to SBI. My home Loan interest is fixed for 2 years and its completing on 10 Feb 2016 after this 10 Feb it will in floating interest,
There is a condition if i am going to close/transferring from LIC in 2 years (fixed interest), I have to pay 2% of remaining amount.
I have already given application on 23, Jan 2016 for for-closer to LICHFL .
I have aquery regarding for 2% charges, am i applicable for this or not ?
I havejust submmited application for forcloser documents and will close this LIC loan after completing 2 years.
Thanks , Praveen
Dear Ram, please do note LIC HFC is a housing finance company & is controlled by National Housing Bank not RBI. So comparison of IDBI – a bank with LIC HFC is not a good thing. Regarding the charges, yes if the loan was a mix – fixed+floating one the prepayment charges ‘ll become applicable.
Thanks
Ashal
Thanks for reply Ashal. Does it mean I need to pay the prepayment charges to IDBI and the information I got from bank representative is not correct?
Dear Ram, Bank at it’s discretion may wave some charges. In case of IDBI, as a general policy, there are no penalties/charges on prepayment of loans or preclosure of FDs.
Thanks
Ashal
If the loan was taken on Fixed + Floating basis , then yes it can be charges
My IDBI loan was fixed for first 3 years and now its floating still they are not charging anything. Same is the case with my friend who has taken loan from LIC.
Don’t we have same policies for all banks :(.