Dear Friends
one of my relative has taken a Home loan from HDFC in August 2012.
For the property,
1) the sale agreement is around 70 Lakh. Also the market value is more than 70 Lakh
2) the Registered sale deed is for around 40 Lakh (which is as per the government rate in the area)
He got the loan for around 56 lakh (80% of property value) from the HDFC bank. The rate of floating interest has been 10.75% since then
Now he is considering to transfer the loan to SBI maxgain and transfer all his salary every month to SBI maxgain account
Queries-
a) Considering the sale deed is not for 70 lakh, i heard that it may not be possible to take the loan from SBI. Can you please confirm about it ?
b) It is already more than 1 year since he took the loan from HDFC, if he moves to SBI now, would there be any penalty charges ?
c) What other charges would be involved ? I suppose, SBI processing fee, some stamp paper related charges would be involved. Putting together all these, there may be an expenditure of around 30K in moving to SBI. Would it be worth to move to SBI maxgain ?
Thanks very much in advance for your responses
vij