POSTED BY March 5, 2014 12:20 pm COMMENTS (2)ON
I have appplied for a takeover of loan. My question is if the bank taking over my loan will give a takeover settlement cheque/dd which is account payee to
a) Savings account
b) Home Loan account
Assume that on Feb 1 my total outstanding is 20,70,000. I apply for a takeover loan with another bank which takes 29 days to sanction the loan. On March 1 the bank taking over my loan gives me a cheque/dd of 20,70,000 which is account payee to my home loan account and not savings account. However meanwhile my existing bank debits emi at end of the month which brings down my outstanding amount to 20,64,0000.Now when i deposit the cheque of 20,70,000 to home loan account there will be a surplus of 6,000 in my home loan account. What happpens to this amount? will this be credited back to my savings account?