Will mention of loan against goal ornament brings down home loan eligibility ?

POSTED BY srinath ON September 21, 2014 10:50 pm ONE COMMENT

Sir,

I am having Loan against Gold Ornaments which I renew every six months. I want to apply for a Balance transfer of my home loan. Will the mention of this Loan against Gold Ornaments bring down my eligibility. My current home loan service provider ING Vysya Bank says they don’t consider my LAG whereas other banks like ICICI, when contacted told me they will consider my LAG for deciding my eligible loan amount. Please clarify.

One reply on this article “Will mention of loan against goal ornament brings down home loan eligibility ?”

  1. Credexpert says:

    Dear Srinath,

    Once you apply to a bank for Balance transfer, they will pull your CIBIL report which will have details regarding all your credit accounts including your Loan against Gold Ornaments. The decision of the approval of Balance Transfer would be at the discretion of the lending institution. We would suggest that you check your eligibility at various lending institutions before applying to the lending institution which meets your requirement.

    Regards,
    Credexpert

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