Posted on: 11th May, 2009 08:21 am
What is procedure of changing loan from on bank to other bank? I have taken home loan from one bank and now days other banks has provides loan in lowest interest so I want to transfer loan to other Bank.
what is prcedure and what are document needed for that??
Bank will finned me or need to pay money to bank for that??
Thanks in Advance......!
what is prcedure and what are document needed for that??
Bank will finned me or need to pay money to bank for that??
Thanks in Advance......!
hi haridas,
you will not be able to transfer the loan from one bank to another but you can refinance it at a lower rate. in order to refinance the loan, you would require a good credit score, stable income and equity in the property. you should provide your lender with all the required documents to prove your stable income. this will help you in refinancing the property.
if you have a pre-payment penalty clause mentioned in your loan doc, then you would have to pay a penalty for this.
thanks
you will not be able to transfer the loan from one bank to another but you can refinance it at a lower rate. in order to refinance the loan, you would require a good credit score, stable income and equity in the property. you should provide your lender with all the required documents to prove your stable income. this will help you in refinancing the property.
if you have a pre-payment penalty clause mentioned in your loan doc, then you would have to pay a penalty for this.
thanks