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Do banks charge foreclosure on switching home loan?- Property Hotline
Posted
October 7, 2016
Views
544
Likes
3
Engagement
0.55%
October 7, 2016
544
3
0.55%
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3:22Now PlayingExpert: PV Subramanyam, Home finance expert.
Question: I have taken a home loan of Rs 1.51 crore from Bajaj finance at 10.57 % ROI about 2 years back. I have taken the possession of my flat one month ago. With the rate cuts happening, other banks are offering me a rate of interest at 9.4 %. I want to ask if I switch-over my home loan to other banks, will I have to pay foreclosure charges? Legally they do charge a processing fee for shifting. What I know is that if, I have taken a home loan, the banks and NBFC both cannot charge foreclosure. Is it true?
Answer: You need to do a cost-benefit analysis and see where you will end up saving money. But if you want to fight it out then you can go to NHB and demand for your rights and may not need to pay that foreclosure charges.
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