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Will I need to pay foreclosure charges on switching loan?- Property hotline
Posted
December 16, 2016
Views
204
Likes
2
Engagement
0.98%
December 16, 2016
204
2
0.98%
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5:11Now PlayingExpert: Harshil Mehta, CEO, DHFL.
Question: I have taken a home loan of Rs 3 crore from Bajaj finance at 10.57% ROI about two years back. I have taken the possession of my flat 4 months ago. With the rate cuts happening, other banks are offering me a ROI of 9.2%. If I switchover my home loan to another bank, will I have to pay foreclosure charges?
Answer: You can easily transfer your loans. If your loan is done on the basis of your own income or own company then you will not have to pay foreclosure charges. I would suggest you to talk to your bank because nobody wants to lose their customers. In the initial years of your loan the higher component of your EMI goes towards interest payment. Hence in the initial years it makes lot of sense to keep on renegotiate your rates because that savings goes to your interest and your larger amounts get apportion to your loan amount.
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