Existing home loan transfer

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Hi All,

I’m interested in a resale flat, for which the previous owner had applied for a loan of 25 Lac. As of present, still 15 Lac(principal) is pending, for which he’s paying an EMI which was fixed during the start of loan period (about 28K).

Now, Can I get the principal amount transferred to me without ending up paying the additional interest amount that he was paying.

(The approximate EMI, for a 15 Lac loan at existing interest rates, for a 20 year period, it will be about 15k per month.)

Thanks,

Vishwanath

asked February 19, 2014
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Vishwanath S K
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2 Answers

1

There is no such thing as Loan Transfer on Resale. Old loan will be closed by seller. You will have to apply for new home loan. If you go with the same bank, original document transfer becomes very easy. Practically speaking, there is no relation between existing loan from reseller and your loan. Same bank may even deny the loan as well if the bank thinks that property has some legal issues. For nationalised banks, A_khata is must.

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Manoj Agarwal
10
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Thanks, Manoj.

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Vishwanath S K
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