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Real Estate Forum on Housing Finance

Real Estate Property Discussion Forum and Guide to Real Estate Queries

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Q: I am planning to get into the housing finance business, how is the industry doing now?
Latest Answer: Well, there is no doubt about that, finance companies such as LIC Housing Finance and Housing Development Finance Corporation, have owned the major share over the banks. This trend has been prevalent for the past few years. It is said that the disbursal of home loans by home finance companies will grow by 19% by the next financial year. The industry has seen a YoY growth of 20% June 2013 report. Where banks recorded 17% and home finance companies stood at 26%.
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Q: I want to change my home loan from one bank to another bank. What are the terms one must know before switching the home loan?

Latest Answer: The process of changing your home loan from one bank to another is called a Balance transfer. Before finalising on the new bank there are a few things that you may have to note Rate of interest difference: Is the new bank offering you a cheaper rate of interest? If it is then what is the difference? You have to be very clear about this to begin with Tenor: If you have taken a loan for 20 years previously are changing to a new bank after paying your loan in your current bank for 3 to 4 years then are you taking a fresh tenor of 16 years or are you again opting for a 20 year tenor? If so please remember you will pay a very high interest outflow for the first 2 to 3 years all over again. So you may have to decide on this factor as well Top up: If the home loan has been paid for more than 1 year then you can avail a top up basis the revaluation of the property, this top up will be available to you at the same rate as the home loan. Documents transfer: Once the loan is taken over to a new bank please remember to apply for a LOD ( List of documents) from the new bank and keep it in your procession, this is the proof of acknowledgement that the new bank has received all your original documents from the old bank) Please also remember there are no foreclosure or pre closure charges and the current bank cannot charge you any of these charges for transferring your loan.
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