Takeover of Home Loans from One Bank/FI to Another

Consumer Voice - - Home Loans -

There is a pro­vi­sion in bank­ing to al­low takeover of home loans from one in­sti­tu­tion to another, sub­ject to no-ob­jec­tion let­ter from the trans­feror bank/FI and ac­cep­tance of the loan pro­posal from the trans­feree bank/FI. The other im­por­tant con­di­tions in­clude the rea­son for such takeover as also the reg­u­lar­ity of the loan ac­count. The mort­gage and doc­u­men­ta­tion formalities are car­ried out by the re­spec­tive bank/FI amongst them­selves and the loan after such takeover is ser­viced by the new en­trant.

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