Switching home loans may entail high penalty Business Line
I have been trying to shift my home loan of around Rs 6 lakh. My EMI at IDBI Bank is Rs 9,385. The bank charges me 11.5 per cent interest and my remaining tenor is 94 months. For pre-closure, I have to pay 2 per cent of the outstanding amount.
I applied for an SBI home loan to shift the mortgage, for a term of five years. I will have to pay an EMI of Rs 13,000 and the interest will be 10.5 per cent.
I have been told that for the shift, SBI's advocates have insisted that IDBI allow them to verify the original documents of the property. When I approached IDBI, I was told that it is not practice to allow another bank to inspect the documents or the original.
IDBI confirmed that on payment of the loan, they will release the documents. Is this the practice of all banks? I have paid processing fee of Rs 2,500 to SBI.
Is it advisable to switch the home loan from IDBI or should I try to reduce my tenor with IDBI
Refinance Help. Fill this form and get help!
Mortgage Loan Calculator - Part 1
ho-me-refinancing.com How to Use a Mortgage Loan Calculator Part 1 When you negotiating a new loan with bank or lender having a mortgage loan ...
How can I pay off my down payment assistance when I refinance my home? With a simple interest loan perhaps?
I have an FHA loan at 6.5%
I obtained down payment assistance from Cal HFA for $8200 which doesn't need to be paid back until I sell or refinance the house.
Looking to do an FHA streamline refinance but don't think my down payment assistance of $8200 can be subordinated onto new loan.
Why not call and ask your lender what is and is not possible on YOUR particular loan?
Good luck
cal home loan refinance so - News
|
California Man Barricades Himself Inside Foreclosed Home - The Consumerist California Man Barricades Himself Inside Foreclosed Home The subsidies are intended to function as an incentive for lenders to refinance troubled loans, but its still unclear if the program will be more effective |
|
Lenders Frustrate Homeowners' Efforts to Renegotiate Mortgages which was expected to help 400000 homeowners refinance their home loans and avoid foreclosure, has only refinanced 350 loans so far. |
|
(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities Banks can also support efforts to reuse REO properties by providing home loans to new homebuyers and by financing nonprofit entities and others for the |
Quit Throwing Stones at Octomom! - Mom Logic
Mom LogicQuit Throwing Stones at Octomom! She abused the system by using her disability payments and student loans to finance her fertility treatments; you refinanced your home at the peak of the
|
|
Housing Plan Will Accelerate Loan Modifications, HUD Says - Los Angeles Times Housing Plan Will Accelerate Loan Modifications, HUD Says The new plan will make use of interest-rate reductions, loan extensions and so-called principal forbearance, in which part of a mortgage's principal is |