Transferring home loan to another bank
2 years ago
We have a home loan in Andhra Bank. We spoke to another bank and they agreed to give us home loan on lesser interest rate. When we placed the request with the existing bank, the bank manager is refusing to transfer the loan and he is not supporting in documentation with other bank. How can we proceed in such cases? Is transferring home loan to another bank depend on existing bank manager's discretion?
A.NO...transferring home loan to another bank DOES NOT depend on existing bank manager's discretion.
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A.Dear Sir,
You may approach banking ombudsman.
You may approach banking ombudsman.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You need to obtain an consent letter or NOC from the existing bank in order to transfer your home loan. In order to do so, you need to satisfy the criteria with the existing bank. It doesn't depend on the discretion of the existing banks' manager. You can file a complaint against the conduct of such manager with the grievance redressal committee.
If you like my answer, please rate me.
You need to obtain an consent letter or NOC from the existing bank in order to transfer your home loan. In order to do so, you need to satisfy the criteria with the existing bank. It doesn't depend on the discretion of the existing banks' manager. You can file a complaint against the conduct of such manager with the grievance redressal committee.
If you like my answer, please rate me.
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A.Hi,
You can raise the issue with the bank's grievance redressal committee or the banking ombudsman. It is not on the discretion of the existing branch manager's discretion. You can lodge a complaint against the conduct of such manager with the higher authorities.
If you like my answer, please rate me.
You can raise the issue with the bank's grievance redressal committee or the banking ombudsman. It is not on the discretion of the existing branch manager's discretion. You can lodge a complaint against the conduct of such manager with the higher authorities.
If you like my answer, please rate me.
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A.The existing bank cannot do anything if you want to close the loan there and transfer the loan to some other bank. Maximum that he can do is charge penalty for foreclosure that would be hardly few thousand rupees. You can ask your next bank to prepare the draft for the outstanding amount which you can deposit and close the loan account completely with the Andhra Bank.
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