Loan transfer

pranit123

KF Rookie
I am currently residing in an let's say x area with home loan amounting to 60L (recently reduced due to repayment).
I am looking for another residential property let's say y, it's under construction and the possession will be on 2026 or 2027
Value of property x = 2.5 Cr
Value of property y = 2.8 Cr
If I book the property by paying 10-15% down payment via some loan and I am hoping that value of property x by 2026-27 = 2.8 Cr
Will I be able to transfer/close the loan in this case ?
This is my rough plan and also can you help in defining the viability of the plan?
 

Manni345

KF Mentor
I am currently residing in an let's say x area with home loan amounting to 60L (recently reduced due to repayment).
I am looking for another residential property let's say y, it's under construction and the possession will be on 2026 or 2027
Value of property x = 2.5 Cr
Value of property y = 2.8 Cr
If I book the property by paying 10-15% down payment via some loan and I am hoping that value of property x by 2026-27 = 2.8 Cr
Will I be able to transfer/close the loan in this case ?
This is my rough plan and also can you help in defining the viability of the plan?

Firstly, you'll need to check with your current lender if they allow the transfer of your home loan to another property. Some lenders have specific policies regarding loan transfers, so it's best to confirm with them.

Secondly, the value of property x increasing to 2.8 Cr by 2026-27 is a projection, and it's important to remember that property values can fluctuate. It's always a good idea to consult with real estate experts or do thorough research to assess the likelihood of the property's value reaching your desired amount.

Lastly, when you book property y and take a loan for the down payment, make sure to carefully review the terms and conditions of that loan as well. This will help you understand any potential penalties or fees associated with transferring or closing that loan in the future.

Overall, your plan seems viable, but it's crucial to do your due diligence, consult with experts, and keep an eye on the market trends. Wishing you all the best with your property endeavors.
 
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