Transfer Home, Car, Personal Loan
This article focuses on how you can Transfer Loan from a person to another.
The question which we should ask ourselves is how many of us would still be living into rented apartments, traveling by public transports, deprived of higher education, an “ok” marriage and hundred other things if we or our family members would not have taken “that” loan, many a times you may sense the need to reciprocate being a support and would like to transfer the loan on your name.
Alternatively in some cases you may be asked by a loved one to shed away the loan to them. At times parents or family members gift out the house, vehicle etc which may be purchased in loan. In such state of affairs you would like to pay off the remaining loan amount.
However, there isn’t anything like “Transfer a Loan”, *Wait –Wait* don’t loose hope; following is what you can do as an alternative method.
- You can take a loan and dab off the current loan, this would work best if the following loan is taken from the same financial institution and they are aware of the same. Also, this will depend on the views of the institution on your ability to pay back.
- You can keep the existing loan as is and pay off the EMI for the years to come. However you will not get any tax benefits on the EMIs you pay.
- You can also pay lump sum amount(s) to pay off the remaining loan amount or to reduce the amount.