Home loans
This query is : Resolved
S.Subramanian
(Querist)
07 May 2012
I have taken a home loan from HDFC Mumbai for my flat ( for residential use) in Mumbai. the interest is 10.75% pa floating. I want to know if as an indiviual i can close my HDFC homeloan account and borrow from say NATWEST UK or any other foreign bank at a lower interest rates? Is this legal ? If yes , what is the process? Further , if I can borrow from forign banks , can i avail of income tax rebate on principal & interest?
CA PARAS BAFNA
(Expert)
07 May 2012
It may be difficult to get housing loan from a foreign bank considering the fact that the security (home) remains in a different country and such bank may not consider it convenient to handle.
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However, you can avail the benefits of interest and principal repayment.
.
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However, you can avail the benefits of interest and principal repayment.
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CA.Amit Revankar
(Expert)
09 May 2012
As per exchange control regulation, individual are not permitted from overseas. Just check with FEMA expert.
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