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?
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. . However, you can avail the benefits of interest and principal repayment. .
CAclubindia
