'You can transfer your home loan to another bank' DNA India        2013-06-24
Can I transfer my home loan account from existing bank to another bank? What are the conditions?
Yes, you can transfer the home loan from one bank to another. Please bear in mind that your existing bank may charge you prepayment charges and the new bank may charge you processing fee. Moreover, this involves the modalities of handing over the property documents from your existing bank to the new bank. You will need a track record of payment of your EMIs in time to be able to get an offer from another bank to take over your existing loan.
I have a home loan and want to make a pre-payment of 25% of the loan amount. I am informed that there will be no reduction in EMI but the tenure will reduce, however, the bank refuses to tell me by how much the tenure will reduce... can you help me understand this? 
The part payment of loan can be used for the purpose of reducing the EMI as well as for reducing the tenure. If your bank is not willing to give you the details of exact reduction in the tenure, make a written request for the same. If the bank still does not provide you 
the details within 4 weeks, complain to the banking ombudsman.
What is the difference between a home loan and a mortgage loan?
The terms are often used inter-changeably. But in common parlance, “home loan” is used where a loan is taken to buy a new house and “mortgage loan” is where a loan is taken against the security of an existing property. In both cases, the property is mortgaged to the lender.