Can you tell me what is meant by loan take over in simple terms?


#1

Can you tell me what is meant by loan take over in simple terms?


#2

A loan take over means transferring of your loan by approaching a new bank and requesting for a new loan which is equal to the outstanding amount with your current bank. You can use the loan to repay your current bank and continue your loan like home loan with the new bank as per the mutually agreeable terms and conditions. Loan borrowers opt for loan take over when changing their loans from one bank to other offering loans at a lower rate of interest or some additional benefits like top up loans etc.


#3

Hi Nisa,

A loan take over means transferring of your loan by approaching a new bank and requesting for a new loan which is equal to the outstanding amount with your current bank. You can use the loan to repay your current bank and continue your loan like home loan with the new bank as per the mutually agreeable terms and conditions. Loan borrowers opt for loan take over when changing their loans from one bank to other offering loans at a lower rate of interest or some additional benefits like top up loans etc.

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