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There is no such thing as transferring the home loan. You will have to foreclose the home loan on your existing property if you want to sell it. You can get a home loan for your new property based on your income,value of the property and the your credit history. Please bear in mind that foreclosing the loan will attract a prepayment penalty and taking a new loan will attract processing fees.

I am looking for a home loan. Are there any banks,which give a moratorium period or an option such that the EMI starts a year after the loan disbursement.

— K Srinivas,Mumbai

From what we know,there isn’t any bank,which provides moratorium for home loans. Most lenders offer construction-linked loan plans wherein you pay the simple interest for the period of construction and the EMI starts upon full disbursement of the loan. Lenders are choosy about which under construction project they will fund. So make sure that the project you select is approved by the lender of your choice. Of course some builders offer you schemes where they will bear this pre EMI interest amount during the construction period. However please remember that this is built into the property price. This is a separate arrangement between you and the builder and if the builder does not pay the pre EMI interest to the bank you will have to still pay the same to the bank.

I am in a non-pensionable job with a government undertaking. I am 55 years old. From where can I get a loan of Rs 30 lakh for 10 years i.e. up to 65 years?

— P K Madan,Faridabad

Most banks have a maximum age limit of 60 years for salaried individuals since that is the retirement age. Unless the retirement age in your job is 65 year,you may find it difficult to get a home loan for a period of 10 years. You can take a joint loan with your earning spouse or children to enhance the loan eligibility or get a loan of a longer tenure.

Can we buy a home under joint home loan along with my brother and get tax exemption for both of us (for both principal and interest) in the ratio of payment made to joint home loan?

—Vinod Khanduja,Gurgaon

You can apply for a joint loan if your combined income can justify the same. However,not many banks readily give loans to brothers as co-borrowers so your choice might be a slightly limited. In order to be able to claim the tax benefits individually,you and your brother both should be co-owners in the said property.

— The expert is CEO,Apnapaisa.com

For queries on real estate,please email us at estates@expressindia.com