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Can my loan be partly transferred to some other bank?

Can my loan be partly transferred to some other bank? If not,what is the procedure to transfer the entire amount?

Radhika Saxena,Pune

No,partly transfer of loan amount is not possible; hence,you have to transfer the entire amount,if you want. To transfer the entire amount,you will have to approach the bank,which you are planning to shift to,with a sanction letter of the existing loan and put up an application. On basis of the existing terms and conditions of the loan,the relationship manager of the bank will put up a proposal to the bank on your behalf and the proceedings will take place in a standard manner. The bank will check your net worth and sanction the transfer,if you are meeting the criteria.

What are the tax benefits available on home loan for second house?

Prabhat Shunglu,Delhi

You can get tax deduction benefits on the interest and principal amount paid towards the loan for any number of properties,with no maximum limit specified under Income Tax Act.

If you have more than one house,for which you are taking an exemption,you have the option of choosing one property as deemed to be let out. If that property happens to be the one you are taking a loan for,you will be eligible for tax deductions of the total interest paid under Sec 24 of Income Tax Act. The widely known tax benefit restriction of Rs 1.5 lakh is applicable for your chosen self-occupied house property. The aggregate principal component for both the houses will be eligible for tax deduction of up to Rs 1 lakh under 80C.

How do I find out which insurance products suits me best?

Qamar Waheed,Lucknow

Start by looking at your goal for buying a plan. Decide whether you want a plan purely for the purpose of investment,for money back or guaranteed additions or a pure protection plan for your family. In case you are investing for returns,equity-linked saving schemes could be a viable option for you,if you plan to invest for long term. Before deciding the product,you should also compare it with other products on the basis of charges and historical returns. Whole-life plans are best suited options for money back and guaranteed additions and term plans give you necessary cover for life.

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Expert is Satkam Divya,Business Head,Rupeetalk.com For your personal finance queries mail us at expressmoneyexpressindia.com