Question: I'm currently working in xxxx bank. I have a home loan of 14.50 Lacs. Now i resign my job and go to IT. Since I’m a bank staff, my loan interest is 6% now, when I resign my loan will be considered a new home loan with normal interest accessible. Is it possible for me to utilize 1% subsidiary when I apply for the loan, as mentioned in Budget.
Answer: You will be eligible for the 1% rebate on home loans if your bank treats your current loan as a new one. However, banks offer such rebate subject to certain terms and conditions. We suggest you find out with your bank the exact loan rate applicable for you post your job change.
Expert @ InvestmentYogi