I need a home loan for both Land and Construction. I am a salaried personnel and had 3 years IT return form for the past 3 years. In each case, there were 3 different companies. Tell me the procedure to get a Home loan.
my gross salary is Rs.47100 per month and i am already availing home loan of Rs.6959 emi per month. now i want to buy another flat.How much loan will i get
We have obtained housing loan worth Es. 18 Lakh in 1997 from HDFC. At present outstnding balance is around Rs. 8 Lakh whether it would be beneficial to shift our loan a/c to SBI. Jagdish Sharma Adv. Amravati
sir i want to take loan of 12 lakes for purchasing home, my selery is 18000 then at this selery ,what my EMI will be & can i decide the loan periods(10 years for paying loan)otherwise they will decide& can i get this amount of loan at this selery.now interest rate is low(8%)but after some year,Rate may be high or not
Re: home loan query for Harsh Roongta
by manish shukla on Jul 01, 2009 01:00 PM
Lot of loan calculators available on the net. just search home loan calculator
Re: home loan query for Harsh Roongta
by harsh roongta on Jul 01, 2009 02:10 PM
based on your salary alone you will find it difficult to get a loan of Rs 12 lacs. Even if you take a 25 year loan (assuming you are below 35 years) you will still be able to get around Rs. 10.00 to Rs. 11 lacs. You can always pre-pay the lon earlier if you have the funds. But to get the best eligibility you will need to take the highest tenure possible which is 25 years being offered by some PSU banks now.
can you pl. avail me more details on the matter referred above.I live with my parents in my own house and my mother is have ancestral property worth Rs. 12 lacs in her name at my native. Is it possible to get RM loan on this property
Re: Reverse Mortage.
by harsh roongta on Jul 01, 2009 02:12 PM
Reverse mortgage as a product has not really taken off and if the property is situated in a non urban area there might be more operational difficulties in getting such a loan. But you should try with the PSU bank available closest to your mother's residence. But be prepared for a longish operational time.
I still have an outstanding loan of Rs 21 odd lacs from PNB and have been paying EMIs religiously on time for the past 44 months. Income during the recession has dropped. I have a fear haunting me whether I shall continue paying the EMIs as I have been doing without a single lapse. In case I am not able to, then what are the options left and what is the time generally bank will give to a borrower before proceeding legally against him? Just for my knowledge as I pray to the Almighty that a situation like that never surfaces.
Re: DIFFICULTY IN RE-PAYMENT !
by harsh roongta on Jul 01, 2009 02:19 PM
Your best bet is to approach an organisation like Disha or Abhay who can help you to negotiate with the bank before you are forced to default and spoil and your credit record.
Re: DIFFICULTY IN RE-PAYMENT !
by Raj Thakre on Jul 01, 2009 12:31 PM
I wish you all the best and pray that worse situation should not occur. However, if income is dropped and you are finidng it difficult to pay EMI, you can go to bank and request them to increase your term which will reduce your EMI amount. When your income increases, you can reduce your term again. In either case, do not default.
