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Discuss Home loans

Discussion in 'Housing' started by Ooviya, Nov 10, 2009.

  1. Shanvy

    Shanvy IL Hall of Fame

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    In the financial year, i think you can pay upto 2/5 lacs without prepayment penalty whether you are in the fixed or floating..however, you can call your person who got you the loan and find out or call the lic regional office at abdul razzack building, saidapet which is the back office where you need to go to pay the amount.

    In case of nri's beyond 5 lacs i think they have reveal the source of the money and also from nre funds/inflow only..
     
  2. Ooviya

    Ooviya Platinum IL'ite

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    Hi,

    Pls tell me, what r all d benefit PRE PAID OF LOAN?? Is it reduce no. of yrs??

    1.THERE IS NO CHARGES FOR PRE PAID OF LOAN

    2. THAT AMT DEDUCT FROM PRINCIPAL.. am i correct
     
  3. deandany

    deandany New IL'ite

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    I think all kinds of penalties like Prepayment charges, pre closure, loan transfer fees have been done away by the recent circular of RBI.. at last some gud news for buyers.. now we can move easily to the bank with the least interest rates..

    there have got to be such +ve moves to bring in interest in buyers to invest in RE..


    Also next shud be helping buyers get more transperancy of the financial status of a particular construction. Like the bankers and builders know of our financial status, we shud have rights to know thier liquidity. Also we need to have protection from cases where builders tend to stagnate projects or small builders who quickly wrap projects to earn profits.. and dont comply with previously agreed features.
     
    Last edited: Apr 24, 2012
  4. k11

    k11 Silver IL'ite

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  5. Shanvy

    Shanvy IL Hall of Fame

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    sbi also gives you a renegotiating opportunity right now. and icici has the highest in fixed at 14% while dhfcl is leading at 15-16%.

    we may see a few more basis point dip soon is my opinion while husband says that we are in for a rise again..
     
  6. k11

    k11 Silver IL'ite

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    Fixed rates are crazy, not worth in my opinion.

    I am with you. I think the rates will cool down a bit as there is a slowdown in economy. India will be forced to reduce rates as Inflation reduces, I would predict another 25bps reduction by the end of this year.
     
  7. sumividya

    sumividya Bronze IL'ite

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    Hi,
    we have planned to buy a plot in iyyapanthangal chennai, it is 1800 sqft land , & its price is 65 lacs,it is for my brother working in dubai, he wont be coming here for registration & all , more over we have planned to buy it on loan.
    my brother has decided to give a power of attorney(POA) to my mom, for home loan purpose & i need a few details , like i spoke with few banks (axis,icici) & all said that they will provide 60% of loan for land , i want to know,
    1) which bank will provide more % like 80 to 90 for land.?
    my brother will be giving POA , so what other documents needed by his side, besides POA ?
    & it would be very good , if u guys also provide details for nri people too.
     
  8. k11

    k11 Silver IL'ite

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    60% max loan for land is a govt regulation. So it does not vary from Bank to Bank.

    But the big issue is, that 60% is of the bank value not the market value.
    So if the bank values the property at 50L, they will give 60% of 50L which is 30L only.

    NRI loans are very easy. Documentation varies from bank to bank. Each bank will have its own POA format.
    So be ready to get a different POA if asked.

    Salary slip (6 months), Tax returns (2yrs) attested by bank official or Indian consulate
    Signed bank statement for 1-2yrs.
    agreement and other docs.
     
  9. hat

    hat Bronze IL'ite

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    Tax returns not reqd for NRIs based in Middle East, especially if taking a home loan through private banks. Not too sure of public sector banks.
     
  10. kookkal

    kookkal New IL'ite

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    This thread is becoming very interesting and informative!
     

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