k11 is right and hat is also right, no tax returns in me. since he is from gulf, why not 50% of the loan here and 50% of the loan there, as many of our friend in dubai do, if it is feasible, because the interest rate at 6-7% is better than the 12-16 that is available here. and you will not get more than 50% of the loan amount which is again subject to various clauses..
Can you get personal loans from Middle East for big amounts. I have heard some folks taking big amounts. Though not sure how banks extend such big amounts.
yes k11, depends on the position, the company you work for and the the number of years you are working plus ofcourse your take home salary. I know this for sure and many banks do call and offer personal loans to good credit customers.. we have not availed this scheme, because dh has an idea of returning, and you cannot get a noc from your company until you pay all your outstandings and it leaves you in a fix if a situation arises...
hi, I planned to buy a 3 BHK apt for 45 lakhs in valasaravakkam which is one year old. my dh is in US .need to know how much home loan would a bank offer for resale apt ? which bank offers least interest rate? what are the necessary documents needed? so plz can u give me info regarding this...
Have not seen this message, you might have taken loan already. Anyway for NRI Home loans got any bank, SBI, Indian Bank, HDFC, LIC, Axis, etc. Got to bank that you know and have a good relationship. Indian Bank and SBI are good. SBI takes a lot of time, but if you know someone (local bank manager) well, everthing goes smoothly. Rate is on-going floating, 10.5% is the rate I think. EMI has to be around 35% of take home. Not sure what your husband makes, but he should be eligible for 75-90L+ easily. If you are buying for 45L, take loan for 30L (there is a 0.25% discount for loans<30L). Remaining 15L ask him to finance through personal loans in US (7-9%) and Credit Card (4-5%). If he has a 401K, he can borrow upto 25L at 4.25%.
hi k11, thanx for ur valuable suggestion .when discussed with DH,he told there are issues reg this 401k because anytime his project may finish there(in US)...I didnt book that flat due to resale charges.now going to book a new flat 3BHK around 55lakhs in the same area....so going to apply loan....trying in UCO ,CENTRAL BANK OF INDIA..since builders told the other people who booked in this project had been santioned loan...Hope so we'll also get it .lets see....we have all the documents except the NRE because he dont have..... how long will it take to open a NRE account for home loan process? any idea given would be appreciated.....
I do not have an NRE account though I have a loan from SBI. Though I hold joint accounts with my parents. Opening one is very easy too and should not be more than one or two days. Try with your neighbourhood bank. It might easier somtimes than builder recommded ones. I have had good experience with Indian Bank, being a Chennai based bank it might be bit easier. By the way, though 401K loan is bit risky some companies do have some leeway. My company (US based Bank) allows to continue making payments to 401k loan even if I change to another job.
the homeloan for a resale apt is the same as for new, provided it is inside the timeframe of construction. that is some banks give loan upto 20 years old construction,while some only upto 15 and after 25 no bank gives,even as a special case. you will get 80% of your flat value as the loan,where 20% will be your initial money for the buy. the documents just like for new flats. also depends on the bank.some back ask for a lot of back papers, while others are a little lenient. SBI has a good offer for <30lacs right now.
We have decided to take home loan for 35 lakhs in LIC. They have the following plans: 1. 10% fixed for 2 years and rest floating (women as first applicant) 2. 10.95% fixed for 10 years and rest floating Which one can i go at this scenerio? Also how about the floating rate in LIC, is it in par with other banks., Please help. Thanks!
do work out both the scenarios. right now a friend of ours has taken 10.75 fixed for 2 years and then floating - 75lacs.. we took at 9% for 3 years. and our 3 years is coming to an end on may 2013..and i assume we will get a 10+% floating.. the number of years increases to adjust the amount and if the number of years is insufficient, then a increase in the principal. it is almost in par and i definitely find lic housing transparent in our case..
