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Extension Of Home Loan

Discussion in 'Money Matters' started by Gayabala, Nov 7, 2018.

  1. Gayabala

    Gayabala Senior IL'ite

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    Hi friends need some help...my husband has taken a home loan for 15 years for 25 lakhs...still 5 more years to go...the value of property seems to be increasing ....my husband is having two brothers ...so my FIL is planning sell the house after the loan period gets over and share it among my BIL.....he will create a problem in future...till the loan is there they will not speak anything...as we are staying in Bangalore and paying out the rent as well as home loan ...my BIL and FIL are staying in our house ,which is in home town...my in laws never supported us in any way...we have some dues outside ....my FIL knows that we are not willing to give our only property...but he still in some way forces us indirectly.... ... wanted to keep that house in loan...can we go for extension of loan...wt to do.pl help
     
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  2. Rs1984

    Rs1984 New IL'ite

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    In this age nobody gives their only property to Inlaws because, most of us live on private jobs where there's no security for life after retirement, and hence without any doubt refinance the existing loan, & take another mortgage for another property, in a place where you want to settle and live for sure. That way, instead of paying rent and thereby helping someone else pay off their mortgage, you help yourself own a place to live in and also refinancing can reduce the burden of payments on your existing property. If you cant secure two mortgages reducing the payments on the existing loan can leave you extra money, which you can start saving in a monthly recurring deposit, to use it all for a future home.
     
  3. centsibleindian

    centsibleindian Silver IL'ite

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    Don't escape from the problem. Instead, face it directly, meaning INFORM your FIL that you're selling the property and they need to vacate now.

    Since it's in the home town, they'd try to stop the potential buyers (based on your OP above). Even if you sell it for a few lacs less, sell it now and get out.

    Even if you extend the loan, what would you once that loan period is over? FACE IT, girl.
     
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  4. Gayabala

    Gayabala Senior IL'ite

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    Hi..thanks friends for your reply...as said we want to make extension of loan or something that the property remains to us ... don't want to sell as it is in our native.. moreover after retirement we r planning to go back...I want just to extend the period... mortgaging this property and buying some other property here.... something like that...am not clear...but one thing what we want is that to save our own property ....
     
  5. centsibleindian

    centsibleindian Silver IL'ite

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    If you want to keep the house, then rent the house to someone else other than your in laws. Either way, you need to bite the bullet and face the reality.

    If you're adamant about loan extension, talk to your bank on all the options available.
     
  6. hino

    hino Silver IL'ite

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    take few more laks on the same property and invest some where. if you take another 20 lkas for 20yrs and your problem is solved(you have to pay interest). Banks will fund for repairs and interiors etc. You can do it easily.

    Second option is mortgage this home for another property. You can secure these documents and take another loan, so that it cant be divided or shared with any other .
     
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  7. hino

    hino Silver IL'ite

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    another option is , Reduce the EMI to lowest value (6K for 5laks) and extend the loan tenure to another 10 yrs (if your husband is eligible )
     
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  8. Archana11

    Archana11 Silver IL'ite

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    My advice is you take a mortgage loan once you finish the loan. With that mortgage loan buy another property. If the loan is on your husband name, that means property is registered on uour husband name. If uou have paided for the properhow can your FIL sell and shares it with your BIL. Did you tell hom that its your hard earned money and not a shared property.
     
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  9. Gayabala

    Gayabala Senior IL'ite

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    As I cannot say my in laws to go out...mainly my FIL ...my husband will never do this....he has great respect towards his father....we had discussed about this matter once but after that my husband avoids talking with his father ...he says if he talk to him he will make him to agree by doing some emotional drama.... till my FIL is there we cannot do anything... my husband knows everything but he can't ask them to go.mere saying of these words angers him...frankly speaking. I wanted the property to be in his name till my FIL is there....as you said need to talk with bank people...
     
  10. Gayabala

    Gayabala Senior IL'ite

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    Thanks hino ....for your valuable suggestions...somehow I got some idea...
     

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