Thanx to all for the inputs. Shanthi ka, do you have a check off list of what all questions to be asked to the bank before applying for a loan. what all should we know to decide on a bank???
I wrote a reply yesterday and i think i forgot to hit the submit button. so nice. will you want to share the rate,location and details of the builder to another ilite. Aparna, I don't think there is much to be asked. the bank will give all the detals. I would suggest going for a legal opinion apart from the one the bank takes. it is not a big expense compared to the amount we are investing. a safety check. i did that. The documents needed by the bank.some banks ask for 35 years of EC. the rate of interest. the processing fee+other charges. the mortgage registration fee, some banks charge separate. hope your dh has talked and finalised things..
Thanx shanthi ka. DH visited bank. Due to year end process, everyone was busy. he will meet the bank people next week. Also, we have an account in kochi, but getting a loan from chennai SBI, so it is more on the phone.. The approval (CMDA) is expected anytime. loan process can be initiated only after that. We are closely follwoing the builders..
Hi Aparna, Had couple of q's regarding the loan process 1. Builder has mentioned agreement to be made 30 days from booking. Will this also be done after CMDA approval? the reason i am asking is because we have to pay 20% of total cost at the time of agreement and we cant apply for loan till cmda approval, i will not be able to provide the entire amount from my pocket 2. Also, will bank sanction loan on the basis of the Booking Amount receipt we provide? Shanvy - request your inputs and guidance as well in this matter.:bowdown Regards, Kartik
katz, I would say wait for the cmda approval. and then go ahead. banks will not give loans unless everything is clear. and yes the bank will process the loan based on the booking amount, and also if your equation is ok with the bank. but in many cases you have to show the 15%. do take a legal opinion, even if the bank is taking one...
I promised to keep you all informed if there was a extension in the roi of sbi. well looks like it will be extended upto the end of june. while few of the private banks that joined the bandwagon have withdrawn that.
Thanks Shanthi, plan to approach them for a loan. Good to know the teaser rates are still available :thumbsup
hi katz, yeah will have to wait for approval. spoke to the builder yesterday. no news of approval yet... Shanthi ka, thanx for the info.
Karthik, do approach them but remember,they are very strict about the documents. i am having a very bitter experience with one of the nationalised bank. the same project was approved for loan by sbi, but this bank's legal panel wants more documents and are asking me to apply for them and the charges would come out of my pocket. even before applying, i have done my legal (personal) opinion from a high court lawyer and it has come clean..the bank says their panel has made it tight as there are double documents, frauds and things. I have sent feelers to some other institutions and will provide details if it works out for me. it is always better to keep more options opened isn't it. aparnag, don't go for the loan until you see the approval. it is better that way.
