Some of the queries related to Home loans
1. My property is under construction. My loan eligibility is currently 25 lakhs. However I am expecting an increase in my salary, I can avail loan of 28 lakhs then. Can I get 25 lakhs sanctioned now and get top up of another 3 lakhs next year.
Ans- If a property is under construction, the amount once sanctioned at the beginning will be the maximum value. You can not top up until you get the possession. At the time of possession, they can give you top up on registry charges. If you somehow manage money from your friends and relatives and want to repay them later, you can get top up after possession after sometime. For e.g, if you have taken a loan of 4 lakhs from your friends/relatives before possession and you want to repay them later. Lets sat after possession, you have paid some amount to bank for 2 years. Now you can again get top up and repay your relatives.
2. Suppose the current loan rates are 11% for loan amount upto 25 lakhs and 11.5% beyond 25 lakhs. I have taken a construction linked plan and have taken a disbursement of just 5 lakhs till now. Will I be charged rate of 11% or 11.5%.
Ans- The interest rate charged will be at 11.5% only even when loan amount taken is less than 25 lakhs in this case. It is based on maximum amount sanctioned
3. Whom can I make my co-applicants.
Ans- You can make your father, mother, spouse or son as your co-applicant. Brothers can be made co-applicant if the property is dividable. Sisters can not be made co-applicant in any case.
4. Can I have co-applicant now to increase my loan eligibility and then remove the co-applicant after a year?
Ans- No. once the co-applicant is included, he/she can not be removed until the loan is completed
5. If there is loan on co-applicant but not on major applicant, will it decrease the loan amount?
Ans- Yes, the loan amount that can be sanctioned will decrease.
6. In what case, prepayment charges are applicable.
Ans - It depends on bank to bank. Some banks do not charge for prepayment if the payment is done from your own source. If you are paying from your own funds, then there are no charges. If you are selling the house and the person takes up your remaining loan, then in that case banks will not charge you for prepayment as it will be case of intra-bank transfer. In case you are selling your house and the buyer takes loan from another banks, then in this case banks generally charge you for prepayment. It is called as balance transfer.
Some banks do not charge you for prepayment upto 25% of the outstanding amount for a year. This is applicable for 2-3 years. After that there is no restriction.
Now the Indian government is putting pressure on Banks to remove the prepayment penalty. So, all the prepayments might be stopped.
1. My property is under construction. My loan eligibility is currently 25 lakhs. However I am expecting an increase in my salary, I can avail loan of 28 lakhs then. Can I get 25 lakhs sanctioned now and get top up of another 3 lakhs next year.
Ans- If a property is under construction, the amount once sanctioned at the beginning will be the maximum value. You can not top up until you get the possession. At the time of possession, they can give you top up on registry charges. If you somehow manage money from your friends and relatives and want to repay them later, you can get top up after possession after sometime. For e.g, if you have taken a loan of 4 lakhs from your friends/relatives before possession and you want to repay them later. Lets sat after possession, you have paid some amount to bank for 2 years. Now you can again get top up and repay your relatives.
2. Suppose the current loan rates are 11% for loan amount upto 25 lakhs and 11.5% beyond 25 lakhs. I have taken a construction linked plan and have taken a disbursement of just 5 lakhs till now. Will I be charged rate of 11% or 11.5%.
Ans- The interest rate charged will be at 11.5% only even when loan amount taken is less than 25 lakhs in this case. It is based on maximum amount sanctioned
3. Whom can I make my co-applicants.
Ans- You can make your father, mother, spouse or son as your co-applicant. Brothers can be made co-applicant if the property is dividable. Sisters can not be made co-applicant in any case.
4. Can I have co-applicant now to increase my loan eligibility and then remove the co-applicant after a year?
Ans- No. once the co-applicant is included, he/she can not be removed until the loan is completed
5. If there is loan on co-applicant but not on major applicant, will it decrease the loan amount?
Ans- Yes, the loan amount that can be sanctioned will decrease.
6. In what case, prepayment charges are applicable.
Ans - It depends on bank to bank. Some banks do not charge for prepayment if the payment is done from your own source. If you are paying from your own funds, then there are no charges. If you are selling the house and the person takes up your remaining loan, then in that case banks will not charge you for prepayment as it will be case of intra-bank transfer. In case you are selling your house and the buyer takes loan from another banks, then in this case banks generally charge you for prepayment. It is called as balance transfer.
Some banks do not charge you for prepayment upto 25% of the outstanding amount for a year. This is applicable for 2-3 years. After that there is no restriction.
Now the Indian government is putting pressure on Banks to remove the prepayment penalty. So, all the prepayments might be stopped.
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