Is it possible for siblings to apply for a joint home loan? Are there any banks who offer such a product to those who wants to but their dream house?
How do you calculate your home loan eligibility? Is it mandatory for you to file your income tax returns to avail of a home loan?
In a chat with Get Ahead readers on August 14, home loan expert Harsh Roongta answered these and several other queries related to home loans.
For those of you who missed the chat, here is the transcript.
Part I: Home loans: 'Avoid a mix of fixed and floating'
kant asked, Hi, I plan to purchase a flat built on a society plot in Navi Mumbai. The builder says that i do not have to pay stamp duty as the society has already paid the same for the entire plot. Is it true?
Harsh Roongta answers, I am unable to comment on this without specific details but would seriously doubt this. In any case if you are taking a home loan your lender will be able to help you on this one.
nandkishore asked, I am planning to buy a 3BHK Flat or Independent house in Bangalore. I am 33 year old and have 5 lakhs ctc. Please let me know which home loan from which bank is good and beneficial for me. How much home loan would I get?
Harsh Roongta answers, You should be able to get around Rs. 17-18 lakhs loan for 20 years @ interest rate of 11%. There is no such thing as a 'best bank' in the market. If such would be the case, all other banks and schemes would have no consumers at all. Different banks are strong in different areas depending on the type of client, the type of property and specific loan needs. You will have to explore the market to find the 'best bank' suited to your needs.
Ankur asked, HI , "most banks restrict financing to plots sold by statutory authorities in the state (CIDCO,NOIDA authority, Gurgaon authority, etc.)" does this means that banks will not finance plots sold by DLF, Ansals or any other reputed builder in Gurgaon?
Harsh Roongta answers, Depends on bank to bank but builders like DLF are likely to be approved by most leading banks.
hyd asked, Which bank is giving less interest rate? I am SW professional, working in Chennai.I want to buy a home which is far from 20 km from ICICI bank and in a village. Will I get the loan from them? What would be probable time to complete verification and get the loan in hand? I didn't file returns last financial year. Is it mandatory to file returns to get home loan?
Harsh Roongta answers, Without valid proof of income you are unlikely to get a loan from any mainline lender. Also you will need to select a bank that is active in the area where the house is located.
rej asked, I plan to buy a flat next to my husband's flat in the NCR region. What are the tax exemptions i will be entitled to (if any) assuming both will be self occupied? We both work in Delhi and as I mentioned the flats are in NCR.
Harsh Roongta answers, Deduction of interest payable on the loan taken to buy the house property upto a maximum of Rs. 1,50,000 every year and the principal portion of the loan repaid to the bank will be eligible for dedcuction under section 80C (alongwith other contributions and investments) upto a maximum limit of Rs. 1,00,000.
Akela asked, In my current company I get home loans for around 9.5%, but the catch is that I would have to refund the entire amount if I leave the Company. Would it be good to opt for it?
Harsh Roongta answers, It is not clear what you will need to refund if you leave the company. In any case if there is no penalty then this looks beneficial. But please consult your personal finance advisor before taking a final decision.
Saini asked, Hi i want to buy flat which is under construction i want to know if i get possession by next year end what pre emi will i have to pay i am planning to take Rs 20-lakh loan.
Harsh Roongta answers, pre-emi is the inteterst paid every month on the amount disbursed on the loan till date. For example if Rs. 11 lacs out of a total loan of Rs. 20 lacs is disbursed now and the interest rate is 11% then you will need to pay a monthly pre-EMI interest of Rs. 10,083 (11% multiplied by 11 lacs divided by 12).
Harish asked, Sir, I have availed a housing loan. Loan Sanction Jan 2007 end. Possession Certificate - Feb 2007. Registration Feb 2007 . EMI paid - Feb 2007 & March 2007. I have included following for tax purpose for FY 2006-07. Pls tell me if this is correct. HRA benefit for 11 months (April 06-Feb 07) EMI Principal, Registration Fee, stamp duty - Sec 80C EMI Interest (Full) & processing Fee - Sec 24C. Thanks again.
Harsh Roongta answers, It seems to be correct. Please note that exemption of HRA and tax benefits on loan repayment are completely delinked and have no impact on each other.
nandkishore asked, Can I and my brother both take joint home loan for a flat/home?
Harsh Roongta answers, Not all banks will be willing to allow 2 brothers as joint owners (and hence joint borrowers) in a house property as in the event of a dispute the repayment to the bank is likley to suffer. But some banks do allow this.
trustworthy asked, Is there any possibility of claiming HRA rebate and tax rebate on loan repayment while having both the premises in NCR region?
Harsh Roongta answers, The exemption of HRA - when you pay rent to stay in a rented premise not belonging to you is compeltely delinked from claiming tax benefits on repayment of a loan taken to buy another house property. the location of the cities in which the rented property and the owned property has no impact on this answer.
japesachin asked, I am working in UK, just started a month back, its a professional engineers peramanent job after studying here, im Indian citizen, earning around Rs 1.5 lakhs per month here, AFTER HOW MUCH OF EMPLOYMENT PERIOD I CAN GET HOME LOAN? MAXIMUM HOW MUCH CAN I GET?
Harsh Roongta answers, Typically most banks require that you have a minimum experience of at least 2 years before you are eligible for a home loan. However since you are professionally qualified this may perhaps be waived in your case. You can get a 20 year loan of about 3 times your annual gross income.
sachin_damani asked, hi. i am salaried and planning to buy a flat, my budget is Rs 12-15 lacs, which one of the following option would be appropriate for me as i want very low down payment and installment for initial phase. a) purchase a existing property b) invest in proposed project by reputed builder.
Harsh Roongta answers, If immediate cash flow is an issue and you can wait to get possession of your home then you can go in for booking a property with a very reputed builder.
rahul asked, I have home loan with ECS system but my banker deducts more emi without any information. please suggest what to do?
Harsh Roongta answers, File a complaint on the grievance section of the bank's website and mention that you will be forced to file a complaint with the banking ombudsman if the issue is not resolved to your satisfaction. If the issue is not resolved to your satisfaction then file a complaint with the banking ombudsman. Details on www.rbi.org.in.
Harsh Roongta says, Ok Folks. This was really enjoyable. Please read the whole transcript as your question (or a similar one) is likely to have been answered already.
Part I: Home loans: 'Avoid a mix of fixed and floating'
Harsh Roongta is the CEO of apnaloan.com, an online guide for retail loan seekers. Apnaloan also enables loan consumers get best rates by making banks compete for their loan
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