Home Loan Suggestion and information

Home Loan Suggestion and information

Home Loan Suggestion and information

At the time of determining the loan amount for do banks include other expenses like registration charges, electricity connection fees, car parking charges etc?

Sharmila Ghosh Yes, some banks consider the charges such as stampduty and registration charges while calculating the loan amount eligibility. Some banks will also consider car park space and some lenders will take into account the electric connection deposit and one-time fees payable How will the Interest rates and principle be closed in case I make a part payment? Will banks not charge the interest or will it reduce my tenure?

Rohit Juneja The amount that you pay as partial pre-payment towards the home loan will be adjusted against the outstanding loan principal. Normally the bank may reduce the home loan tenure or keep the same EMI, however at your request they can reduce the EMI also and keep the tenure the same.

I am an employee with an automobile group. I have availed of a home loan which is jointly on the names of me and my mother. My mother has retired from her work three years back. The EMIs are being paid entirely by me through cheques. My questionis, would I be able to avail of the entire tax benefits on the principal and interest components , as my mother is not claiming any tax rebate?

Seema You can claim tax deduction benefits as a co-borrower to the loan and co-owner to the property, to the extent of your share in the loan. This will depend on how you have shared the property cost and Any changes in your respective shares may entail stamp duty implications.

Can I change my existing loan to a new bank which can offer a reduced interest rate? Do let me know in details of the formalities and the costs involved.

Anil Gandhi It is advisable to transfer your existing loan to any other bank in case they offer you a better deal in terms of interest rates. What you basically need to do is take into consideration two major charges while transferring the loan.

The first one is the prepayment charge, which you will have to pay to the existing lender for closing your loan account.

And the second one is the processing fees, which you will have to pay to the bank where you will transfer your loan. These factors will help you decide if you want to switch your loan or not.

Moreover, this involves the modalities of handing over rom your existing bank to the new bank. The existing lender typically provides a letter addressed to the new lender providing a list of original documents available with him as a security and also agreeing to release the documents within a certain number of days after full payment is received.

Courtesy:-HT Estate 23-10-2010

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