Suggestion About Home Loans
What is a composite loan and what documents need to be submitted to avail of a composite loan
?
Neeta Bogle A composite loan is taken to purchase a plot as well as to construct a building on such a plot. Banks require documents that provide a proof of income, identity, and residence for such a home loan.
The banks will also require documents relating to the title of the property being purchased, the cost of the plot, and the estimated cost of construction from an architect or a civil engineer.
Can I add my brother as a co-
applicant for a loan that I've taken? Do I need to update my personal loan details with the bank because that will reduce my eligibility based on my personal loan?
Shekhar Kumar Some banks may not readily provide home loans to brothers as co-borrowers. The decision depends on the particular lender. It is always advisable to let your lender know about all your existing liabilities even though this will reduce your home loan eligibility. Banks have access to such information anyway through your credit report, which can be accessed, by the bank through agencies such as CIBIL.
Can I take a home loan and repay it along with interest in 72 months?
Sachi Singh Yes, you can get a loan that is repayable in 72 months with interest. The bank will evaluate your income and your capacity to repay the loan.
I am currently reside in the US and plan to
buy a residential property in India . I've contacted several financial institutions for a home loan. They have informed me that to assign a power of attorney (POA) to my parents who are in India, I need to get an attestation done from the Indian embassy. Some of the representatives told me that if I get an attestation from the public notary from India and not from Indian Embassy, my loan can get sanctioned but will not get disbursed.
Does the RBI regulation say that one needs an attestation on POA from an officer in the Indian embassy or consulate?
Raminder Singh The requirement of attestation by the concerned embassy is not a regulatory requirement, but the registration office might not allow your parents to register the property in your name unless the Indian embassy or the consular officer attests the power of attorney. So, the bank's contention is correct. While the bank itself will be satisfied with a POA attested by a public notary in your country and can sanction the loan, they will not be able to disburse the loan since the property cannot be registered as it is a pre- requisite before disbursement can be made to you.
I am
buying a flat by taking a home loan sanctioned for 90 per cent agreement value. The builder has asked for 15 per cent margin money payment and has said that the bank will return the extra 5 per cent. What should I do?
Sangeet Sinha If the home loan sanctioned covers 90 per cent of the cost of property, the margin money that remains to be given is 10 per cent. Thus, the builder's claim seems unjustified. You can contact your lender to clarify the builder's claim. Make sure to take all promises from the bank for the lender in writing to avoid any issues in the future.
Courtesy Ht estate Dtd: 12/06/2010
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