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Old 31st December 2015, 07:42   #466
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Default Re: Help with a home loan!

I have a home loan with one of the nationalised bank and I have paid almost 80% of the Loan. I am in need of urgent was and planning to go for a balance transfer of the home loan and top up. Will a home loan from a credit co operative society have the same benefits of Income tax rebate etc .. as in home loans from any other banks? Please Advice.
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Old 31st December 2015, 09:16   #467
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Default Re: Help with a home loan!

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Originally Posted by vinukm View Post
I have a home loan with one of the nationalised bank and I have paid almost 80% of the Loan. I am in need of urgent was and planning to go for a balance transfer of the home loan and top up. Will a home loan from a credit co operative society have the same benefits of Income tax rebate etc .. as in home loans from any other banks? Please Advice.

The tax benefits are the same. However:
  1. max loan is 30 lakhs
  2. LTV ratio loan to property value has to be <80%

I'm pretty sure they don't get involved if the original loan was NOT with them. There are exceptions. One is if their asset base is > 100 crores.

Good luck.
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Old 31st December 2015, 09:30   #468
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Default Re: Help with a home loan!

Quote:
Originally Posted by vinukm View Post
I have a home loan with one of the nationalised bank and I have paid almost 80% of the Loan. I am in need of urgent was and planning to go for a balance transfer of the home loan and top up. Will a home loan from a credit co operative society have the same benefits of Income tax rebate etc .. as in home loans from any other banks? Please Advice.
But interest rate of Credit Co-operative Societies will be much higher than the rate of nationalised banks.
As you have paid back 80% of the loan, it is better to take an additional home improvement loan from the same bank itself.
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Old 22nd January 2016, 22:02   #469
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Default Re: Help with a home loan!

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Originally Posted by ghodlur View Post
As @dass mentioned, there is no need to visit the sub registrar office after the loan closure. Just ensure that you get the loan closure certificate/letter from the lender and keep a copy of the loan account statement which shows the loan amount as zero. I hope you do have the list of documents submitted to the lender as mortgage in written.
I am afraid, it is a blanket statement. It depends on the procedure executed when availing the home loan.

I have taken a housing loan from SBI and they insisted on executing a lien with the sub-registrar. I went to the registrar office on another day for that. A lien will ensure that the registrar will not allow the selling of property until the time the registered lien is revoked.

After closure of the loan, bank issues a letter allowing lien removal. Take it to registrar and get the lien removed. Further, apply for an encumbrance certificate as a proof that there is no pending financial obligations on the property.
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Old 9th June 2016, 18:06   #470
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Default Re: Help with a home loan!

Need help with Bank of Baroda review

They have a scheme wherein:
The Home Loan sanctioned will be linked with Saving Bank Account.

The rate of interest applicable on this SB account will be Zero.

Under this scheme, the borrower shall have the option to deposit all his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.

Any credit available at the end of the day will be counted for credit in linked Home Loan account. Therefore, the borrower will get the benefit of interest in the Home Loan account to the extent of daily outstanding balance in the Savings Bank account.

Link:http://www.bankofbaroda.co.in/pfs/ho..._advantage.asp

I have savings in FD more than the loan that I would need. FD gives me around 8.5% p.a. (which is less than 6% post 33% tax). Would it be beneficial for me to avail this Bank of Baroda thing?, where i practically pay no interest ( real terms I am getting the loan interest rate as return on my savings money).
Primary reason for taking home loan is availing some tax benefit and keeping the balance (loan amount) for some further investments that may come up.
I fall in 30% bracket and pay a lot of taxes, have zero loans and just 80C investments to speak of.I wont be living in the house in question- it is in a different city
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Old 9th June 2016, 18:34   #471
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Default Re: Help with a home loan!

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Originally Posted by vikramvicky1984 View Post
I have savings in FD more than the loan that I would need. FD gives me around 8.5% p.a. (which is less than 6% post 33% tax). Would it be beneficial for me to avail this Bank of Baroda thing?, where i practically pay no interest ( real terms I am getting the loan interest rate as return on my savings money).
Primary reason for taking home loan is availing some tax benefit and keeping the balance (loan amount) for some further investments that may come up.
I fall in 30% bracket and pay a lot of taxes, have zero loans and just 80C investments to speak of.I wont be living in the house in question- it is in a different city
If you pay no interest, there is also no tax benefit! Or am I missing something here? Leaving aside the interest part, your tax benefit will be only to the extent that you do not utilise your 80C limits through investments, and loan repayments can be included in that bracket.

Assuming you want to keep a loan account alive and keep some buffer for future investments, the loan credit scheme is a good scheme offered by various banks (in fact I have availed such a loan from Citibank).
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Old 9th June 2016, 18:42   #472
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Default Re: Help with a home loan!

Quote:
Originally Posted by vikramvicky1984 View Post
I have savings in FD more than the loan that I would need. FD gives me around 8.5% p.a. (which is less than 6% post 33% tax). Would it be beneficial for me to avail this Bank of Baroda thing?, where i practically pay no interest ( real terms I am getting the loan interest rate as return on my savings money).
Primary reason for taking home loan is availing some tax benefit and keeping the balance (loan amount) for some further investments that may come up.
I fall in 30% bracket and pay a lot of taxes, have zero loans and just 80C investments to speak of.I wont be living in the house in question- it is in a different city
I am not sure you would benefit from this for tax purposes. I imagine if you deposit the entire Loan amount in the SB account and pay no tax, it will also generate "0" as Interest in the Interest certificate at the end of the year.

Do check with the bank asking exactly what is mentioned above, i.e. will there be a Interest certificate generated EOY with the entire year's accrued Interest even though you are not eligible to pay any?

In my understanding, this will not be the case. Assuming this happens, you will also have to show the Interest income you earned (@ home loan rate) which means net tax impact is NIL.
Beats the purpose (assumed that your 80C is fully utilized and hence the principal repaid will not count either).
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Old 10th June 2016, 13:50   #473
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Default Re: Help with a home loan!

I desperately wanted a home loan(construction loan) from SBI and for good 3 months they made me run around for different documents of the plot. This plot is a society plot and one such document that is a GPA done in favour of a middle person from land owners. This middle person in-turn sold it to society through GPA. This layout was formed in 1992.
Now, although the society gave me GPA done by middle person to society, SBI is asking for the GPA that land owners have done in-favour of this middle-person.
But the problem is, society has misplaced/could-not-find this particular document and are avoiding me when i call them. Meeting them is a big no as nobody will be there at there society office. Need to call them for appointment and meet them.

Now, is there anyway i can get this GPA (done by original land owners, there are 3 of them through 3 different GPAs to this middle-man) from anywhere apart from society?

Thanks,
Ramki

Last edited by ramki067 : 10th June 2016 at 13:54.
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Old 10th June 2016, 15:40   #474
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Not the right thread, but could not find anything else and hence posting. Any pointers for a broker in Kundanahalli, Bangalore?
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Old 10th June 2016, 16:32   #475
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Default Re: Help with a home loan!

Quote:
Originally Posted by ramki067 View Post
I desperately wanted a home loan(construction loan) from SBI and for good 3 months they made me run around for different documents of the plot. This plot is a society plot and one such document that is a GPA done in favour of a middle person from land owners. This middle person in-turn sold it to society through GPA. This layout was formed in 1992.
Now, although the society gave me GPA done by middle person to society, SBI is asking for the GPA that land owners have done in-favour of this middle-person.
But the problem is, society has misplaced/could-not-find this particular document and are avoiding me when i call them. Meeting them is a big no as nobody will be there at there society office. Need to call them for appointment and meet them.

Now, is there anyway i can get this GPA (done by original land owners, there are 3 of them through 3 different GPAs to this middle-man) from anywhere apart from society?
I am not a lawyer, but have been in similar situations before and seeing that no one has responded to you yet, here are my two paise.

Firstly, you are in deep doo-doo as you are missing a vital link in the ownership of your site.

Secondly we have no way of knowing if the GPA was registered at the (sub) registrar's office or not. Even if it was registered, getting a copy of the GPA would be like searching for a needle in a haystack especially if you don't know where it was registered, date of registration, registration number and the like. That said, those days most GPAs were not registered as it was not mandatory as it is now, so it is very likely that even this GPA was not registered which means that your chances of getting it from a government source are close to Nil.

You are probably looking for a single GPA as the practice is that all owners signed on a single document.

No amount of phone calls will get you anywhere based on my experience. You or someone you know will have to visit the society office many times to get a copy of the GPA. Most often the society no longer has an office a few years after the layout has been formed and the office-bearers can be found chilling out at home, so your only option then is to visit them at home. Usually various office-bearers will have society documents including accounts, bills, etc in a pile in their home. It took me several months in a similar situation and that was simply to get the GPA copy for my records and not for a loan. The president of the society had multiple police cases against him from allottees in a subsequent layout and he was absconding, but I still managed to track him down with a lot of help. The copy of the GPA (you will obviously not get the original GPA) is pretty much worth the price of your plot and well worth your effort.

In parallel, I suggest you look around and in particular contact the original allottees of the layout who still own a site there. One of them is bound to have been scrupulous and insisted on a copy of the GPA considering that in the 90s people were a lot more cautious and Bangalore wasn't a hot real estate market back then. If you get a copy of the GPA this way, that would be extremely lucky and you should thank your stars the same way I did.
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Old 10th June 2016, 16:48   #476
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Default Re: Help with a home loan!

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Originally Posted by ramki067 View Post
Now, is there anyway i can get this GPA (done by original land owners, there are 3 of them through 3 different GPAs to this middle-man) from anywhere apart from society?
If you can find the details of the document like which sub-registrar office (also the document #/Ledger # etc) it was registered at, I think you can try to get a copy of it at that office by paying a nominal fee (not too sure though so just check with folks at the sub-registrar office or search on the net).
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Old 10th June 2016, 16:56   #477
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Default Re: Help with a home loan!

@ramki067:

Have to agree with @nowwhat?. Your best bet is to trace & talk to owners in the same layout and hope at least one of them was anal enough to insist on complete paperwork. Chances of tracking down the original middleman/GPA document without knowing any details is pretty slim and even if you do, getting them to hand a copy over will be another task altogether.

Last edited by Chetan_Rao : 10th June 2016 at 16:59.
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Old 10th June 2016, 19:05   #478
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Default Re: Help with a home loan!

Quote:
Originally Posted by nowwhat? View Post
I am not a lawyer, but have been in similar situations before and seeing that no one has responded to you yet, here are my two paise.

Firstly, you are in deep doo-doo as you are missing.

In parallel, I suggest you look around and in particular contact the original allottees of the layout who still own a site there. One of them is bound to have been scrupulous and insisted on a copy of the GPA considering that in the 90s people were a lot more cautious and Bangalore wasn't a hot real estate market back then. If you get a copy of the GPA this way, that would be extremely lucky and you should thank your stars the same way I did.
Thanks very much for this detailed explanation.


Quote:
Originally Posted by NPV View Post
If you can find the details of the document like which sub-registrar office (also the document #/Ledger # etc) it was registered at, I think you can try to get a copy of it at that office by paying a nominal fee (not too sure though so just check with folks at the sub-registrar office or search on the net).
Quote:
Originally Posted by Chetan_Rao View Post
@ramki067:

Have to agree with @nowwhat?. Your best bet is to trace & talk to owners in the same layout and hope at least one of them was anal enough to insist on complete paperwork. Chances of tracking down the original middleman/GPA document without knowing any details is pretty slim and even if you do, getting them to hand a copy over will be another task altogether.
Thanks all.
I did check the GPA done by this middle person to society now and in that it has been mentioned about the owners' GPA registration full details to this middle person. In fact it was registered at sub- registrar Bangalore south taluk in 1992. And all details like book, volume, pages and date have been mentioned in the GPA.
Is this sub-registrar Bangalore south is present now and where(Is it Koramangala sub-registrar office). Can I just go and apply for this old GPA?

Thanks,
Ramki

Last edited by ramki067 : 10th June 2016 at 19:30.
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Old 10th June 2016, 19:19   #479
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Default Re: Help with a home loan!

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Originally Posted by ramki067 View Post
Is this sub-registrar Bangalore south is present now and where. Can I just go and apply for this old GPA?

Thanks,
Ramki
You will have to go and loosen a little dough from your pocket to get what you need earlier than the standard TAT at government offices. But since all details like page no etc appear on document, it should be easier to trace, and now you should be able to get it.

Will be easier on the Peon too to track it and give it to you. He will happily oblige.

PS: Nationalised Banks ask for documents which sometimes even the society does not have it with them. I sold my flat to a person, who had applied via LIC HFL. They asked him for a very different type of layout of the building, which was now 20 years old. It was no where found in society records.

But the guy who bought my flat was in government service and knew his way around. After spending a lot of time, effort and little bit of money, he was able to find that layout copy.
Anybody else would have dropped his decision of purchasing the flat. Either this or he would have shifted over to some other private banks like Citibank etc.

In fact, looking at the way LIC HFL handled this case (there were other frustrating demands too, including the worst where when we returned from the registrar office after I signed the sale deed, they refused to give me the DD citing some new missing document. I totally freaked out on this !), I ignored all nationalised banks and opted for Citibank.
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Old 10th June 2016, 20:05   #480
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Default Re: Help with a home loan!

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Originally Posted by ramki067 View Post
Is this sub-registrar Bangalore south is present now and where(Is it Koramangala sub-registrar office). Can I just go and apply for this old GPA?
The sub-registrar offices follow an old classification based on zones so they may not follow the current logic we apply for Bangalore zones these days
That said, there are multiple offices in each zone/taluk and since records are computerised, you can go to any one of them (going to an office in the same zone is better else they may give that as an excuse to make you run around or extract more moolah). Look up on the net for these offices in various zones.

Last edited by NPV : 10th June 2016 at 20:07.
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