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Old 11th June 2016, 01:17   #481
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Default Re: Help with a home loan!

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Originally Posted by ramki067 View Post
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?
You seem to be very fortunate. Obviously no lawyer was involved up till now, perhaps now would be the time to pony up and get some cheap lawyer hanging around BDA complex and the like to get those documents for you. Otherwise you can also do the grunt work yourself, but it would be hit and miss and may require multiple retries.

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Originally Posted by vinit.merchant View Post
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.
The above problem is primarily because no lawyer has been consulted nor the documents vetted by a lawyer. I do not hold the banks responsible, the owner has been negligent and has to pay the price. Having been such an owner in the past, I fully own up to my own mistakes.
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Old 11th June 2016, 20:52   #482
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Default Re: Help with a home loan!

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Originally Posted by abhjain View Post
Not the right thread, but could not find anything else and hence posting. Any pointers for a broker in Kundanahalli, Bangalore?
Are you looking for brokers to search for the due diligence documents? Or someone to prepare the various agreements?

Now after the land records office computerization you can register your property in any sub-registrar's office. It does not have to be in the same ward as your property.

Anyway, you can meet an agent called Rajshekhar. I don't have his phone number. Go to the domlur bda complex.
He sits in the first office on the ground floor just inside the entrance. The main road entrance. Not the side road one. He comes in by 11 am. He can help you.
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Old 11th June 2016, 21:13   #483
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Default Re: Help with a home loan!

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Originally Posted by vikramvicky1984 View Post
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
There is no way you'll get to keep any of the low interest home loan amount with you. It's given as a DD in the name of the property owner.

I had a dream last night. In the dream I imagined the things below.

You could do some creative accounting if you take the loan as a home improvement loan. They'll release funds based on bills submitted.

Open a proprietorship firm in the name of Sri Venkateshwara Enterprises. Open a current account in a cooperative bank. Deposit the bank cheque there.

If you don't have the courage you have other options. My dreams are all encompassing.

Are you in bangalore? Go to the LIC building opposite unity building, next to town hall.
There will be simple looking chaps with black bags. You won't even notice them. They blend in with the surroundings.

Give that cheque to them. Sign a bunch of forms. Take cash. Minus 3-5% commission.

This was all in my dream. I hope Sunny Leone is in today's dreams.
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Old 11th June 2016, 21:50   #484
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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?
Somehow your story sounds as if the real story is hidden inside a fairy tale story.

Assuming you've already bought this dubious society land do 3 things:
  1. Go to the local tax office. Some cities have it online. You'll need old and new property ID's. Search for old tax paid records. That will show the old owner names.
  2. Then go to the registrar and get the encumbrance certificate (or its equivalent in your area) from 1947 till date. Old owners names and address will be on it.
  3. Find the office of the village accountant. He'll usually be at the Tashildhar's office. Give him gifts to help with his kids school fees. And your property survey number and property ID's. He'll trace the old owners.

If all this fails, and you're in bangalore looking for adventure, go to the mother of land records office. It's next to the GPO opposite Vishweshwariah towers.

They have huge old books each 3' x 4'. I swear upon my OHC they are that big.

Land records of that society right from British times (yes, even angrezon ke zamaane ka jailer ka jail records) can be traced and a line of subsequent chain of ownership established.

Sometimes silverfish eat those pages. Still, about 80% of Bangalore land records are traceable.

Then visit the landowners and their adult kids. Get GPA's signed by everyone above 18. If there is a bloodline of kid(s) below 18 get their parent(s) to sign.

If you only get the old owners names and no addresses, find a BSNL phone directory. Call every landline with that owners name. Tell them about the story of the Nigerian dictator who died a billionaire and that meeting you is in their interests.

Cheers.

Last edited by hangover : 11th June 2016 at 22:01.
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Old 12th June 2016, 04:38   #485
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Default Re: Help with a home loan!

Quote:
Originally Posted by hangover View Post
Somehow your story sounds as if the real story is hidden inside a fairy tale story.


If you only get the old owners names and no addresses, find a BSNL phone directory. Call every landline with that owners name. Tell them about the story of the Nigerian dictator who died a billionaire and that meeting you is in their interests.

Cheers.
Thanks very much hangover.
I realized how difficult it is to get this GPA through you and @nowwhat?. I can also vouch that the real world help and knowledge I got here can be got nowhere else than Team-BHP.
Fortunately for me, the GPA done by this middle person to society has details about the old GPA.
And I am planning to get this GPA through a peon or lawyer at sub-registrar office.
Thanks again.

Ramki

Last edited by ramki067 : 12th June 2016 at 04:40.
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Old 13th June 2016, 09:34   #486
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Default Re: Help with a home loan!

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Originally Posted by hangover View Post
There is no way you'll get to keep any of the low interest home loan amount with you. It's given as a DD in the name of the property owner.

I had a dream last night. In the dream I imagined the things below.

You could do some creative accounting if you take the loan as a home improvement loan. They'll release funds based on bills submitted.

Open a proprietorship firm in the name of Sri Venkateshwara Enterprises. Open a current account in a cooperative bank. Deposit the bank cheque there.

If you don't have the courage you have other options. My dreams are all encompassing.

Are you in bangalore? Go to the LIC building opposite unity building, next to town hall.
There will be simple looking chaps with black bags. You won't even notice them. They blend in with the surroundings.

Give that cheque to them. Sign a bunch of forms. Take cash. Minus 3-5% commission.

This was all in my dream. I hope Sunny Leone is in today's dreams.
sirjee you completely misunderstood my post, i am not looking for all that
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Old 27th July 2016, 15:20   #487
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Default Re: Help with a home loan!

Has anyone tried taking a top up loan over an existing home loan?

If so, please help me with these queries:

1. How much amount am I eligible to get, if my original home loan amount was Rs.50 lakhs and the current outstanding amount is Rs.30 lakhs?

2. I am assuming this amount comes to me rather than going to the builder as was in the case of the home loan. Correct me if I am wrong.

3. What will be the interest rate of the top up loan? Will it be the same as my existing home loan, or will it be treated as a fresh loan and hence the interest rate will be the same as for new home loan customers?

4. Can I use this money for any purpose? For example, if I invest this somewhere else instead of doing woodwork/renovating the home that I had taken a loan for, will there be any legal issues?

5. Will the tax benefits be similar to the original home loan?

Thanks a ton for the help in advance.

Last edited by Oxy : 27th July 2016 at 15:22.
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Old 29th July 2016, 11:46   #488
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Default Re: Help with a home loan!

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Originally Posted by Oxy View Post
Has anyone tried taking a top up loan over an existing home loan?
Have tried to answer your queries as below:

Quote:
1. How much amount am I eligible to get, if my original home loan amount was Rs.50 lakhs and the current outstanding amount is Rs.30 lakhs?
This may differ from bank to bank, however the general cap is at 100% of original loan amount, subject to least of (i) loan eligibility based on income (ii) residual balance after current market value and (iii) loan amount applied.

Quote:
2. I am assuming this amount comes to me rather than going to the builder as was in the case of the home loan. Correct me if I am wrong.
Mostly yes. Though banks generally obtain a declaration from the borrower stating the end use, they do not practically insist on sticking to the same.

Quote:
3. What will be the interest rate of the top up loan? Will it be the same as my existing home loan, or will it be treated as a fresh loan and hence the interest rate will be the same as for new home loan customers?
Most banks offer top-up at prevailing rate of home loan. However I assume you took the loan during Base Rate regime, whereas banks have currently migrated to MCLR regime from FY 2016-17. You can probably ask your bank if they have a conversion offer as MCLR rates generally are lower (currently), with the caveat of a one-time conversion fee.

Quote:
4. Can I use this money for any purpose? For example, if I invest this somewhere else instead of doing woodwork/renovating the home that I had taken a loan for, will there be any legal issues?
Answer to Point 2 should cover this.

Quote:
5. Will the tax benefits be similar to the original home loan?
Yes, if it is your first top-up.
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Old 29th July 2016, 11:47   #489
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Default Re: Help with a home loan!

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Originally Posted by Oxy View Post
Has anyone tried taking a top up loan over an existing home loan?
I don't know whether you can get a top up loan for personal use. In my case, after initially getting loan from SBI, the builder got extra fsi and the size of the apartments increased. So we applied for top up but we had to submit all the paperwork from builder and the money too went to the builder adjusted in instalments.
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Old 29th July 2016, 11:54   #490
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Default Re: Help with a home loan!

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Originally Posted by luvDriving View Post
In my case, after initially getting loan from SBI....the money too went to the builder adjusted in instalments.
That is not a top-up, that is a case of builder overshooting the accepted cost of project (apartment) and bank reassessing the loan amount, at your request I presume.

Top-ups happen only on occupied or ready to occupy properties, or at least 80-85% completed properties.
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Old 27th September 2016, 11:32   #491
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Default Re: Help with a home loan!

Guys I have a query. I was disbursed a certain amount of loan last year by SBI and I am happily paying away the interest on a monthly basis.

However, the apartment will be complete early next year and I will have to get it registered thereafter. Registration will cost me a huge amount of money so I was thinking if I can top-up my loan to meet the registration expenses ?


Note: Initially the loan disbursed to me was based on my salary. This year my salary has increased so I would have been eligible for a higher amount I believe.

Last edited by Pancham : 27th September 2016 at 11:33.
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Old 27th September 2016, 15:26   #492
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Default Re: Help with a home loan!

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Originally Posted by Pancham View Post
Guys I have a query. I was disbursed a certain amount of loan last year by SBI and I am happily paying away the interest on a monthly basis.

However, the apartment will be complete early next year and I will have to get it registered thereafter. Registration will cost me a huge amount of money so I was thinking if I can top-up my loan to meet the registration expenses ?


Note: Initially the loan disbursed to me was based on my salary. This year my salary has increased so I would have been eligible for a higher amount I believe.
With the increase in salary, you could be eligible.
A simple back of the hand calculation to assist you on the eligibility is
Your monthly gross salary multiplied by 50

But do check with SBI on the conditions of the top up loan. When I check with my bank, the minimum amount for a top up was 10L so I dropped the idea.

Also do consider that Top up EMI's are not considered, AFAIK, for tax exemption.
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Old 28th September 2016, 09:37   #493
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Default Re: Help with a home loan!

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Originally Posted by vinit.merchant View Post
With the increase in salary, you could be eligible.
A simple back of the hand calculation to assist you on the eligibility is
Your monthly gross salary multiplied by 50

But do check with SBI on the conditions of the top up loan. When I check with my bank, the minimum amount for a top up was 10L so I dropped the idea.

Also do consider that Top up EMI's are not considered, AFAIK, for tax exemption.
Thanks Vinit.

I am ok with the top up EMIs not getting considered for tax exemption as long as I get the loan for the desired amount and period.
The desired amount is approx. 25% of the actual loan taken.
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Old 7th October 2016, 21:43   #494
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Default Re: Help with a home loan!

Hi All. Request your help with doubts regarding a letter I received from my bank.

I took a home loan from Corporation bank in 2014 @ 10.25% floating interest rate.

As on date, the interest rate is 9.60% and MCLR interest rate is 9.50%.

Today, I received this letter from the bank giving me an option to convert from COBAR/BASE rate to MCLR interest rate. The letter copy is attached below.

I have two questions:

1. What does this conversion mean and should I go for it?

2. More importantly, I was told by a friend that even though the interest rate is now 9.60%, the bank may not have applied that rate to my loan unless I have made a written request to the bank. Is it true? Because I thought floating interest means the applicable interest on my loan will either decrease or increase based on prevailing rates.
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Old 6th March 2017, 22:15   #495
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Default Re: Help with a home loan!

Need an urgent suggestion and direction

I'm looking to buy a 17 years old residential property through Bank e-Auction by next week. Property is Gram panchayat approved and all other documents were in order

1) Can I take loan against this property? (Home loan / mortgage loan)
a) HDFC denied stating loan stating "NPA properties cannot be funded"
b) ICICI denied stating either CMDA or DTCP approval required

2) If the answer to question 1 is 'YES'
a) Which banks do provide loan for bank auctioned properties?
b) How much % of market value can I avail loan (considering the age of property)
c) What will be the average ROI & tenure?

Thanks in advance.
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