[arun_josie]

Originally Posted by Wheeliej

Hi
Dealing with banks for a home loan is a long process and you must be veru patient. Though lic have asked for basic documentation they will keep on asking for more and more documents as time passes. Both instititioms are good to deal with later.

Tax proof will be sent separately. Am not aware of any lender that has it online.

Customer care would be the same

Yes most lenders are insisting on building insurance. I recall paying 14k for 5 years coverage thru sundaram.

Lic will also insist on this. Depends on your age and emi.

Cheers

Thanks Wheeliej, I have applied in SBI and awaiting their response. Its already one month since I applied.

[agspins]

These days most of the Housing finance players have made Property insurance and Life Insurance are mandatory.
@Arun Josie SBI takes its own sweet time, but have seen here that if they want to they clear the cases in week or two.

[rrahul_2778]

Friends, need some expert suggestions. I have booked a property in Chennai and did the initial payments from some own funds. Now I am at a stage I need to work out a home loan. The property is not yet CMDA approved, hence Public banks are not lending. The only options as ICICI, HDFC and Deutsche banks.

I checked with HDFC and apart from the processing fee they charge another 0.5% or Rs 25000 (whichever is lower) towards Stamp paper charges. I am not getting what these additional charges are, ICICI and Deutsche dont have them. All 3 banks have same ROI, hence I am thinking what bank to go for...

[SilkDrive]

Need some urgent help on this,

I am currently out of country, yet on the look out for an apartment in Kolkata.

Want to book the apartment in my wife's name as of now, and make an agreement of it, and also apply for a loan in her name alone. However, loan in her name alone would not cover the entire value of the flat.

So, when i get back after a couple of months, i would like to get the agreement done again with my name included in it. So that i could become a co borrower in the same loan at that point of time and increase the loan amount. (we are looking for a loan from LIC Housing Finance Ltd. No private banks at all).

Is this possible at all? Is it possible to make a new agreement and add a co-borrower to a loan, which is already partially/completely disbursed?

[procircuit_234]

how about fixed interest rate scheme from HDFC.they are offering 10.75%fixed for 3 years and 11% fixed for 5 years.and 10.5 floating.available till 31st dec.which is the best option?

[sumeethaldankar]

Hello,

I wanted to know when does the EMI for a home loan start, the current month when the loan is disbursed or the month after the disbursement is made.I am talking about a loan for a ready flat.

thanks

[longhorn]

Usually it is the month following the month of the cheque's date. Don't think EMI will start on the same month.

[triedeverything]

I'm planning on buying a house in Coorg. I work and stay in Bangalore. Can I claim tax exemption for HRA and for the loan, as long as I add income from rent for the house being purchased? I read somewhere that I can claim tax exemptions for a house loan only if I stay in it. Is that true?

[whitesquall]

Originally Posted by triedeverything

I'm planning on buying a house in Coorg. I work and stay in Bangalore. Can I claim tax exemption for HRA and for the loan, as long as I add income from rent for the house being purchased? I read somewhere that I can claim tax exemptions for a house loan only if I stay in it. Is that true?

Yes. You can buy a house anywhere in India and claim IT benefits. No need for you to be living in that house to claim the benefits. As you rightly pointed out, if you are showing the income you earn from the other house, then you are okay. You have to submit form 12 C as a proof while declaring your investments for a financial year with your employer (If you are employed that is!).

[Warwithwheels]

Originally Posted by triedeverything

I'm planning on buying a house in Coorg. I work and stay in Bangalore. Can I claim tax exemption for HRA and for the loan, as long as I add income from rent for the house being purchased? I read somewhere that I can claim tax exemptions for a house loan only if I stay in it. Is that true?

Ofcourse, you can. Another benefit of letting out is that there is no upper limit on the amount of interest you can claim.

If you self occupy, you cannot claim interest of more than 1,50,000 in the present scenario.

[Kimified]

Guys , I need your urgent help regarding a home loan we had applied for with HDFC ltd.

I had paid the processing fee of close to 27k for the loan. This was during the month of October 2011.

The loan did not get approved and we managed to get a loan from some other bank later. So, I asked for the refund of the processing fee i had paid HDFC ltd. They have delayed it for close to 2 months and now they say that they can refund only 50% of the 27k i had paid. I had mailed the person in charge and asked him why it was only 50% and he replied back saying this :

"Please note the Self Employed Appraisal, Legal & Technical of the property
was done, hence COM approved 50 %."

Is it true that they cut 50% of the processing fee just for the legal and technical evaluation. Please help. I had thought that they would cut around 3 or 4k for the evaluation and refund the rest. Thanks in advance.

[mpksuhas]

Well each banks have varied and crazy ways to gulp money.
I know for sure that for SBI they charge processing fee (~10k) only after loan is sanctioned. However we have to pay for legal and property verification before that (~1.5k each). So that means if your loan is not sanctioned after verification and all you will end up loosing around 3k (1.5k *2).
In your case also it seems the same, however the processing fee looks bit high, but then that again depends on the loan amount you have applied for. For a loan of around 30 lac axis / SBI and all have fees in range of 7- 10 k.
Did you apply directly through branch or through any agent? Since agents also take out some amount of money calling it 'processing fee'.

[benbsb29]

Originally Posted by Kimified

Is it true that they cut 50% of the processing fee just for the legal and technical evaluation.

I had taken a loan from HDFC, and the processing fees was about 11.5k, of which i had a 50% discount, as i got the loan pre-approved during a property fest.

What is the loan amount you had applied for? I guess that would explain the higher processing charge. Also, i believe the rates would be around 50%, if not sanctioned, although i am not entirely sure.

[arun_josie]

Originally Posted by Kimified

Is it true that they cut 50% of the processing fee just for the legal and technical evaluation. Please help. I had thought that they would cut around 3 or 4k for the evaluation and refund the rest. Thanks in advance.

As mpksuhas has mentioned SBI charges only 3K for legal and technical evaluation, in your case the processing fees itself is very high and the fees for legal and technical evaluation shouldn't be more than 4K.

Originally Posted by mpksuhas

For a loan of around 30 lac axis / SBI and all have fees in range of 7- 10 k.

I think SBI charges 10K as processing fees for loan amount up to 75 lacs. Not sure about the current rate though.

[Kimified]

Originally Posted by mpksuhas

Well each banks have varied and crazy ways to gulp money.
I know for sure that for SBI they charge processing fee (~10k) only after loan is sanctioned. However we have to pay for legal and property verification before that (~1.5k each). So that means if your loan is not sanctioned after verification and all you will end up loosing around 3k (1.5k *2).
In your case also it seems the same, however the processing fee looks bit high, but then that again depends on the loan amount you have applied for. For a loan of around 30 lac axis / SBI and all have fees in range of 7- 10 k.
Did you apply directly through branch or through any agent? Since agents also take out some amount of money calling it 'processing fee'.

Originally Posted by benbsb29

I had taken a loan from HDFC, and the processing fees was about 11.5k, of which i had a 50% discount, as i got the loan pre-approved during a property fest.

What is the loan amount you had applied for? I guess that would explain the higher processing charge. Also, i believe the rates would be around 50%, if not sanctioned, although i am not entirely sure.

Originally Posted by arun_josie

As mpksuhas has mentioned SBI charges only 3K for legal and technical evaluation, in your case the processing fees itself is very high and the fees for legal and technical evaluation shouldn't be more than 4K.


I think SBI charges 10K as processing fees for loan amount up to 75 lacs. Not sure about the current rate though.

It was my mom who had applied for the loan and not me. We had not taken help from any agent. The applied loan amount was 50 lakh rupees. I remember the bank guy telling me that the maximum processing fee for a salaried employee is around 11k. But my mom is an housewife and she has only rental income to show as her source of income. That's why they charged a certain percent of the loan amount as the processing fee and we ended up paying 27k. I remember him telling me that if the loan was taken in my name, the processing fee would have been around 11k since I am a salaried employee.

Now, whether it is 11k or 27k that i paid is immaterial right ? The loan did not get approved anyway and hence , they should cut only charges for whatever evaluation is done and refund the rest. Or, am i missing something here ? Charging close to 13k just for the evaluation just did not seem right. That's why i wanted to ask people in here. Is there anyway that i can go to them and demand them to refund an higher percentage of the amount paid ?

Thanks for all the help