Help with a home loan!

pragya · 18th January 2010, 15:17

I have heard that Reliance finance offers 100% financing on home loans on actual cost.
Can someone update me on this, what the catch and exact scene.
I am looking for home loan of 15 lakhs but need maximum funding as all savings go in my CAR

pragya · 28th January 2010, 18:24

Anyone who has some info,
Ca somone tell me how much can be maximum funding

mithun · 30th January 2010, 21:50

Quote:

Originally Posted by pragya

Anyone who has some info,
Ca somone tell me how much can be maximum funding

It depends on your income.

Go to apnaloan.com

kalpeshc · 2nd February 2010, 09:04

My transfer of loan from ICICI to SBI is finally approved after 6 (!!) months. Now they are telling me to pay approx 5K extra for franking and stamp duty charges (on the agreement between me and the bank). This is not mentioned anywhere on the site. They do claim that I'll be getting all the appropriate receipts.

Does anyone know about these charges?

DCEite · 9th February 2010, 16:06

How easy or difficult is it to sell a home which is still under Loan ?

For eg. consider a person A having taken a loan of 16 lac for a house costing 20 L (all inclusive). Just after a few EMIs, he has a buyer who is willing to pay 23 L for the house. Now outstanding loan amount is 16 L and agreed priced is 23 Lac. So does that mean the buyer will pay the difference (7 lac) to the person and the rest of the loan will be transferred ? What if he intends to take loan on 80 % value, does bank extend the loan then and pay the difference to Mr. A (the seller)?

married2speed · 10th February 2010, 20:47

Quote:

DCEite;1723893]How easy or difficult is it to sell a home which is still under Loan ?

In my opinion, quite complicated.
1. The house cannot be sold until and unless registered.
2. If registered and on a loan, bank is involved, so new buyer cannot register house in own name

What you could do is, on a mutual understanding with the buyer, have the new buyer "Take over" your loan and pay you your profit which is also known to some of us, changing banks. For eg - I move from existing HDFC home loan to a SBI.

What you pay is, foreclosure charges.
What the buyer pays is conversion fee's + processing fee's.
The figures depends on the loan amount

ridinthru' · 10th February 2010, 21:21

Folks - I've got a question too..are home loans provided only on properties which can be registered and not on properties which are bought on power of attorney ??

AltoLXI · 11th February 2010, 13:38

I am planning to sell my apartment in Bangalore - near Hebbal and buy a site far away from where I stay now but in Bangalore itself - near Bannerghatta. After selling the apartment and clearing the loan I still need to pay additional amount for the site.

1. Do I get site loan and which banks are good? Is it advisable to go for site loan, assuming I am not going to construct a house on that site?
2. What are the interest rates for the site loans? Are there any tax benefits for site loans?

As my kid is going to school, I cannot move far from the place I am staying now but want to stay in rented apartment near where I am staying now. Later when the kid goes to high school / college, I plan to construct the house on the site and stay there.

Rocky_Balboa · 23rd February 2010, 12:16

Guys,

A general query on Home Loan rates.
Deutsche Bank, with whom I have my salary account, contacted me recently and dropped a bomb.

"Every bank has a discount on the home loan interest rates, to their customers. We would offer You a home loan on a 4% discount (throughout the tenure) on the CPLR". This means if the current rate is 12.5, I would be getting a loan at 8.5% for the entire tenure.

And I was shown the so-called proofs (agreement) where there is a clear mention of the discount rate but with a catch. The document said "+/- 4% on the CPLR".

My questions:
1) Is this real? Can and do banks offer such a discount for their customers?
2) Did anyone else hear this from Deutsche Bank?

Thanks already.

nkapoor777 · 24th February 2010, 16:15

Quote:

Originally Posted by Rocky_Balboa

Guys,

A general query on Home Loan rates.
Deutsche Bank, with whom I have my salary account, contacted me recently and dropped a bomb.

"Every bank has a discount on the home loan interest rates, to their customers. We would offer You a home loan on a 4% discount (throughout the tenure) on the CPLR". This means if the current rate is 12.5, I would be getting a loan at 8.5% for the entire tenure.

And I was shown the so-called proofs (agreement) where there is a clear mention of the discount rate but with a catch. The document said "+/- 4% on the CPLR".

My questions:
1) Is this real? Can and do banks offer such a discount for their customers?
2) Did anyone else hear this from Deutsche Bank?

Thanks already.

BPLR and CPLR will be out of fashion from April 1st. The RBI has already instructed all lenders to publish base rates and they won't be allowed to lend at a rate lower than the base rate to any party. The actual interest rates will be set by lenders based on the borrower's credit which will decide the premium over base rate. All this mumbo-jumbo will soon be out which is good for customers.

Rocky_Balboa · 24th February 2010, 16:46

Quote:

Originally Posted by nkapoor777

BPLR and CPLR will be out of fashion from April 1st. The RBI has already instructed all lenders to publish base rates and they won't be allowed to lend at a rate lower than the base rate to any party. The actual interest rates will be set by lenders based on the borrower's credit which will decide the premium over base rate. All this mumbo-jumbo will soon be out which is good for customers.

Thanks for the response Nitin.
I thought BPLR was also set by banks themselves! If the banks will still decide their own base rates, what difference does it make by banishing BPLR?

amitsingh08 · 11th May 2010, 18:05

IDBI bank is offering 8.75% loans after I bargained with them

IDBI Bank Home Loan Interest Rates

Does any one have experience with IDBI?

ghodlur · 24th August 2010, 10:22

Hi Guys,

Punjab National bank is offering home loans under Festival Bonanza @8.5% fixed for 3 years and after that at the prevailing rates. There is no charges on processing & documentation with reduced margin of 15%. Anybody heard of this, how good is this? Any existing PNB home loan customer can share their view on PNB's interaction.

I have a home loan from SBI which is charging me 10%, should I opt for PNB's offer. SBI in their agreement has a preclosure charge of 2% but have not mentioned any word saying outstanding loan amount. The wording are as below. Can anyone clarify as to what they mean:

"A pre closure charge of 2% of the amount prepaid in excess of normal EMI dues will be levied in respect or pre closure of home loan before expiry of half of the original tenure of the loan"

Does this mean that a preclosure charge on Outstanding loan amount+prepaid amount till date wil be levied.

archat68 · 24th August 2010, 13:29

Quote:

Originally Posted by DCEite

How easy or difficult is it to sell a home which is still under Loan ?

For eg. consider a person A having taken a loan of 16 lac for a house costing 20 L (all inclusive). Just after a few EMIs, he has a buyer who is willing to pay 23 L for the house. Now outstanding loan amount is 16 L and agreed priced is 23 Lac. So does that mean the buyer will pay the difference (7 lac) to the person and the rest of the loan will be transferred ? What if he intends to take loan on 80 % value, does bank extend the loan then and pay the difference to Mr. A (the seller)?

I also have a similar query. Can anybody give some first hand input?

ghodlur · 31st August 2010, 12:16

Quote:

Originally Posted by ghodlur

Hi Guys,

Punjab National bank is offering home loans under Festival Bonanza @8.5% fixed for 3 years and after that at the prevailing rates. There is no charges on processing & documentation with reduced margin of 15%. Anybody heard of this, how good is this? Any existing PNB home loan customer can share their view on PNB's interaction.

I have a home loan from SBI which is charging me 10%, should I opt for PNB's offer. SBI in their agreement has a preclosure charge of 2% but have not mentioned any word saying outstanding loan amount. The wording are as below. Can anyone clarify as to what they mean:

"A pre closure charge of 2% of the amount prepaid in excess of normal EMI dues will be levied in respect or pre closure of home loan before expiry of half of the original tenure of the loan"

Does this mean that a preclosure charge on Outstanding loan amount+prepaid amount till date wil be levied.

I checked with PNB and found there are a lot of hidden charges such as valuation cost, advocate cost, cost of opening a savings account in addition to the stamp duty and franking charges. Total adds up to min of 10K. This in addition to the preclosure charges levied by SBI amount to 40K. Is it a good option to shift to PNB home loan.

The only solace is a saving of 2.5K per month in EMI which can be invested in MF. Experts need your advise on this one.

18th January 2010, 15:17	#121
pragya BHPian Join Date: Oct 2009 Location: pune Posts: 39 Thanked: 3 Times View My Garage	I have heard that Reliance finance offers 100% financing on home loans on actual cost. Can someone update me on this, what the catch and exact scene. I am looking for home loan of 15 lakhs but need maximum funding as all savings go in my CAR
	() Thanks

28th January 2010, 18:24	#122
pragya BHPian Join Date: Oct 2009 Location: pune Posts: 39 Thanked: 3 Times View My Garage	Anyone who has some info, Ca somone tell me how much can be maximum funding
	() Thanks

2nd February 2010, 09:04	#124
kalpeshc BHPian Join Date: Dec 2006 Location: Mumbai Posts: 544 Thanked: 141 Times	My transfer of loan from ICICI to SBI is finally approved after 6 (!!) months. Now they are telling me to pay approx 5K extra for franking and stamp duty charges (on the agreement between me and the bank). This is not mentioned anywhere on the site. They do claim that I'll be getting all the appropriate receipts. Does anyone know about these charges?
	() Thanks

9th February 2010, 16:06	#125
DCEite Senior - BHPian Join Date: Sep 2004 Location: NCR Posts: 3,591 Thanked: 3,499 Times	How easy or difficult is it to sell a home which is still under Loan ? For eg. consider a person A having taken a loan of 16 lac for a house costing 20 L (all inclusive). Just after a few EMIs, he has a buyer who is willing to pay 23 L for the house. Now outstanding loan amount is 16 L and agreed priced is 23 Lac. So does that mean the buyer will pay the difference (7 lac) to the person and the rest of the loan will be transferred ? What if he intends to take loan on 80 % value, does bank extend the loan then and pay the difference to Mr. A (the seller)?
	() Thanks

10th February 2010, 21:21	#127
ridinthru' BANNED Join Date: Jul 2009 Location: roaming Posts: 134 Thanked: 20 Times	Folks - I've got a question too..are home loans provided only on properties which can be registered and not on properties which are bought on power of attorney ??
	() Thanks

11th February 2010, 13:38	#128
AltoLXI BHPian Join Date: May 2008 Location: Bengaluru Posts: 422 Thanked: 1,907 Times	Loan for sites I am planning to sell my apartment in Bangalore - near Hebbal and buy a site far away from where I stay now but in Bangalore itself - near Bannerghatta. After selling the apartment and clearing the loan I still need to pay additional amount for the site. 1. Do I get site loan and which banks are good? Is it advisable to go for site loan, assuming I am not going to construct a house on that site? 2. What are the interest rates for the site loans? Are there any tax benefits for site loans? As my kid is going to school, I cannot move far from the place I am staying now but want to stay in rented apartment near where I am staying now. Later when the kid goes to high school / college, I plan to construct the house on the site and stay there.
	() Thanks

23rd February 2010, 12:16	#129
Rocky_Balboa BHPian Join Date: Aug 2006 Location: Namma Bengalooru Posts: 693 Thanked: 407 Times View My Garage	Guys, A general query on Home Loan rates. Deutsche Bank, with whom I have my salary account, contacted me recently and dropped a bomb. "Every bank has a discount on the home loan interest rates, to their customers. We would offer You a home loan on a 4% discount (throughout the tenure) on the CPLR". This means if the current rate is 12.5, I would be getting a loan at 8.5% for the entire tenure. And I was shown the so-called proofs (agreement) where there is a clear mention of the discount rate but with a catch. The document said "+/- 4% on the CPLR". My questions: 1) Is this real? Can and do banks offer such a discount for their customers? 2) Did anyone else hear this from Deutsche Bank? Thanks already.
	() Thanks

11th May 2010, 18:05	#132
amitsingh08 BHPian Join Date: May 2007 Location: mumbai Posts: 67 Thanked: 6 Times	IDBI bank is offering 8.75% loans after I bargained with them IDBI Bank Home Loan Interest Rates Does any one have experience with IDBI?
	() Thanks

24th August 2010, 10:22	#133
ghodlur Senior - BHPian Join Date: Sep 2009 Location: Bangalore Posts: 6,246 Thanked: 4,761 Times View My Garage	Hi Guys, Punjab National bank is offering home loans under Festival Bonanza @8.5% fixed for 3 years and after that at the prevailing rates. There is no charges on processing & documentation with reduced margin of 15%. Anybody heard of this, how good is this? Any existing PNB home loan customer can share their view on PNB's interaction. I have a home loan from SBI which is charging me 10%, should I opt for PNB's offer. SBI in their agreement has a preclosure charge of 2% but have not mentioned any word saying outstanding loan amount. The wording are as below. Can anyone clarify as to what they mean: "A pre closure charge of 2% of the amount prepaid in excess of normal EMI dues will be levied in respect or pre closure of home loan before expiry of half of the original tenure of the loan" Does this mean that a preclosure charge on Outstanding loan amount+prepaid amount till date wil be levied.
	() Thanks