Latest Answer: 4) Not getting the important documents upfront
Home loan documents are important set of papers that require special attention. Borrowers often fail to arrange them properly and misplace them or lose them with any financial institution. In addition to it, borrowers often forget to request for a list of the documents submitted to a financial institution, after the loan processing process is completed. This takes a toll on the individual’s credibility and makes it difficult for him/her to apply for any other loan in future.
Q:How the increased repo rates are going to affect the real estate market? Although the finance expert were telling that the Repo rates will remain stagnant but however the Repo rates have been increased by 0.25 percent.
Latest Answer: It seem RBI has decided to offer a special repo rate window to the National Housing Bank for festival season. The essence of such a window can be summarized by the fact that it will allow HFCs- Housing Finance Companies, and banks to obtain funds for home loans at minimal rates from NHB.
Latest Answer: According to an expert, other way of repayment could be that the co-borrowers share the number of EMIs between them such that a specific number of cheques can be issued by one borrower and the balance by the other
Latest Answer: No. You will not get any tax breaks if you take a loan to buy a plot. But, if you take a loan for construction, that means a loan to build a house on that plot of land, then you can get a tax break. In this case, the tax benefits are available on both portions of the loan the one to purchase the plot and the one taken to construct the house thereon. If u take a loan of 10 lakh for plot and 5 lakh for construction, then you can get tax benefit for the entire 15 lakh. But too many processes are involved in this case.
Latest Answer: No need to worry..if you find your name or any error in the report then you should send an email to consumerqueries@cibil. com along with all documents and facts.The lender or bank will correct the erros and will soon send the update report to CIBIL. If bank does not response you or you are not happy with the response then you can lodge a complaint with the banking ombudsman. And if the facts mentioned in CIBIL report are right then it will be difficult to get any credit facility for few years from the system. You will have to improve your credit history with timely payments of your credit card dues/EMI for loans.