Real Estate Forum on Home Loan

Latest Answer: 9940184679 i am looking for a private lender

Latest Answer: Hi, You must consult a real estate developer to discuss your requirements. He will let you know the budget that you should go for.

Latest Answer: I would suggest you should see the graph which shows the growth of property prices over a period of time, House of hiranandani has build flats from 30L to 1.5 cr so its a varied market. So of builders like Hira are having a development plan in these locations, that shows the realty sector is going to boom. Also see that the new government will also have a positive impact on reality sector.

Latest Answer: Hi Mr Srinivas, Foreclosed houses are the houses auctioned by banks to recover the loans that buyers fail to repay and, hence, the cut in prices. Such properties are cheaper by 10-25 per cent of their prevailing market value. Those houses are called foreclosed property. There are many definitions for foreclosed property.

Latest Answer: Over the last 2 years there has not been much of a difference between a public sector and a private sector when it come to a Housing Loan. One of the main complaints against private banks has been that it is more expensive but currently the Rate of Interest at both Public and Private banks are the same. ( Except for SBI which is 0.10% cheaper) When it comes to ease and speed of processing Private banks are much better and also they have a much better customer support unit which may be lacking in most public sectors banks as of now. The RBI has also made it clear that the banks cannot charge any foreclosure or pre-closure charges which has ensured that there are no hidden charges which can be passed on to the customer. I would definitely suggest a HDFC or a ICICI bank to address your home loan requirement today than a Public sector bank taking into consideration that the rates being the same I am getting a much better service and facilities.

Latest Answer: Before taking the home loan following are the hidden charges which should be taken care of Conversion fee is the paid when you switch your loan from one type to another. This is the amt you need to pay for decreasing interest rate throughout the loan tenure. For example, if a home loan was taken by you at 13 percent which is 10 percent base rate with an additional 3 percent mark up, but overtime your bank is offering loans at just 10.35 percent and you still pay 13 percent, you can reduce your rate of interest by decreasing the 3 percent mark up to 0.35 percent. But the banks will charge for this conversion and that is called conversion charges. The late payment fee is paid when the EMI payment is delayed. The borrower is supposed to pay a Late Payment fee of Rs. 500 or 2 percent additional interest per month as penalty. If you fail to make payment of EMI for a month or so, the bank has to undergo few technical procedure to recoup the cost by charging add recovery charge.

Latest Answer: So all this issues will affect the house prices in major cities of India. How will this factor effect the home loan for residential units?

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.

Latest Answer: I was about to apply for a home loan as I am planning to buy an apartment in Bangalore. I think now banks have increased their interest rates.

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