Loans

I am planning to buy a house with value worth Rs 40L.
I have a FD for 15 L with HDFC, should i take loan over with FD?
Is taking a home loan on existing FD with the same bank better? On what factors does it depend?

Hello All,
I am new to this community and by mistake I had put my questions at wrong place. I am asking here the questions agian.
My Questions:
Scenario : I have decided the property (Flat INR 49 Lac- possesion after 2.5 to 3 yrs) and now planning for Home loan(Required max. INR 38 lac) . I discussed with many friends and most of them said either go with LIC Home Loan or SBI Home loan.
1. Which one is the best – LIC Home loan or SBI home loan? I enquired at both the offices and interest rate for LIC would be 10.40% (under scheme) and 10.75 % regular. And SBI gives 10.75 % both floating.
2. Is the SBI MaxGain is better than LIC Home Loan? Are the processes to calculate the interest and reducing polices same with LIC and SBI? If not, what is the difference?
3. Is it neccessary to take Insurance policy on Home loan?Which type of policy need to take? If my loan amout is INR 38 Lac, how much value needs to be covered?
4. Is the policy premium added to the Home loan EMI or what does bank generally do?
5. If suppose bank approves max. home loan,but can we take less amout if we dont need full amout? e.g. if bank approves INR 38 lac however I need only INR 35 lac only. Can we do this?
6. In SBI MaxGain, is the question 5 applicable?
Thanks!

While taking homeloan many companies offer insurance for homeloan. Person A & B both have taken home-loan of 50 lakhs individually. Person A opts for insurance attached to homeloan while person B opts to take term insurance of 50 lakhs. Let’s assume both persons A & B dies after 3 years. The Person A will have insurance cover proportionate to the remaining home-loan. Now the question is in which case investigation will be less while sanctioning the insurance amount? In which case claim settlement will be smooth ?

I have taken home loan for 11 lakhs from HDFC and I am in the process of getting the loan amount from them!! I have read that the house for which I am taking loan should be insured!! I just want to know what would be the best insurance plan and should I take insurance for just the loan amount (if there is any plan like that) or should I take insurance for the entire house. Please help me out in this matter.

MaxGain loan account details:
Book Balance: -6,41,723.00
Limit: 22,82,116.00
Drawing Power: 22,82,116.00
Available Balance: 16,40,393.00

If I pay Rs. 6,41,723.00 then Book Balance will be 0. No interest should be charged on my account.
Now, I want to permanently close home loan account so that EMI should not be debited from my savings account.
I am currently in USA, wouldn’t be possible for me to visit bank personally. Is their any way to close loan account?

Is there any other bank/ HFC that offers home loan under an OD facility like that of SBI max gain?

rashmi

Suppose I invested by buying a Home Rs.1 Crore.
Down payment is made by me.
Take a loan of Rs.60,00000 lacs.
EMI is paid by me,Wife,Father and mother equally.(4persons)
I want to know how the principle and Interest paid by us should be claimed for IT purpose.
Total Int paid=600000
Total Principle amt paid=10,00000

Apologies if this is the repeat question.

I am about to declare investments for 2012-2013.
But have a confusion regarding declaration amount in HRA & Home loan

Purchased a new house in Feb 2012 [no declaration/mention in last year ] to be self-occupied.
Home loan EMI started from April 2012.
Presently I am staying in a rented accommodation (close to the new house) & expected possession of new house is in next 2 months. [June-July 2012]

Even if I consider all unforeseen delays , I am sure i will move in to the new house by Oct-Nov 2012 .

Now the confusion
– I understand 1 lakh towards principal payment can be declared under 80 C.
– Also I am eligible for 1.5L deduction towards interest payment under section 24b for self occupied property

But can I declare all of these:
1. HRA — for months I am staying on rent in this financial year &
2. Home Loan Interest payment — upto 1.5 lac in this year ( considering I am able to show the occupation certificate by the last quarter when investment documents needs to be submitted)
3. Home Loan Principal payment under 80C – [ i am sure about this one]

Basically (in my case) – can I declare both HRA & interest part in my investment declaration?

Thanks in advance
Sorabh

Is it advisable to shift a 89 L housing loan from hdfc (at 12% ROI, can be reduced to 11% by paying 50,000 conversion fee. Also 1.80 L foreclosure charges) to sbi max gain (at 11.25% plus benefits of OD facility)? The foreclosure charges are detering us from proceeding. Can someone help us understand the interest saving by using the OD facility in SBI.

thanks

Rashmi

Dear Friends,

Few weeks ago there was an article on rediff regarding removal of charges for pre-payment done by a customer on the home loan he has taken from the bank. Please refer to the link for more details:

http://www.rediff.com/business/report/no-more-pre-payment-charges-on-home-loans/20120417.htm

Can someone guide if this has been mandated by RBI to be followed by all the banks (private/public).

Thanks,