-
-
-
Services
-
-
-
More
-
POSTED BY ON June 1, 2012 8:47 am COMMENTS (3)
I am looking for a HOME LOAN of around 35lacs for a tenure of 15-20years (My age is 25), since my net salary is not much I am not eligible for that kind of Loan amount. Because of that I thought I would take a joint loan with my dad. Together we were able to get a loan eligibility of 40lacs. But the problem is age of my dad is 56, and he is set to retire at the age of 60.
Since he has only 4years of employment remaining, the bank is not ready to give the loan for 35lacs and offers only 15-18lacs.
I had inquired at Citibank, LIC HFL and SBI. Do you guys have any suggestions or know any banks which can help me out of this?
2021 © Jagoinvestor.com All Right Reserved
Dear Manohar, if your father is in a pensionable job, SBI may offer loan for his age 70 that’s 14Y of loan term. The EMI capacity for these 14Y ‘ll determine the loan eligibility.
In my personal opinion, you should not go for such high value loan if your own income is not able to repay the home loan.
Thanks
Ashal
Dear Ashal,
My father is not in a pensionable job, but his company has some kind of tie up with LIC under super annuation for pensions. When I approached LIC HFL they said they cant consider super annuation as pension.
Dear Manohar, 15-18L Rs. loan & that too after including your father, please do not go for that home. It’s personal request to you. A simple back ward calculation indicates that your possible EMI ‘ll be in the range of 15-18K Rs. per month for a 20Y loan. It indicates that your mly income is not more than 20-25K Rs.
Please stay away from that house.
Thanks
Ashal