home loan

POSTED BY vijay ghadge ON April 1, 2013 7:21 pm COMMENTS (4)

Dear Sir,

           1. I (net salary 40000) want to take a home loan (around 9 lacs) as a co applicant for the renovation of home which is in the name of my mother. And the emi (apx.rs 10000) will be paid thro my account and compensated by the rental income (apx.rs 10000).

2.I want to buy new home within 2 years for myself and dont want to affect because of already having home loan at that time.

3.Or should my brother(net salary 12000) take loan as a co applicant for my mother.

3.Please suggest me the stratergy for this.

 

4 replies on this article “home loan”

  1. Dear Vijay, 6500 mother’s pension, 12000 Rs. brother’s income, rent receivable 8000 Rs mly, your mother can easily avail home loan .

    Thanks

    Ashal

  2. vijay ghadge says:

    Dear Ashal,
    My mothers income is 6500 rs only as a state pension.
    I like your suggestion and will contact the bank.

  3. Dear Vijay, what about the income if any for your mother? As you said the house ‘ll be rented later on, please contact SBI & it may offer the loan directly to your mother on the basis of rent receivables. In this case, you should add your brother as co-applicant & keep yourself out.

    Thanks

    Ashal

  4. From the bank views (from which you apply for second home loan) the 1st loan might lower your second loan amt eligibility. You brother is unlikely to get the same loan amt that you are eligible for.

    Why don’t you consider getting the money from other sources

    Sell some gold or other assets or investments your mother might have and can be sold (taking her future into account).

    Even if you do get both loan your other financial goals will suffer.

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