Home Loan Querry

POSTED BY Donald Dsouza ON February 5, 2013 9:28 pm COMMENTS (10)

Hi

I am planning for home loan to buy a property. We have identified the property and made the 20% down payment. We purchased the property under pre-launch offer.  My queries are as below

1. We are applying the home loan jointly(with spouse) what all the things I need to consider while applying the loan
2. We have planned for the loan from SBI . Is max gain will be a good option for home loan or is there any other good options are available.
3. If we open the joint savings account and OD account also to be opened jointly?
3. I came to know while applying the home loan we need to cover for the insurance. Which insurance policy we need to apply during loan processing and we need to apply for both?

Regards
Donald D’souza

10 replies on this article “Home Loan Querry”

  1. Donald Dsouza says:

    Hi Ashal

    Thanks for the information’s. One more query
    If we take construction based loan and start the EMI immediately how the EMI will be calculated(principal+interest) and benefits.

  2. Dear Donald, if you are ready to fight it out with your bank staff, you are welcome. My best wishes are with you.

    Thanks

    Ashal

  3. Dear Donald, please check with your Branch staff ‘ll it allow an outside Insurance policy as per your needs? My take, please purchase SBI smart shield as of now to avail home loan. Once loan is in place, please purchase online term cover of your choice & dump that Smart Shield.

    Thanks

    Ashal

    1. Donald Dsouza says:

      Hi Ansal

      It then against the IRDA rules. Bank cannot force us to take any insurance policy. I will apply the online insurance and show it to the bank so they cannot force me to any new insurance.

  4. Dear Donald, please opt for SBI Smart Shield Level Term cover for 15 times of your yly income + the loan amount. So for example purpose, if you yly income is 8L Rs. you should purchase a term cover of rthe said policy from SBI itself for 15*8L+36L = 1.56Cr. or may be 1.5Cr.

    Please opt for regular prem. pmt. option.

    Alternatively, if you feel that prem. for this term cover is on higher side, please purchase 36L cover under this SBI policy & for your balance term cover requirement, please purchase an online term cover of your chocie.

    thanks

    Ashal

    1. Donald Dsouza says:

      Hi

      Thanks for the information’s. I checked the online term policies and found Aviva is best suit for my requirement(claim ratio, trust and premium). Instead SBI smart shield what is your suggestion on online policies like Religare or Aviva

  5. Donald Dsouza says:

    Thanks for the Reply

    Regarding the 4th point I am looking for life insurance

    1. You can buy a term plan for your self and cover your life , this is good for you also, although its not required as requirement . However companies try to put pressure on customers and pressurize them to buy junk , read this https://www.jagoinvestor.com/2012/12/forced-selling-with-home-loan.html

      1. Donald Dsouza says:

        Hi Manish

        Thanks for your reply. Now confused between property and life insurance. I gone through the many threads and found insurance is not compulsory while applying for home loan. However it a best practice to opt for insurance. I am planning 36L loan from SBI. Need your suggestion which insurance policy i need to take.

  6. Dear Donald, I’m trying to answer your queries.

    1. We are applying the home loan jointly(with spouse) what all the things I need to consider while applying the loan.
    Please read some prev. articles in the main JI site as well as past discussions here in the forum. Please use the search option to save your time.

    2. We have planned for the loan from SBI . Is max gain will be a good option for home loan or is there any other good options are available.
    Before applying for MAX Gain, please read the link given below to understand it properly.

    http://www.jagoinvestor.com/forum/how-to-maximize-the-gains-in-sbi-maxgain-homeloan-account/2635

    3. If we open the joint savings account and OD account also to be opened jointly?
    The OD acct. (I assume you are referring to SBI Max Gain) ‘ll be a joint one for a joint home loan application.

    4. I came to know while applying the home loan we need to cover for the insurance. Which insurance policy we need to apply during loan processing and we need to apply for both?
    There are two types of insurances. Property insurance & life insurance. Which one you are asking for.

    Thanks

    Ashal

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