I am a salaried person of 36 years age with 3.5 pa income. I want to take a home loan of Rs 15 lacs for a period of 20years. At present market rates are hovering between 10.75% (SBI) to 11.25% (HDFC, UTI Bank etc) on an avg. However Citibank website says 9%. Now my questions are: 1. Which bank should I deal with and which not 2. Is loan possible with interest rates 2% less than market avg, 3. What sort of a home loan should I take with the fact that we expect the interest rates to go down in future.
Go to LIC HFL or HDFC. they will scrutinize the legal papers at a processing fee of 0.5% of the loan amount. once they give legal clearance you can enter in to agreement. But you have to get the xerox copies of title papers for this. Alternatively you can approach the bank which has already sanctioned housing loan for this project.
I am buying a flat of Merlin group and booked the property by paying Rs100000.Its a ready flat.Now the bank(SBI) is saying to go ahead with the agreement,then only they can process the home loan but according to Merlin laws,if we cancel the booking after agreement,i have to pay 10% of the property value.My query is by chance if my loan doesn't get sanctioned and i am into the agreement before that as SBI asking me to do,I will be in complete loss.Its huge amount.What do you suggest??
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