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How can I lower my home loan interest rate?- Property Hotline
Expert: PV Subramanyam, Home Finance Expert
Question: I have a home loan from a reputed banker. I took the loan at a floating rate of 10.45%. It has now come down to just 10.2%, which is higher than the current rates. My interest rate is not coming down. Is there any provision to bring down the interest rate?
Answer: There is huge difference between 8.9% and 10.2% floating rate. You should negotiate with the bank and threaten. If nothing works than assuming that you are eligible for this, go...
Related topics : home loan interest rate sbi / india bank loan interest rates
Can an NRI avail loan in India?- Property Hotline
Expert: Expert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert.
Question: I want to know if there are any options to avail home loans to those working outside India.
Answer: Almost every home loan lender (whether a bank or housing finance company) provides home loans to Indian citizens residing overseas (NRIs) as well as to Foreign Citizens of Indian origin (PIOs) at the same rates as they offer to resident individuals. The credit appraisal process will depend on the country in which...
Related topics : home india loan / india bank loan for nri / company home loan / home credit loan requirements
How to avail lower interest rates in home loans? – Property Hotline
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Expert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd.
Question: I took a loan of Rs 28 lakh from LIC Housing in 2009 with tenure of 15 years at 8.5% on floating term. The initial EMI was `27,580. With frequent change in rates the current EMI is `30,289. I learnt that the EMI has been revised downward with revision of inter-bank Interest. I told LIC I'd like to switch over to some other bank or institution. They...
Related topics : home loan interest rate of all banks / india bank loan interest rates
Do banks offer better interest rates than home finance cos? - Property Hotline
Expert: P V Subramanyam, Home Finance Expert, www.subramoney.com
Q: Currently I have a home loan from LIC Housing Finance for Rs 37.85 lakh for 20 years. I started the loan in November 2013 at interest rate of 10.35% fixed for 24 months, later for floating. In January 2016, the rate of interest changed to 11.45% which I am currently paying. I informed LIC HF regarding this raise but did not receive any explanation. What can I do/ Also, I want to know whether banks offer a better rate of...
Related topics : home loan rate interest / bank loan interest rates / company loan interest rate
Does bank provide loans to low income groups?- Property Hotline
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Expert: Harsh Roongta, Chartered Accountant and a SEBI registered Investment Advisor
Question: My maid wants to buy a house far in the suburbs of Mumbai and wants to take a home loan for this. She requires a loan of Rs 2 lakh. She has a bank a/c & PAN card. Do any banks or NBFCs give loans to low-income groups? Additionally, do they give home loans or mortgage loans? Is a guarantor required?
Answer: This is called the "affordable housing...
Related topics : bank home loan
What to choose between fixed and floating interest rates?- Property Hotline
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Expert: Harshil Mehta, CEO of DHFL.
Question: I want to take a home loan of Rs25 lakh. I have received sanctions from Indiabulls Finance and Axis Bank. I also have an ETF sanction from PNB. PNB has agreed to give me 100% loan on the agreement value at a fixed rate of 9.50%. Axis Bank has agreed to give 90% loan amount at a floating rate of 9.45%. What should I choose?
Answer: There are various aspects of it. If you want the higher loan amount...
Related topics : bank loan interest rates / home loan rate interest
Are interest rates going to come down for demonetization? - Property hotline
Expert: Ashutosh Limaye, Head, Research & REIS at JLL India
Question: I have taken one from a private bank 3 months earlier. The loan amount is 17 Lakh rupees with interest at 13.5% pa. Is it going to come down because of demonetization?
Answer: Since banks have more liquidity, interest rates are surely to come down. The demonetization has a defamatory effect on economy. Everybody opts for floating interest rates regime, so you will get benefit by default, whenever, banks lower the interest...
Related topics : india bank loan interest rates
Can NRI avail home loan in India?- Property hotline
Expert: Harshil Mehta, CEO, DHFL.
Question: I am working abroad. I would like know if there are options to avail home loan from banks in India. I want to buy a property in Pune valued at Rs 1.3 crore.
Answer: NRI can avail home loan here. Most of the banks and housing finance companies do offer loans to NRIs. You can go on to the website of the finance companies to check the process.
Link: http://www.mbnow.in/property/videos/legal-tax/can-nri-avail-home-loan-in-india/35497
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Related topics : india bank loan for nri / home india loan
FAQ: Are there any market products to reduce loan interest rates? - Property Hotline
Expert: P.V Subramanyam, Home finance Expert
Q: I have applied for a home loan from SBI's Max Gain account. What is the minimum rate of interest I can get in the SBI Max Gain account? My loan amount is Rs. 42 lakh. I earn Rs. 50,000 per month and my wife earns Rs. 35,000. Additionally, can you tell me what products are available in the market to reduce interest rate?
Answer: There are no products in the market which can reduce the interest. The only way the interest rates can go down is if...
Related topics : home loan interest rate sbi / interest rates loan
FAQ: Can a NRI avail loan? - Property Hotline
Be Un - Confused : http://www.mbnow.in/property
Expert: PV Subramanyam, Home Finance expert
Q: What are the eligibility criteria for an NRI to avail a loan? I am planning to go for a home loan of Rs.10 cr. I want to use the loan for construction purpose. I'm planning to construct a building and sell. Will I get a home loan for construction finance?
Answer: A Rs. 10 cr. Loan will mean you need to have about Rs. 4.5 crores of annual income. You cannot get a home loan for doing construction...
Related topics : business construction loan / get home loan / construction loans / bank home loan