I am planning to buy a house(but in my mother's name) maybe at the end of 2024 so I wanted to have some clarity on the questions below.
House price = 100 + other charges? Suppose somehow if I have 70 to buy the same house and I need remaining 30 + other charges.
Please share your thoughts🙏
Apply for joint home loan with mom as main applicant and you as co applicant, this way bank will allow the house to be registered under mom name.
idk about sbi but pvt banks surely have this flexibility.
Cool
I did the same. Took home loan from HDFC jointly with mom’s name. You get the tax benefits too.
Do not apply for personal loan unless it's the last option. Personal loan best case would be at 12/13%
Getting a house loan on your name would mean you need the house to be on your name. You could have your name and your mom's name on the house and you just pay the loan.
You could pay your mom and your mom could pay the loan. But pretty convinced that getting a loan for a salaried employee is far easier than your mom (assuming here). Also the rates would be different.
Do give SBI like banks a chance first. The worst when it comes to seamless but best in comes to charges and not fucking you over longer term.
Got it, thank u🫡
I agree with the joint home ownership and SBI. All other banks will make your life hell in case you want to payoff the loan early or reduce your rates when market rates drop. Their online is just in the name, they will make you visit branch and reject your requests like anything.
Are you salaried and do you have a good employment history?
If yes, even if you have 70 to buy, get a housing loan with you and your mother as joint owners of the house. You can pay back the loan. Home loan is the cheapest loan you can get from a bank. Don’t liquidate all your savings when you can get a loan at 8.5% and you can earn 10-15% from equity market in the long run on your savings.
As your savings increases, you can increase EMI and pay your loan back faster.
Most good banks are okay. RBI has strict norms for prepayments and the return of documents. I have a friend who can help if you are interested. DM me.
Have 2 yrs of experience with a good package
Are you salaried and do you have a good employment history?
If yes, even if you have 70 to buy, get a housing loan with you and your mother as joint owners of the house. You can pay back the loan. Home loan is the cheapest loan you can get from a bank. Don’t liquidate all your savings when you can get a loan at 8.5% and you can earn 10-15% from equity market in the long run on your savings.
As your savings increases, you can increase EMI and pay your loan back faster.
Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings.
I've got a package around 40 LPA with 4 yrs exp, with 1.8L as take home
Now, my parents are looking to buy a house at my home town (tier 2 city). It costs around 65L, so have to a loan of around 50L which will be around 65k EMI every mo...
Context - Buying as an investment, don't plan to live there. I plan to live on rent. Current rent is 17k/month.
I'll keep it short for max input. I'm looking at some flats priced around 60-70L for a 2BHK. Rent in the area will be ~30k. ...
Need to understand which home loan charges can be bargained or are hidden and not shared yet to me. Buying almost ready property in Bangalore.
Curent charges shared with me: