Advice for loan
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. 1. How to get a loan for the remaining amount considering the house won't be in my name? 2. Will I get a house loan? 3.Do I need to apply for a personal loan? Please share your thoughts🙏
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.
majboormajdoor
Stealth
8 months ago
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.
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.
I did the same. Took home loan from HDFC jointly with mom’s name. You get the tax benefits too.
Toph56
Stealth
8 months ago
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.
Toph56
Stealth
8 months ago
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.
Toph56
Stealth
8 months ago
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.
