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  • Category: Banking

    Housing Loan against properties of House and Lands?


    Have a query about getting housing loan? Confused whether to continue with private financing or move to a nationalised bank? Here, scroll through this page and get answers to all your queries.

    Last year I purchased a new house through an Housing Finance (13 lakh). The house was built in only one cent (including Land). It is 2 story building. Ground Floor is 420 Sq. Ft and Ist Floor is 400 sq.ft. All the National Banks refused to give me finance for this property. (The house's right and left walls are common. It is row type house). Even though I am Govt. clerk I was refused house loan.
    I approached a private housing finance which I am paying heavy interest. I am ready to give this house and other my lands (cost nearly 20 lakh) as security to bank.
    Shall I get a Housing loan from any Nationalised Bank to settle the Private housing firm's loan? I am total deaf and unable to communicate. A valuable guidance will solve my problem. My remaining service is only 8 years.
  • #151860

    It is doubtful whether you will get a housing loan on this particular house from any major banks. The building rules stipulate the minimum criteria for land to construct a house. These types of buildings may not fall under the compliance of modern building rules and guidelines by the local self government or states They do no fall as apartments too. But practically you can remain to stay there. Even a repair can pose problems as the walls are common.
    As you are having only residual service of 8 years and the building has many drawbacks and restrictions, it may not be possible for any major banks to give you a loan on that house.
    However please try with the governmental welfare agencies who are helping the differently abled persons. They may be able to help you either in part or full in some way. You can also try to get a mortgage loan from some banks or co-operative bank, on the other property ,if they satisfy all norms for lending so.
    However if any other bank can give you a loan at a lesser interest try to get that. Approach some local co-operative banks and old generation private banks in your area.

  • #151878
    The plan of the house should be approved by the concerned government department before you start construction and get the loan sanctioned. You have not mentioned about this point in your question. Forgetting a loan from any recognised bank for construction of the house, the building should be as per the norms laid down by the municipal authorities and their approval is required. If you can get that approval, the nationalised banks will give you the housing loan. But some private banks and finance companies may not insist on the same. First get the approval and apply for the loan as per the procedure laid down by the bank and it is not difficult to get the loan.
    drrao
    always confident

  • #151904
    For salaried employees, one of the yardsticks used to calculate the loan amount eligible is, 40-60 times the monthly income with the understanding that the person has enough service years left for the loan period of 15-20 years. Here the retirement age becomes crucial for salaried employees.

    Home loans for row houses are sometimes granted as composite loans. Have you tried this?

    SBI has a good home loan takeover or home loan refinance scheme for government employees, aged 21-60 and a good CIBIL credit score. Have you considered this?

    Lastly, the PMAYS (PM housing loan scheme) for first time homeowners is something worth considering provided there is at least 1 woman as a co-applicant. I would suggest, please check this and contact the authorities in the districts who are responsible for PMAY-G (https://pmayg.nic.in/netiay/ContactFilled.aspx), for instance, the state of TamilNadu has officers for 31 districts and there are further multiple block development officers for various blocks in each district.
    Please seek the help of a reliable friend or relative, get your papers in order, meet any SBI bank for the home loan take over plan first, if unsuccessful, then try approaching the PMAYS authorities.

    If you are successful, please work out the difference in the savings between what you are currently paying and what the new bank is offering. Please be careful with your documents and giving money to people who promise you help and mislead you. If you are in the rural area, meeting the local political or government officials and requesting their support does help in such matters. You can also seek the help of the officers whom you work for, they would have some contacts in the banks that would be helpful.

  • #151919
    1. Have you checked whether the house which you have purchased is built following the building law of the city/town where you reside? Most probably not. I think the building is not according to an approved plan. So, you did not get any loan at the time of purchase of the building.

    2. As the building of yours is not according to any building plan, you won't be able to get any loan against it from any nationalised bank. However, I am not so sure about private banks. You may check it from smaller banks in the private sector. Some acquaintances in such banks would definitely help you to get some loan.

    3. You can also consider taking the second home loan from a nationalised bank for acquiring another property on the basis of your salary. It would be a little bit easier as you are working in Government.

    Beware! I question everything and everybody.

  • #151926
    You said your purchased the property. Did you check if the property has clearance from government i.e. The seller has given you proper documents of property Index II and agreement of land if any since it is row house.
    If the land has no claim from whosoever then you should have any problem getting loan from nationalize bank provided you are ready to pay premiums mentioned. What is loan rejection reason given by banks to you?

    Avi
    Life Is Beautiful

  • #151934
    Sir The house plan was approved by local panchayath board. Sri Venkiteswaran sir thank you so much for remembering me that Govt Social Welfare Dept will help handicapped persons. Sri Natarajan Sir thank you. I cannot approach my relative even my own elder brother is working in SBI as Manager (who was appointed in Compassionate ground after my father expired in 1982 and worked as a higher authority of SBI ) refused to help me even my salary can be redirected to any SBI branch. (Deaf always treated very bad by relatives. So after completing +2, I wrote many career exams and finally selected by Staff Selection Commission and appointed in 1989. Due to communication problem, having very few friends and they are not in position to help me). Sri AVI thank you for response, many reasons are... one in It was built in only One Cent Land). One Nationalised bank ready to give me loan subject to if my Salary Saving Account from SBI to their bank. But my office refused to do it.


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