Rediff.com |  Feedback  
You are here: » Rediff Home » Discussion Boards » Permalink
  
View : Single Message | Complete Thread | Read complete Discussion
HOME LOANS
by SRG on Dec 11, 2006 03:19 PM   Permalink | Hide replies

The article is informative for a novice. However, as a banker working in credit department of a leading nationalized bank i would like to point out other aspects which every home buyer should know. 1st of all, pre-EMI is a con term used by private banks to trick the customer into availing of advance disbursement facility which will prove costly to a middle class buyer because usually they are the ones who face shortage while buyer a home; There is no tax benefit if your house is under construction; Pre EMI carries compound interest and not simple interest as indicated here. Margin or down payment again is a con term. While scouting of home loan. Please check whether margin of 5% is on agreement price or the entire gamut of expenses including stamp duty, registration, society charges, car parking slot, advance maintenance charges etc. Try to understand the appraisal details. Then you will understand where you stand and can do better planning. Before making payment go and cheque the municipal records for approvals. It is a simple english document and not intimating at all if you care to understand. The list goes on.

    Forward  |  Report abuse
  RE:HOME LOANS
by latapillai on Dec 11, 2006 11:29 PM   Permalink
Thank you for the advice. What about the following terms.
EMI under construction - does it benefit.
I understand that the floating rate is fixed on the lending banks benchmark and not the RBIs. Lower interest rates are generally given to new loans and not existing loans.
Also please do an google search to get the credability of the bank. You will be amazed to what extent the banks go to cheat you./con you


   Forward   |   Report abuse
  RE:HOME LOANS
by akhilesh on Dec 12, 2006 09:39 AM   Permalink
Hi, SRG
It was great that people like you are willing to convey the proper message to the readers like me. I am a workign professional, with 2.5 years of experience and I am looking forward to seek home loan. It was great that you have tried to clear the mist.

Keep posting

Akhilesh

   Forward   |   Report abuse
  RE:HOME LOANS
by manish arora on Dec 13, 2006 10:17 AM   Permalink
Hi
its so nice of u to come up with ur knowledge to share with others.

   Forward   |   Report abuse
  RE:HOME LOANS
by LR on Dec 12, 2006 02:57 PM   Permalink
Hi SRG,

The info given by you more informative...
thanks

   Forward   |   Report abuse
  RE:HOME LOANS
by mamata on Dec 13, 2006 03:34 PM   Permalink
i wish people like u ho are experts in thi come forward form a group or umthng and guide others o that thy rent conned by thi whole thing. i have lready had 2 bad expriences leading with 2 of the famous & reputed bank of our country.

   Forward   |   Report abuse
  RE:HOME LOANS
by Chinmay on Dec 12, 2006 03:22 PM   Permalink
Your reply was very Interesting ! Would request you to kindly continue the list !!

Best regards


   Forward   |   Report abuse
The above message is part of the Discussion Board:
Home loan terms you must know