MY QUESTION IS ON HOME LOAN PLS SUGGEST SOME GOOD ADVICE
A PERSON IS LIVING ON A RENT HAVING A MONTHLY INCOME OF 21000/- P.M (NET) & HE IS PAYING AT PRESENT MONTHLY RENT OF RS 6000/- P.M NOW HOW CAN HE PLAN TO BUY A NEW HOME ? & HOW MUCH THE FINANCIAL INSTITUTIONS MAKE FINANCE? WHAT TYPE OF FINANCIAL PLANNING A PERSON SHOULD DO IN ORDER TO BE ELIGIBLE FOR HOME LOAN??
NOTE :- THE TOTAL INCOME OF HIS FAMILY IS 37000/-
HOPING FOR A GOOD REPLY.
Generally banks sanction Housing Loans to the extent:
75% to 80% of the cost of house or
Such amount of loan which will have an EMI up to 50% to 60% of the net montly income of the borrower.
As far as rent is concern, banks generally allow the moratorium period up to certain months or till the time borrower gets the possassion of the house. So that borrower need not pay the EMI for new house and Rent for the present house simultaneously.
SO UNDER THE CONDITION I HAD GIVEN. WHAT STEPS SHOULD A PERSON TAKE IN ORDER TO ERADICATE THE RENT PAYABLE & ACQUIRE A NEW HOUSE AND PAY FOR THAT??
CAclubindia
