By Chaitali Dutta
My brother is selling the flat for which he had taken a home loan. Outstanding amount is Rs 21 lakh. He is selling the flat to me for Rs 30 lakh. Can I get a home loan to pay him the money?
—R S Sridhar
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Yes, you can apply for a home loan. However, you have to pay your brother the margin money from your savings. The bank will get the property’s valuation and title search to finalise the loan amount. Your bank will pay your brother’s bank first to pay off the loan. His bank will release the mortgage papers to your bank. The remaining disbursal of your home loan will be done to your brother’s savings account.
I am an NRI working in Canada. I plan to take a home loan of Rs 50 lakh to buy a property in Nasik. The total cost is around Rs 1 crore. How should I approach a bank in India for the loan?
—Dilip Manjrekar
Most of the retail banks in India will have an NRI section. It would be best to approach your current banker for this home loan. You may also apply for online home loans from large banks like SBI, HDFC, and ICICI Bank. You will need to submit identity papers including passport, work visa details, income details, overseas address proof, salary bank account statement, income tax files history of last three years in India and Canada. The home loan sanction may also be done without visiting India.
I want to take a short-term loan of Rs 10 lakh for a year to invest in business. Can I pledge my wife’s gold jewellery and return the money in a year? What will be the interest rate?
—Suresh Rawat
A gold loan is possible for a tenure of 12 months. The interest rate currently varies between 9%-10% per annum.
l I closed my home loan a year ago. Now, I want to take a loan of Rs 15 lakh to renovate the property. Is it better to take a loan against property or is there a cheaper option?
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