HT Estates - - Property Classifieds - Harsh Roongta

I bought a flat in 2007 against a home loan from a top bank. I am pay­ing EMI reg­u­larly. I have heard that the RBI has in­structed all the banks to waive pre-clo­sure charges of 2% of re­main­ing out­stand­ing amount. Of­fi­cials in my bank in­form me that they are not waiv­ing the charges as yet. Kindly con­firm the same.

—Ritu Singh The An­nual Con­fer­ence of Bank­ing Om­buds­men in Septem­ber 2011 merely rec­om­mended that banks should not re­cover a charge on pre-pay­ment of float­ing rate loans. There are cur­rently no RBI reg­u­la­tions/in­struc­tions in this re­gard, there­fore, banks are free to charge for pre­pay­ment. Some banks, though, do not charge for pre-pay­ment if the loan is pre­paid from own sources. I have an out­stand­ing loan on a 1BHK prop­erty, which I pur­chased 18 months ago in Ut­tam Na­gar, New Delhi. Now due to space prob­lem, we are plan­ning to move to Shal­i­mar Gar­den where we could get a 2BHK flat at an af­ford­able price. Is it pos­si­ble for my ex­ist­ing bank to trans­fer the same loan to another prop­erty with­out any fur­ther in­come proof doc­u­men­ta­tion (as I never de­fault on my pay­ments). If not please tell me what I should do.

—Ma­hesh Prasad There is no such thing as trans­fer­ring the home loan. You will have to fore­close the home loan on your ex­ist­ing prop­erty if you want to sell it. You can get a home loan for your new prop­erty based on your in­come and credit his­tory. Please bear in mind that fore­clos­ing the loan may at­tract a pre­pay­ment penalty. If your in­come is suf­fi­cient to jus­tify the loan, you should not have any prob­lem in get­ting a loan for the new prop­erty.

Please note that if you trans­fer your house within five years, the in­come tax ben­e­fits availed by you, in re­spect of prin­ci­pal re­pay­ment al­lowed to you un­der Sec­tion 80 C, will be treated as your in­come of the year in which you trans­fer your prop­erty. Also note that since you are plan­ning to sell the prop­erty within 36 months from pur­chase, any prof­its from such sale shall be re­garded as short-term cap­i­tal gains and taxed as nor­mal prof­its. More­over, you will not have op­tion of claim­ing ex­emp­tion from such gains by rein­vest­ing. I am a sin­gle wo­man and have bought a house for R28 lakh at And­heri East, Mum­bai, in my name. The flat is in a 32-year-old build­ing, but is in good con­di­tion. I need a loan of R11 lakh. Which banks will give loan to a sin­gle wo­man?

—Roshni Palekar If your in­come is suf­fi­cient to jus­tify the loan, you should not have any prob­lem in get­ting a loan. The ten­ure of the loan and the avail­abil­ity of the loan it­self de­pends on the phys­i­cal con­di­tion of the prop­erty. How­ever, as per the opin­ion of the engi­neers of the banks, the resid­ual life of the prop­erty is more than or at least equal to the loan ten­ure, hence in my opin­ion you should not have any prob­lem in get­ting any loan. How­ever, a con­ser­va­tive lender may not grant a loan on an old prop­erty. There are no hard and fast rules about the age of the prop­erty for its eligibility to be con­sid­ered for loan ex­cept that the resid­ual life should be more than the loan ten­ure. Banks nor­mally are wary of lend­ing to a sin­gle bor­rower.

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