CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

—A Garg If the agree­ment value of the property you are go­ing to pur­chase is ₹ 1.4 crore and you wish to avail a loan of ₹ 50 lakh, then you need not worry about the mar­gin I want a home loan for ₹ 50 lakh for a property for which the agree­ment value is ₹ 1.40 crore. The bank says that I will have to bring in mar­gin money equiv­a­lent to 20% of the property value, that is, ₹ 40 lakh. I have an­other property worth ₹ 1.10 crore. Should I take a loan against this property? money as you are any­way con­tribut­ing equal to 65% of the mar­gin money which is far higher than the min­i­mum mar­gin re­quire­ment of 20%.

Your el­i­gi­bil­ity will de­pend on your reg­u­lar in­come, credit his­tory, etc. If your in­come is suf­fi­cient and you have enough years of work­ing life left, you can get a home loan quite eas­ily.

If you are tak­ing a loan to buy a property, it is al­ways ad­vis­able to take a home loan, as com­pared to loan against property. Home loans are cheaper than loan against property and are avail­able for a longer ten­ure (20 years to 30 years) while loan against property is avail­able for a pe­riod of max­i­mum five years to 15 years.

Lenders fi­nance upto 80% (90% for loans amount be­low ₹ 20 lakh) of property agree­ment value as home loan vis-a-vis 50% to 60% for loan against property.

In case you are un­able to get home loan, you can take a loan against property. The process is the same as that for home loans. I availed a home loan in Ban­ga­lore. The to­tal sanc­tioned amount is dis- play­ing in my net­bank­ing ac­count. I was ex­pect­ing my builder’s first de­mand note on July 4, so I men­tioned July 10 as the date for EMI on ECS. But the builders’ de­mand note did not reach me by July 10. Now, even with­out a builder’s de­mand note to the bank or the first dis­burse­ment of loan by the bank, my EMI has been cut based on the date men­tioned on the ECS. Is it eth­i­cal? What is the logic be­hind it?

- B Shas­tri It seems that though the bank sanc­tioned your home loan they have not yet re­leased the pay­ment to you or to the builder. Since they have not dis­bursed the loan amount there is no ques­tion of you pay­ing any EMI at all for the amount that is not dis­bursed to you.

You should ap­proach the branch man­ager from where you have taken the loan and ask for clar­i­fi­ca­tions. You have a right to get these clar­i­fi­ca­tions in writ­ing. If you are not sat­is­fied with the re­sponse re­ceived from your branch, you can ad­dress your griev­ance to the nodal of­fi­cer of the bank, de­tails of which are given on the bank’s web­site.

If you are not sat­is­fied or do not get any re­sponse within four weeks of your com­plaint to the nodal of­fi­cer, you should file a com­plaint with the bank­ing om­buds­man on the RBI web­site at www.bankingom­buds­man. rbi.org.in I would like to know what all is in­cluded in the value of the property. Does it in­clude car park­ing charges, PLC, club mem­ber­ship, lease rent, etc.?

- Ra­jesh Pant This would nor­mally in­clude the ben­e­fits that are of en­dur­ing na­ture like park­ing charges, club mem­ber­ship fees if the same is con­nected with the own­er­ship of the flat. How­ever, it will not in­clude in­ter­est free main­te­nance charges, fire fight­ing charges, lease rent etc. This will de­pend on why you want the term to be de­fined. Harsh Roongta is CEO, Apna Paisa. He can be reached at ceo@ap­na­paisa.com

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