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HT Estates - - HTESTATES - Harsh Roongta

I un­der­stand that un­der the SBI Yuva Home Loan Scheme, only the in­ter­est ap­pli­ca­ble on home loan is payable dur­ing the first 36 months. The regular EMIs start af­ter com­ple­tion of 36 months. My flat is get­ting reg­is­tered next month and I do not want to pay only in­ter­est for three years. Is there any clause in this scheme that if a flat is get­ting reg­is­tered im­me­di­ately then one can pay regular EMI from the very first month the loan is re­leased?

- Sub­hash Man­dal The SBI Yuva Home Loan scheme is a step up loan pro­vided by SBI to a loan con­sumer, based on the as­sump­tion that his salary will in­crease by a cer­tain per­cent­age an­nu­ally. Un­der a step-up loan, the loan amount el­i­gi­bil­ity may be higher than a nor­mal home loan ow­ing to the po­ten­tial of salary in­crease. The loan el­i­gi­bil­ity for this loan is cal­cu­lated ba­sis the pro­jected/ex­pected in­crease in in­come in sub­se­quent years, rather than on the ex­ist­ing salary. This scheme has been de­signed to give you a higher loan el­i­gi­bil­ity. The ini­tial outgo is lower (for three years ) as this does not in­clude any prin­ci­pal re­pay­ment. You can also pre­pay for which there will be no charges. If the loan amount el­i­gi­bil­ity is not a con­straint you can al­ways go for a regular home loan and start pay­ing EMIs. The in­ter­est rate is the same for regular SBI home loan and this scheme. I am work­ing in an MNC. As part of my CTC the com­pany pro­vides a fa­cil­ity of in­ter­est pay­ment (par­tial) on bank loans. I have a few queries:

Do banks pro­vide loans for plot pur­chase also?

If yes, will this be also be cov­ered un­der home loan?

Will this loan have the same re­bate as ap­pli­ca­ble in in­come tax un­der the home loan cat­e­gory?

— Sh­a­gun Gupta Lenders are more se­lec­tive while pro­vid­ing plot loans than home loans. Th­ese loans are avail­able for a lower ten­ure as com­pared to a home loan and are some­times more ex­pen­sive (up to 2% higher) than nor­mal home loans. The plot loans are gen­er­ally avail­able only when the plot is pur­chased from statu­tory au­thor­i­ties or from de­vel­op­ers who are pre-ap­proved by the lender. Even the down pay­ment re­quire­ment is nor­mally higher at around 30-40% for such loans.

If you are plan­ning to con­struct a house on that plot of land, you should take a com­pos­ite loan from any bank to cover the cost of the plot as well as the con­struc­tion, but you will have to com­mence the con­struc­tion within a rea­son­able pe­riod be­tween one to two years from the date of pur­chase of the plot.

Tak­ing a com­pos­ite loan brings more benefits in terms of fi­nanc­ing and tax benefits. The loan fi­nanc­ing in case of a com­pos­ite loan goes up to 80%-90% of the prop­erty value as com­pared to the plot loan’s 60%-65%. More­over, you can avail of tax benefits un­der Sec­tion 80C for the prin­ci­ple re­pay­ment and Sec­tion 24 for the in­ter­est paid on the com­pos­ite hous­ing loan in­clud­ing the cost of the plot from the year in which the con­struc­tion is com­pleted. Pure plot loans do not qual­ify for tax benefits. I am a re­tired per­son and own a prop­erty worth ₹ 2 crore. I now want to avail a loan against this prop­erty. My pen­sion is ₹ 20,000 and monthly in­cen­tives via a con­trac­tual job is ₹ 60,000. What is the max­i­mum amount I can get as a loan?

- Bad­shah Mam­gain The max­i­mum age for any loan is re­stricted to 60 years for a salaried per­son and 65 years for a self-em­ployed pro­fes­sional. As a re­tired per­son, you can get a home loan only if you can es­tab­lish con­sis­tency of your con­trac­tual in­come as the amount needs to be paid of while you are in ac­tive ser­vice.

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