CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

If the property (for which I have taken a home loan) goes un­der some kind of le­gal dis­pute or the builder stops con­struc­tion, will my loan be im­pacted? Will I need to keep pay­ing EMI? Will my property in­sur­ance come in use?

—T Man­sukhani Your li­a­bil­ity to ser­vice your home loan is in­de­pen­dent of your in­abil­ity to get pos­ses­sion of the property ei­ther due to a le­gal dis­pute or fault of the builder. In case there is de­lay in get­ting pos­ses­sion for any rea­son, you will have to keep on pay­ing the EMI. Property in­sur­ance does not cover risks on mat­ters per­tain­ing to de­lay due to builders’ faults or le­gal dis­putes. What se­cu­rity do I have to pro­vide for home loan?

—Samb­hav Ya­dav The bank will take ex­clu­sive charge of the property that is to be fi­nanced by way of de­posit of ti­tle deeds or other col­lat­eral se­cu­rity, as they deem nec­es­sary from you. In most cases no other se­cu­rity will be needed. I am an NRI and want to buy a house in In­dia. I plan to take a home loan from a bank in In­dia through my NRI ac­count. Will the bank give me a loan if I re­pay the amount in one year? Is there any min­i­mum pe­riod to re­pay the loan amount?

—Anand Sharma Most of­ten, home loan are avail­able for ten­ure of five years and above. You can al­ways take a 5-year home loan and pre­pay it af­ter one year. Pre-pay­ment of such a loan may at­tract pre-pay­ment charges if pro­vided un­der the agree­ment. How­ever, there are sev­eral banks you can ap­ply for a loan from in In­dia. Our ad­vise it to check around and com­pare of­fers be­fore you fi­nalise your lender. Can we claim both HRA and home loan ben­e­fit?

—Gau­rav Singh Yes you can claim both HRA and home loan pro­vided you are able to prove that you are stay­ing in a rented premises not owned by you and you are pay­ing rent on it .

The ex­emp­tion of HRA al­lowance is not af­fected in any way what­so­ever by claim­ing de­duc­tion for inter- est payable on a loan taken to buy any other property. This is ir­re­spec­tive of where such owned property is lo­cated and whether such owned property is used for self-res­i­dence or is given on rent. Please tell me what spe­cific de­tails we have to ask from dealer be­fore pur­chas­ing a house to know the au­then­tic­ity of the property dealer.

—Kr­is­han Ku­mar I think you are re­fer­ring to a bro­ker. Cur­rently, there are no reg­u­la­tions sur­round­ing real es­tate bro­kers and hence there is very lit­tle ob­jec­tive way of short­list­ing real es­tate bro­kers. You can al­ways make out the pro­fes­sion­al­ism of a bro­ker by in­ter­act­ing with him and judg­ing by the time he takes to understand your needs and show­ing you prop­er­ties that meet your needs. Most im­por­tantly, you should do an in­de­pen­dent eval­u­a­tion of the le­gal as­pects of the property ti­tle as well as the con­struc­tion risk for the un­der con­struc­tion prop­er­ties rather than re­ly­ing com­pletely on any ver­bal as­sur­ances from the bro­ker.

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