CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

If I al­ready have a home loan, can I get a sec­ond one? Please ad­vice.

- Shyam Puri Yes, you can get a sec­ond loan to buy an­other prop­erty based on your in­come and re­pay­ment track record. Your in­come should be enough to jus­tify the timely re­pay­ment of both the home loans.

I want to ap­ply for a home loan but I al­ready have a per­sonal loan from an­other bank which I have not shown in my home loan ap­pli­ca­tion. If I show this per­sonal loan, I will not be el­i­gi­ble for a home loan. Can my bank ac­cess my per­sonal loan de­tails and re­ject my home loan ap­pli­ca­tion?

-Smita Ghosh It is al­ways ad­vis­able to let your home loan lender know about all your ex­ist­ing li­a­bil­i­ties even though that re­duces your home loan el­i­gi­bil­ity. Banks in any case

Can I get a loan on non-agri­cul­ture land? If yes, do I get tax ben­e­fits on it?

- Suri­nam Singh Yes, you can get a plot loan for a non-agri­cul­tural land based on your in­come and

I am work­ing in a private firm and draw a salary of ₹ 15,000 per month. I want to buy a flat, but my em­ployer is pay­ing my salary in cash and not trans­fer­ring the amount into my bank ac­count. Can I get a loan from a bank?

- Gau­rav Puri You may find it dif­fi­cult to get a loan from a bank if you are not able to sub­mit in­come proofs. Th­ese can be de­duc­tion and pay­ment of pro­fes­sional tax or prov­i­dent fund de­duc­tion and pay­ment.

Even reg­u­lar de­posits of salary in cash into your bank ac­count over a fairly long pe­riod of time or salary slips in­di­cat­ing the amount paid to you as monthly in­come are rea­son­able proofs for ac­quir­ing a loan.

What is the dif­fer­ence be­tween a home loan and a mort­gage loan?

- San­deep Singh The terms are of­ten used in­ter-change­ably, but in com­mon par­lance the term home loan is used to re­fer to a loan taken to buy a new house and a mort­gage loan is taken against the se­cu­rity of an ex­ist­ing prop­erty. In both cases the prop­erty is mort­gaged to the lender. For a home loan, the loan is used for the pur­pose of buy­ing a home but in the case of a loan against a home or mort­gage loan, the end use of the funds can be for any other pur­pose.

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