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HT Estates - - HTESTATES - Harsh Roongta

I want to avail a home loan of ₹ 10 lakh and my an­nual in­come is

₹ 2.4 lakh. Does work ex­pe­ri­ence also play a role as I have only two years of ex­pe­ri­ence?

– Av­inash Bansal Most banks re­quire two years of work ex­pe­ri­ence be­fore they con­sider your loan re­quire­ment, which you have. It is pri­mar­ily your in­come and re­pay­ment track record that have an im­pact on your loan el­i­gi­bil­ity. If ₹ 2.4 lakh is your net in­come, then you should be el­i­gi­ble for a loan of ₹ 10 lakh, pro­vided the agree­ment value of the flat is at least ₹ 11 lakh.

Can I change jobs or leave my job for self-em­ploy­ment dur­ing the home loan ten­ure?

– Man­ish Verma You can switch jobs dur­ing the ten­ure of your hous­ing loan or leave your job for self-em­ploy­ment. How­ever, you might have to keep the lend­ing bank in­formed of the change as it is part of the terms and con­di­tions agreed by you as per the loan agree­ment.

If your re­pay­ment hap­pens by way of de­duc­tion against salary, you will have to ar­range for al­ter­na­tive pay­ment mech­a­nism so as to en­sure that you do not de­fault on the due date.

I want a home loan for a 360 sq ft flat. My an­nual in­come is ₹ 2.2 lakh. As per in­for­ma­tion re­ceived by one of the banks, a home loan will not be given for an area less than 450 sq ft. If this is true then what do I do?

– Sparsh Sharma Banks can have their own in­ter­nal cri­te­ria for loan el­i­gi­bil­ity. There are no reg­u­la­tory cri­te­ria pre­scribed for this pur­pose but most reg­u­lar len­ders will not give loan for flats mea­sur­ing less than 450 sq ft. The rea­son could be that smaller flats have le­gal issues.

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