Post by Admin on Jul 5, 2017 10:52:20 GMT
To acquire a flat that’s worth Rs. 40 lakhs, you would require an extra 7 - 10% towards registration and stamp duty (my knowledge is not up-to-date on this, but should always be within Rs. 4 lakhs). Thus, you would have to have loan + cash that amounts to Rs. 44 lakhs.
However, loans on houses are derived from the cost of the homely house you buy. Specifically, up to 80% of Rs. 40 lakhs should be funded by a bank. Which makes it Rs. 32 lakhs worth of loan. One other 20% has got to come from you - the advance payment part - and has to be paid by you to the builder included in the Sale Agreement. Day based on this document, the bank funds you the rest 80% on the registration.
Adding those two, 4 lakhs (registration & stamp duty) + 8 lakhs (20% for the price) = Rs. 12 lakhs has got to be sourced by you. Also, you will need to bear bank costs for loan application and disbursement (varies from bank to bank, but should not cross Rs. 12 thousand), legal charges for real estate lawyers, that is not required, but generally advisable that you consult one, insurance, etc, which will be within Rs. 40 thousand.
Now, for a financial loan of Rs. 32 lakhs, you shall need certainly to bear an EMI somewhere between 30㪸 thousand, with respect to the rate of interest, for a tenure of twenty years. As you still have 23㪰 years until superannuation, this should be doable, but not the total amount, since banks compute and compare EMI against your monthly take home (after deducting taxes, retrials, and just about every other loans). Considering the fact that your take-home that is net is 27 thousand, the EMI you will be eligible for is Rs. 21 thousand (~80%).
So, the thing that is only your favor can be your age; neither the cash you've got nor your salary satisfy home loaning criteria.
My answer is a reputable one, without any intent to demoralize yours. You'd be better off investing your cash, staying on rent, save cash monthly, religiously and spend money on some good instrument.
Note also, that simply money that hasn't sufficient to ensure the ease of purchasing a residence generally in most parts of India. There are several factors, such as for example location, legality (land sharks plague the Indian real estate business), builder’s scruples, your cibil score, most of which play at least as important a role as the loading capability. I have seen people having pockets loaded with cash looking for house year over year, without anything fruitful. Sure, there are lots of projects around anywhere you look, but 70% of these have some or even the other challenges that will prevent a cautious investor from purchasing.
To stay updated with home loan interest rates refer - Home Loans at Lowest Interest Rates
However, loans on houses are derived from the cost of the homely house you buy. Specifically, up to 80% of Rs. 40 lakhs should be funded by a bank. Which makes it Rs. 32 lakhs worth of loan. One other 20% has got to come from you - the advance payment part - and has to be paid by you to the builder included in the Sale Agreement. Day based on this document, the bank funds you the rest 80% on the registration.
Adding those two, 4 lakhs (registration & stamp duty) + 8 lakhs (20% for the price) = Rs. 12 lakhs has got to be sourced by you. Also, you will need to bear bank costs for loan application and disbursement (varies from bank to bank, but should not cross Rs. 12 thousand), legal charges for real estate lawyers, that is not required, but generally advisable that you consult one, insurance, etc, which will be within Rs. 40 thousand.
Now, for a financial loan of Rs. 32 lakhs, you shall need certainly to bear an EMI somewhere between 30㪸 thousand, with respect to the rate of interest, for a tenure of twenty years. As you still have 23㪰 years until superannuation, this should be doable, but not the total amount, since banks compute and compare EMI against your monthly take home (after deducting taxes, retrials, and just about every other loans). Considering the fact that your take-home that is net is 27 thousand, the EMI you will be eligible for is Rs. 21 thousand (~80%).
So, the thing that is only your favor can be your age; neither the cash you've got nor your salary satisfy home loaning criteria.
My answer is a reputable one, without any intent to demoralize yours. You'd be better off investing your cash, staying on rent, save cash monthly, religiously and spend money on some good instrument.
Note also, that simply money that hasn't sufficient to ensure the ease of purchasing a residence generally in most parts of India. There are several factors, such as for example location, legality (land sharks plague the Indian real estate business), builder’s scruples, your cibil score, most of which play at least as important a role as the loading capability. I have seen people having pockets loaded with cash looking for house year over year, without anything fruitful. Sure, there are lots of projects around anywhere you look, but 70% of these have some or even the other challenges that will prevent a cautious investor from purchasing.
To stay updated with home loan interest rates refer - Home Loans at Lowest Interest Rates
