*** Illu/flat Konali Anukuntunnara.... Housing Loan Process Is Here***

[Enjoy99]

I will try to put everything you need to understand about Housing/Flat Loan.  This can’t be explained in couple of lines, After all when you are putting your hard earned money you have to understand the process at least. This will be helpful for the people who are getting onto property ladder for first time or have no clue where to start with. This is process is same for other banks also. Documents may vary.

 

When a builder is constructing an apartment generally he will advertise about his construction. If the builder is reputed you should not miss the opportunity to buy your flat.

Prices starting lo chala cheap untai. If the apartment is huge the project might take as long as 3 yrs or more. So you should be very Judicious in choosing your property .  The important thing in buying a flat is  make sure there is sufficient Ground water in that area or not. If that place is surviving by water tankers don’t even buy. Its nightmare, you have to pay extra for water. Tanker osthe kani snanam cheyaleni paristhithi. Specially apartment ante all kinds of greedy and good ppl untaru Your life will be in a big mess if there is no sufficient water in the apartment . Its  Living hell. Water is must.. no two ways about it.

Once you decide to buy, the builder will already know the best bank for you. He asked me to contact LIC. When I took it is Second Best. And more over the builder and bank agent will be having good bond from long time so your process will be easier as banker will be confident to give it to a trusted builder. Builder too will be confident to handover the apartment as the process is done by a known bank to him.

Builder will give you the agent name. Send your parents to him.

He will give the documents needed. It’s a couple of day’s process that’s all for you to fill If you know where to get your power of Attorney. Only power of attorney is the main thing. Power of attorney ante you represent a person (generally family member to act as you in registration office) .

 

Doc 1 Copy of Representation form

Meeru vellaleru kabatti  you have to provide Finger Print, Abroad address  & Passport size photo.

 

 

 

 

 

 

Doc2 GPA-LIC

 

This is how Power of attorney doc looks like. Only first page is important rest all is lot of information. You represent the person who is going to act as you in your absence. This doc is 4 pages long. Only first page fill cheyali and last page is signatures 

 

 

 

 

 

Doc3 LIC_NRI-APPLICATION

This is the doc which need needs lot to be filled. All your personal details and many other things go into this. This is a 6 page doc.

 

 

 

 

 

Doc4 LIC-NRI Undertaking letter

 

This is the doc where you as a NRI or OCI declare that you  are provided a loan from the bank. Just one page and signature. Very easy doc to fill.

 

On doc 1,2,3,4 you have to do attestation from a lawyer or whoever does attestation for power of attorney. Attestation on first page is more than enough. In other countries lawyer will charge the money based on time spent on the process or how many attestations he made.

 

Check List  (Some more docs needs attestation.. you can check here)

 

 

 

Your HR doesn't need to email for you.. Even your manager can do for you. 

 

 

Some more important information you should know.

 

·         If you are NRI you are expected to pay 20% deposit at least and years of repayment will be less compared to an Indian buyer.  Indian buyers are given a levy of 10% deposit and 25-30 yrs of repayment.

 

·         Your builder if he says 25 lakhs You have to pay 5 lakhs from your pocket and rest 20 lakhs will be given by bank to the builder.

 

·         On top of 25 lakhs you will have lot of expenses say atleast 5 – 6 lakhs based on the comforts you need. Woodwork has to be done by you.  You can go for Marble floor instead of Vitrified tiles. 

 

 

·         Open forum lo ila cheppakudadhu.. meeku vere loans unnai ani reveal cheyalsina avasram ledhu , India lo bank vallu US ki ochi em check cheyaru or India lo kuda em cheyaru . All they check is whether you have dhum in your bum to repay what they have given you @3$% based on your paychecks. Remember he is doing a business with you, you are important for him so don’t have any fear.  But be ethical moyaleni baram moyakandi.. we all are young , mana parents they used to build a home to the end of their retirement. So do it when you are comfortable only. But the sooner you get onto property ladder the better for you. Be part of the development of your city/town.   

 

·         Your monthly loan repayment will start the day the bank has given the money to the builder not the day you enter the flat. So you will be paying the loan months/years before if your flat is ready to be occupied.

 

·      Your first property is never an investment.. ITS YOUR NEED.  Don’t even think you have invested. But be grateful for what you have.

 

 

How to track your loan ?  Excel has an inbuilt application called Loan amortization sheet.

 

·         This calculation will open your eyes wide open. You will come to a conclusion that the sooner you pay off your loan the better the profit you get on your flat. For first 8 yrs you will be paying the interest and in the end you will be paying the principal to the end. For example meeru 3 yrs loan lo 9 lakhs kadithe 7 and half lakhs will be interest itself. Try to pay it off in an year or less otherwise meeku flat meedha value ochina you have already paid it as your interest so you are not making any profit.

Ignore the currency $ read it as 20 lakhs rupees Loan.. You can pay part payments and reduce the interest you are going to pay in the end.

                

 

 

 

 

                Mods can you please pin this thread. ? 

 

 

 

[kiladi bullodu]

No house only strip club

[Chitti_Robo_Rebuilt]

pin this fcuking thread yaa 

[ravula]

super post baa :)

[vasu123]

pin this please.  TS thanks man.

[Dustbin]

Ok will pin and move to Imp threads

[thanks]

gp

[Silver_mani]

Good info

[samatha]

Ok will pin and move to Imp threads

[Chitti_Robo_Rebuilt]

bookmarked 

[argadorn]

bookmarked 

good option...

[JabardasthJakkanna]

Good post. Ikkada US vallaki kooda ilaantidi edaina unte baagundu :)

[vasu123]

T.S. Loan period in Years  idi bank vadu emem options istadu, normal ga upto 15 years varaku pay cheyyochani untadi kada, manam monthly minimum payments kante ekkuva kattesi 1.5 yr- 2yrs lo pay chesethe ekkuva interest padadhu kada.

 

one month ekkuva and inko month thakkuva ala pay cheyyocha? 

[samatha]

Nigieria lo illu konalante loan process evarana chepandi plsss....

[ronitreddy]

GP