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

[Kishanbjp]

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. ? 

 

 

LIC policy kuuda manchivi emanna vunte konchem post cheyyi bhayya..anyways GP..

[cool_dood]

how are you guys managing actually??

 

like if for a property of 60L, lets say even if 10L given as down payment, 5L for registration and processing stuff

one have to take a loan of ~ 50L

 

with a 9.5% interest ... it will be easily around 40k monthly

monthly 40k just interest kattukuntooo pothey, asalu yeppudu theerenuu??

 

vammooo  half of the property value interest ke kattelaa vundhi kadha....

 

9.5 per month ah probably pa ankunta bhaiyya 

[chelsea]

GP HDFC lo loan 3 years back tesukonna same koni documents fill chesi notary cheyyincha nenu  vadu ikkada credit check adigadu adi transunion,experian :)

[vasu123]

SBI lo evaraina home loan theesukunnara as NRI

[@Shadow@]

9.5 per month ah probably pa ankunta bhaiyya

Ya pa ney
Per annum tho calculate chesthey ney monthly 40k dhaaka avuthundhiga

[vasu123]

I dont think it s a great investment .ok ok investment reason chebthanu .70 lakhs at the time of foundation ippdiki 30 months ayndhi.30 months 70 lakhs ki vaddi bokka iimagine fd eskunnav anuko bank lo 8%(vesko dharam vaddi lacha ki 800rs anuko) ante mee vaadu nearly 7lakhs per yr miss ayyad vaddee.so 2.5 yrs ki it rounds up to 18 lakhs approx .70+88=88 lakhs and ippudu property value 1c antunav so not a great investment.

Next ilanti builders deggara konte 70 lakhs sale deed choopisthe tax kattali 70 lakhs ki.adhe general builders em chestharu amte 70 lakhs property ni 50 ki manaki register cheyisthar so that manaki 20 lakhs meedha tax save avthundhi.Mee cousin konna apt bagundhi but these kind of apts have their own disadvantages.Monthly maintenance 4k easy ga untadhi or else 7 lakhs ala one time maintenance kattinchukuntaru.

for suppose idhe flat ready ga unnadhi 70 ki koni unte very good investments avg meedha monthly 16k rent vesukunna 5 lakhs rent and property appreciation vachedhi
This is my opinion reason being i recently bought a flat in hyd so this is sheerly out of my experience.

Gp

[cool_dood]

Ya pa ney
Per annum tho calculate chesthey ney monthly 40k dhaaka avuthundhiga

 

vammo too much ga 40 K pm evadu pay chestadu adi kuda india lo  bye1

[Bondu_Babu]

Sbi lo loan teesukunna from US
Power attorney(gpa) compulsory Indian consulate nunchi attestation cheyinchali antunnadu agent is it true....?

[vasu123]

Sbi lo loan teesukunna from US
Power attorney(gpa) compulsory Indian consulate nunchi attestation cheyinchali antunnadu agent is it true....?

Aadi bonda, authorized notary person daggara notarize cheyista ani cheppu. Indian consulate asalu ma place daridapulo kooda ledani cheppu
Old school boys untaru ee sbi lo, even customer care kooda. Govt vallu kada veellu ila cheyadam vallane customers private banks daggarikeltunnaru.

[ronitreddy]

vammo too much ga 40 K pm evadu pay chestadu adi kuda india lo  bye1

nen 20 laks ki per month 43240/- EMI pay chestha..5 Yrs term

[vasu123]

india lo bank loan badulu usa lo balance transfer and personal loans theeskoni pampisthe better emo? interest chala ekkuvundi india lo.

Balance transfer with 0% APR for 18 months ala ekkuvaga limit iche banks cheppandi. Personal loans ki kooda eh bank best. Credit score 750 anove ala unnavallaki cheppandi

[ronitreddy]

india lo bank loan badulu usa lo balance transfer and personal loans theeskoni pampisthe better emo? interest chala ekkuvundi india lo.

Balance transfer with 0% APR for 18 months ala ekkuvaga limit iche banks cheppandi. Personal loans ki kooda eh bank best. Credit score 750 anove ala unnavallaki cheppandi

Chase Freedom

Citi

[vasu123]

Chase Freedom
Citi

Chase freedom enthistadu 760 ala credit score ki. And enni months no apr on balance transfer.

Citi vadivi unnay avi close cheyinchi kotha citi card ki apply chesthe credit history padavutundi

[ronitreddy]

Chase freedom enthistadu 760 ala credit score ki. And enni months no apr on balance transfer.

Citi vadivi unnay avi close cheyinchi kotha citi card ki apply chesthe credit history padavutundi

depends..oldest card aithe cheyaku..madyalo open chesinavi ekkuvaga use cheyanivi close chesi padey

 

Chase bagane isthadu ..depends on many factors..18k varaku iche chance undi provided you meet all the reqs

[Bondu_Babu]

Aadi bonda, authorized notary person daggara notarize cheyista ani cheppu. Indian consulate asalu ma place daridapulo kooda ledani cheppu
Old school boys untaru ee sbi lo, even customer care kooda. Govt vallu kada veellu ila cheyadam vallane customers private banks daggarikeltunnaru.

vaadiki clear ga explain chesaa ila ma Frd teesukuntadu Icici lo local bank lo notary cheyinchadu Ani ledhu sir 2014 nunchi rules changed antunnadu