Home Loans problems solutions, home loan provided

Question: Can I get a loan on cash salary if I provide Form 16 and a salary certificate?
Answer: You will get a home loan provided you have documented proof of income. A Form 16 that actually shows a deduction of tax at source from salary and payment dates to the government would be good proof of income. Similarly, proof for deduction and payment of statutory dues such as provident fund and profession tax are also a good proof of income. Salary certificate by itself will not be sufficient proof of income.
Question: I have already paid 15 per cent of an under-construction apartment.
The project is supposed to come up in the next two years. I am not sure if I should pay pre-EMI or construction linked EMI on the loan amount. Please tell me which will be beneficial?
Answer: If you pay the pre-EMI or the simple interest till such time that the loan is completed, disbursed and the construction is complete, the loan outstanding remains as it is. In case of paying EMI from the time the loan is disbursed, the loan amount out- standing will gradually reduce. In both cases, tax deduction benefits on home loan for under-construction property will be available from the financial year in which the construction is completed. In option I (where you pay pre-EMI interest), the total amount of interest will be higher whereas in option II, you will lose the benefit of deduction of principal payment made during the year in which construction was not complete. You can make a choice as per your convenience.
Question: How do I increase my eligibility of the home loan apart from co- applicant's income?
Answer: If you have valuable collateral security such as shares, mutual funds, insurance policies with high surrender value, etc. you may be able to enhance loan eligibility.
Question: My father has two properties in his name. He is ready to sell one of them. Can I legally purchase this property from my father and take a loan for it? What tax exemptions will I get?
Answer: You can get a home loan to buy your father's property if your income can justify the loan. You can get tax deduction benefit of Rs.1 lakh for the principal under section 80 C and if the property is self-occupied for the interest payable up to Rs. 1.5 lakh under section 24 on a home loan. The lender will closely examine the value of the property since it is a transaction between related parties and provide a loan of 85 per cent of the property value as determined by them or the agreement value whichever is lower.
I intend applying for a home loan.
But I have already taken a personal loan from another bank, which I am not indicating in my home loan application. If I show this personal loan I will not be eligible for the home loan. Is there a way my home loan bank can get my personal loan details and reject my home loan application?
It is not advisable to with- hold facts from the prospective lender. In any case, banks will access information regarding a potential loan borrower's loan, repayment history, etc through credit bureaus such as CIBIL. It is advisable that you declare the information.
If you are not eligible for a loan, you can take a joint loan with a co-borrower.
Courtesy: HT Estate Dtd:-15-05-2010
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