Zee Business Money Guru: I am looking to purchase one of the residence property (3BHK) in NCR

Name – Abhishek Srivastava
Age – 34
Current Location – Bangalore
Salary – 19 Lacs
I am looking to purchase one of the residence property (3BHK) in NCR
There are three options of payments-
1. Down Payment Plan
2. Construction Linked Plan
3. Subvention Plan
I need your guidance and advice to let me know about subvention plan advantages as compared with other two options.
What are the key considerations need to take while choosing this option?

First and foremost, please note that the risk of any delay in construction is on you so please do not agree on a full down payment offer in exchange for a discount in price. No amount of discount can justify the additional risk that you take on this account. It is always advisable to go for construction linked plan for property so as to ensure that your exposure is in proportion to the stage of completion of the property rather than disproportionate
Secondly, according to most interest subvention scheme in the market, buyer does not pay any EMI during the construction stage of the property for the first 2 years of the loan period. ThePre-Emi interest for these first two years will be paid by the builder / developer.
Please keep in mind that the bank does not guarantee the construction of the property in time and it is your liability if the construction is delayed or builder defaults on the payment of interest to the bank. Remember, any default by the builder in payment of pre-emi interest will severely affect your personal credit score.

Zee Business Money Guru: Want loan on agriculture plot to construct godown, what to do?

Sanjay Amrute, Gondia (Maharashtra)
Annual: 2 lakh + 2 lakh
Age: 45 years
1,000 sqft – 6 lakh
Want loan on agriculture plot to construct godown, what to do?
If you are a farmer by profession you can get a loan to construct godown / warehouse to store your agriculture produce. You can approach any public sector banks for this loan. Some of the PSU banks having specialized schemes for this are State Bank of Hyderabad, Bank of India, etc.

Zee Business Money Guru – How to get plot loan?

Plot approx 6-7 lakh value. How to get 20 lakh loan to construct house on non-Authorised plot in Karnataka.
(I have answered it assuming it is NA – non agricultural)

You will have to submit an estimate of the total cost of construction, duly certified by an architect/civil engineer.
The loan will be released in parts, based on the progress of the construction. However you will have to bring in your contribution in full before the lender disburses the loan. The lender may also insist on sending its own technical personnel to assess the progress of construction or may decide to rely on certificates/photographs submitted by you.
Some lenders are not comfortable funding self-constructed properties and hence, your choices will be limited. You can approach SBI, Axis Bank, HDFC Ltd, ICICI Bank, etc for availing the construction loan.
With an annual income of Rs. 6.5 lacs you should be eligible for the desired loan amount of Rs. 20 lacs for 15 years tenure.

Zee Business Money Guru – Bank will consider educational qualification while granting Loan

Age: 40
Income: 10 lakh pa
Plot estimated cost @ 80 lakh
I want loan of Rs 1 crore for Rehab hospital for addicts. The plot is owned by
me, and other two parties. The other two parties want ground floor and have
given their advice to build the other two floors.

The lender will lend you the money if you have the prior experience of running the business. The bank will also consider your educational qualification while granting the loan. You will also need all the regulatory approvals for running the hospital.

You will need a project report as well as own contribution of around 50% of the project cost to get the balance as a loan. You should apply to a bank with which you already have some relationship or a bank that has a branch closer to the proposed hospital building site.

Zee Business Money Guru show – You can include your wife to increase the eligibilty of the Home Loan

Age: 32
Income: 25000/mo
Wife – 17000/mo
Need Rs 10 lakh loan for buying authorised plot in AP, Can we apply jointly?

In case you don’t intend to start construction within the defined period of 2-3 years as required by the lender, then you can opt for a Plot Loan. A Plot Loan is taken to purchase of non-agricultural plots bought from statutory authorities or approved developers.
Normally, lenders will not finance more than 60% to 65% of the total cost of the plot and the remaining 35% to 40% has to come from your own sources. Also plot loans are more expensive and available for shorter tenures unlike a regular home loan.
With a combined income of Rs. 42,000/- pm you should be easily eligible for the desired loan amount. Please note that there are no tax benefits on pure plot loans.

I want a Plot Loan of Rs. 10 lakhs, what will be the EMI?

My monthly income is Rs.30,000. I want loan (for purchase a plot of) rs 10 lakh fór a period of 15 years. I have not taken any loan till date. Kindly tell me in which bank i would také loan and what will be the EMI of my loan.?

Answer :
Lenders are very selective while providing pure plot loans. They are usually available for a lower tenure (upto 15 years) as compared to home loan and are sometimes more expensive (up to 2% higher) than normal home loans. The plot loans are generally available only when the NA plot is purchased from statutory authorities or from reputed pre-approved developers. Even the down payment requirement is normally higher than regular home loan at around 30-40% for such loans.
You can approach HDFC Ltd, ICICI Bank, LIC Housing Finance, etc. for availing the plot loan.

With a monthly income of Rs. 30,000/- I think you should be eligible for the desired loan amount for tenure of 15 years. The current floating rate of interest on plot loans will be around 12.25% pa and Emi will be in the range of 12,160/- for Rs. 10 lacs loan amount.

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