Preapproved projects indicate quality      
Many large builders get their properties pre-approved by specific banks. What this means is that the bank examines the legal documents of title of that builder and finds them in order. These title documents are also put on record in a common file at the bank and hence, whenever any buyer wishes to buy a flat in that property, the bank need not do a due diligence on the property title again. Also, the stage of construction is reviewed on a common basis and the payment released on a common basis.
 
Bank wants to sell off my home      
I have taken a home loan from a private sector bank. I also have a credit card from the same bank. I have an ongoing dispute with the bank on some unauthorised debits on my credit card which I have refused to pay. My payments on both the home loan and credit card (except the disputed items) have been on the dot. The bank has threatened to declare me a defaulter on both my home loan and the credit card and have further threatened to take possession of my home and sell it to recover the disputed payments. Can the bank do this?
 
Can I sell my property with a loan outstanding against it      
Yes, you can, but you will need the bank's consent. This consent letter will typically provide the amount, on payment of which the outstanding loan will be fully paid off. This amount includes the prepayment charge, if any, chargeable by your bank and should list the documents held by them that will be released on payment of the stated amount. This amount mentioned in the certificate is typically calculated as on a future date, to enable time for the buyer to arrange the payment.
 
Bank wants the sale agreement; seller wants the money. Help!      
You can show the seller the sanction letter from the bank and pay your part of the property cost to him immediately. Once this is done, enter into a partly paid agreement with the seller of the flat or house. This agreement mentions the cost of the house and the amount paid to the seller along with the balance amount to be paid.
 
Loan Before Agreement      
Yet it is necessary to put in some money towards the property before you avail of a part disbursement. You also need to produce adequate evidence that you have got the source of funds (for e.g., a sanction letter in case of a loan from the PF office).
 
Home-Savers      
They come with different names but the basic logic remains the same. Presently three foreign banks (Citibank, HSBC and Standard Chartered Bank) and one private bank (ICICI Bank) have launched an interesting concept in home loans, where the interest part of an instalment depends on the actual amount of loan utilised during a month. There are various names such as Home Credit (Citibank), Smart Home (HSBC) and (Home Saver Standard Chartered Bank) and ICICI bank.
 
No Objection Certificate      
An NOC is a No Objection Certificate to mortgage the property given by the legal owner of the property to the Bank. This is required in cases where the legal owner of the property is different from the beneficial owner. Some examples are co-operative housing societies who legally own the property but the members have the right to occupy specific premises and to transfer such rights.
 
No Frills Bank Accounts to Bring Masses into Banking Net      
Opening a bank account may not be a big deal for most of us. But for a large part of the population living on low incomes, getting one was rather difficult. Whether it's your maid servant, the sweeper in your building, the vegetable vendor from whom you buy vegetables, or a construction worker -- a bank account was simply out of reach earlier.
 
Housing price refuses to come down as builders hold the price line      
Despite falling housing sales, builders are continuing to hold their price line without effecting the much anticipated downward correction. This is despite various attempts by the Reserve Bank of India in the last one year to cool real estate prices by raising housing loan interest rates. RBI measures, though, had the positive effect of putting a stop to further rise in real estate prices. The situation is developing into a tug of war between builders and home buyers. The banks, a crucial player in the housing industry through home loans, have been urging builders to reduce housing price. Leading spokesmen of home loan industry - HDFC Chairman Deepak Parekh and ICICI Bank Chief Executive KV Kamat - have at many times in the past few months indirectly hinted that housing price should correct itself by 10 to 20 per cent.
 
How to avoid mistakes while taking a home loan      
Speak to your bank about home finance only after you have identified the property you want to buy. While most banks will provide finance for ready-to-move-in properties, some banks do not readily finance a property which is being self-constructed or a property under construction. Also, if the property is very old or is being developed by a relatively unknown builder, the bank might have an issue with providing a home loan. Take a sanction for the loan only after identifying the property. Banks are known to reserve the best deals for immediate disbursement cases.
 
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