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  • Naveen Kukreja

    11 Oct - 03:00hrs

    Is it the right time to go for a home loan transfer?

    Naveen Kukreja CEO and Co founder of Paisa Bazaar.com

  • Posted By: guest:

    I have just taken a home loan a leading bank to finance a under construction property of a leading builder. Have already paid 60 of price and the loan is for the reminder. The loan was also processed by the builder. Now each tranche request is raised with a hefty interest clause for (of course I had signed the agreement as an excited buyer would without comprehending the repercussions). The first tranche was slightly delayed and as there is a little buffer is manageable.Consistent delays would be a concern. Tranche requests are raised once every 10-14 days. Good in the long term as the possession will be sooner but there is a real risk of the bank disbursal not happening on time consistently. Is there a way I could avoid bank disbursal delays?Could I park one tranche as deposit with the builder to cover for delays? Am l liable to such delays?

    Posted By: Naveen Kukreja

    : Its a good idea to keep one tranche payment with builder to avoid any late payment interest. However, you must contact the bank as they should honor any tranche request within 7 working days, especially in case of any under construction property wherein the payment plan are preapproved by bank.

    Posted By: guest:

    I have an ongoing personal loan. I have recently inherited huge sum and i am thinking about prepaying my loan. is there any merit in this?

    Posted By: Naveen Kukreja

    : If the ongoing loan has significant prepayment charges, then you may want to hold. If there is no or little penalty, then it makes sense to prepay the loan.

    Posted By: guest:

    I have a homeloan balance of Rs.3675000 @ 9.45 with balance tenure of 24 years. I am requesting my banker to reduce the int post demonetaisation . However they are not reducing it and for change of rate of int 9.45 to 8.9 they are charging me 9000 Service tax. Pl advise is it right to change to other bankers with less interest and to pay the fees to current banker for change of ROI.

    Posted By: Naveen Kukreja

    : I would recommend you to shift your loan to other financer, given that you can get balance transfer loan at ROI starting 8.40%. Currently banks are also running zero percent processing fee offer for Home Loan Balance Transfer. In addition to this, you would also save Rs 2535 per month (approx.) on your existing EMI @ 8.40%.

    Posted By: guest:

    Hello sir. I am 38yrs old unmarried woman. I do not have any financial dependent on me at the moment. I want to start investing Rs 10000 every month in mutual funds, through SIPs. Please suggest schemes? I have never invested before.

    Posted By: Naveen Kukreja

    : I would recommend you to invest in 3 equity schemes and 1 debt scheme of Rs.2500 each. You may consider investing in ICICI Prudential Value Discovery, Reliance Equity Opportunities Fund and Axis Focused 25 Fund. These are all equity schemes. As far as debt fund is concerned, you may consider investing in Axis Regular Savings Fund.

    Posted By: guest:

    Hi SirMadam, I have recently took home loan of rs 24 lac for 30 years emi is 20000. I wanted to pay prepayment on every 15 months of rs 1,50,000.00 along with continuation of emi. Would you please advise me after how much time my entire loan will be paid off if i continuing do this transaction. Also, please share with the formula to calculate this one as if needed i can calculate this by my own.

    Posted By: Naveen Kukreja

    : Considering you continue to pay same EMI every month at same Rate of interest, your loan will tentatively get over in 11-12 years (approx.)

    Posted By: guest:

    I have just taken a home loan a leading bank to finance a under construction property of a leading builder. Have already paid 60 of price and the loan is for the reminder. The loan was also processed by the builder. Now each tranche request is raised with a hefty interest clause for (of course I had signed the agreement as an excited buyer would without comprehending the repercussions). The first tranche was slightly delayed and as there is a little buffer is manageable.Consistent delays would be a concern. Tranche requests are raised once every 10-14 days. Good in the long term as the possession will be sooner but there is a real risk of the bank disbursal not happening on time consistently. Is there a way I could avoid bank disbursal delays?Could I park one tranche as deposit with the builder to cover for delays? Am l liable to such delays?

    Posted By: Naveen Kukreja

    : Its a good idea to keep one tranche payment with builder to avoid any late payment interest. However, you must contact the bank as they should honor any tranche request within 7 working days, especially in case of any under construction property wherein the payment plan are pre-approved by bank.

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