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Advise on Home Loan

Last updated: October 31 2012
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  • Advise on Home Loan

    I am an IT techie and have been in job for 5 years. I am currently working in a MNC in foreign. I would be leaving this company and join another in foreign in Jan 2013. Practically I would not be having job in Dec and planning to use this time for booking a flat for myself in Bangalore.
    Can you please advise if I would be able to get home loan. I am mainly worried because of not having a current job while applying for the loan.
  • #2

    #2

    Re : Advise on Home Loan

    Originally posted by aks321 View Post
    I am an IT techie and have been in job for 5 years. I am currently working in a MNC in foreign. I would be leaving this company and join another in foreign in Jan 2013. Practically I would not be having job in Dec and planning to use this time for booking a flat for myself in Bangalore.
    Can you please advise if I would be able to get home loan. I am mainly worried because of not having a current job while applying for the loan.
    Apply for the loan immediately and get the pre-sanction at the earliest. Citibank and HDFC are fast in loan processing, so you should manage the pre-sanction (based on income proofs) in Nov and then you will have 90 days to finalize property. So you only need to show property documents in dec/Jan for disbursement of the loan.

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    • #3

      #3

      Re : Advise on Home Loan

      thanks for the response akkibhai..

      I am not in India currently. Will only be coming back after getting relieved from current company, and that is within 10 days, so dont have enough time in hand.

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      • #4

        #4

        Re : Advise on Home Loan

        It is difficult to get home loan when you are out of job (Even for one month). But if you have considerable assets (Bank Balance, Mutual Funds, Gold, any other property), private banks are generally considerate. ICICI Bank is the easiest to give home loan (with minimum documentation). HDFC is the preferred one. Don't try with public banks (SBI/LIC), it will be very difficult to get loan from them.

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        • #5

          #5

          Re : Advise on Home Loan

          I was in same situation few months ago. But if you have your last salary slips and current offer letter then there is a chance. My loan got approved on 3rd day of my joining, when I got my Access Card and an Email from HR stating that I have joined the organization and will be getting first salary by end of this month..

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