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Purchasing Sheet House in Bangalore on Loan - Need Advice

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Purchasing Sheet House in Bangalore on Loan - Need Advice

Last updated: July 7 2015
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  • Purchasing Sheet House in Bangalore on Loan - Need Advice

    Hi Everyone,

    I hope someone could shed light on my question. Please forgive if my question is stupid.

    I live in Bangalore and in a rented house. The house is constructed on 350 Sq ft of land out of 750 Sq ft. The house is not a molded, instead its a sheet house. We have been staying here for about 25 years.

    Now I have my house owner selling the house/land ( 750 Sq ft ) for 18,75000 Rs and I am planning to purchase it. I have about 6 Lakhs in Cash and the rest amount I am planning to go for home loan.

    Now my problem Starts :

    1. Firstly, banks are not funding me loan because the house is a sheet house and not molded. They asked me to go for land/construction loan which needs a demolition of my existing house which I don't intend to because I don't have plan to construct the house yet.

    2. Secondly, bank say they need the house to be constructed at least till 600 Sq ft of 750 Sq ft.

    When I was worrying about the above problems, I tried contacting Just Dial and enquire for some home loan agency. As soon as I dropped my phone, I started getting calls from home loan agents and I explained them the problem, for which they stated we can do the adjustments for the problems ( I mean they are asking for the bribe ).

    So, if I bribe them, I hope the above problem will be sorted. However, I don't want anything to be done illegal, could you please help to let me know is there any other options to proceed further in purchasing the house?

    Note : I don't want to go for land/construction loan nor bribe them.

    Thanks
    Last edited July 7 2015, 07:51 PM.
  • #2

    #2

    Re : Purchasing Sheet House in Bangalore on Loan - Need Advice

    Approach few housing finance co's who are lending loans for plots (ex: DHFL, Canfin home loans, HDFC... not HDFC bank etc). They will finance upto 75% of market value. Their interest rate will be higher, but they are considered proper 'home loans' (eligible for tax rebates). Make sure title is clear. Good luck... update your experience.

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