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Purchasing Sheet House in Bangalore on Loan - Need Advice


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.

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


    Have any questions or thoughts about this?