I am trying to understand the following:

If I buy a flat for 1 crore and I need to pay 30 lakhs as cash to the seller. Am I only eligible to get loan on the white portion of the money paid, or is there a way that I cab get the loan based on the total value of the flat purchased by me (in above example 1 crore)

Fellow Members kindly advice.

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Amit
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  • Originally Posted by amit001
    I am trying to understand the following:

    If I buy a flat for 1 crore and I need to pay 30 lakhs as cash to the seller. Am I only eligible to get loan on the white portion of the money paid, or is there a way that I cab get the loan based on the total value of the flat purchased by me (in above example 1 crore)

    Fellow Members kindly advice.

    Cheer
    Amit



    To the best of my knowledge you can only get upto 90% of registry value or white (if I may say)..rest on name of renovation etc you may also get upto 110% or less of white value tops I guess
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  • You can get a loan based on the market value of the flat. In this case, bank will easily finance around 80 lakhs. However, the bank will pay directly to the buyer and if the buyer wants cash only, he will not accept this. This can work only where the buyer himself is willing to accept all cheque.

    Originally Posted by amit001
    I am trying to understand the following:

    If I buy a flat for 1 crore and I need to pay 30 lakhs as cash to the seller. Am I only eligible to get loan on the white portion of the money paid, or is there a way that I cab get the loan based on the total value of the flat purchased by me (in above example 1 crore)

    Fellow Members kindly advice.

    Cheer
    Amit
    CommentQuote
  • Originally Posted by amit001
    I am trying to understand the following:

    If I buy a flat for 1 crore and I need to pay 30 lakhs as cash to the seller. Am I only eligible to get loan on the white portion of the money paid, or is there a way that I cab get the loan based on the total value of the flat purchased by me (in above example 1 crore)

    Fellow Members kindly advice.

    Cheer
    Amit


    Amit,

    Loan eligibility is based on your income level more than the value of the property. If u are eligible for 1 cr loan u can buy the property of that value. U can exercise the option of reverse mortgage(in case of senior citizen) which is slowly catching up in Mumbai, NCR is not far off.
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  • Originally Posted by Munish Malhautra
    Amit,

    Loan eligibility is based on your income level more than the value of the property. If u are eligible for 1 cr loan u can buy the property of that value. U can exercise the option of reverse mortgage(in case of senior citizen) which is slowly catching up in Mumbai, NCR is not far off.


    Buddy,

    Looks like you did not even understood the query...

    Loan is a combination of various things:

    1. Value of property (White / registry amount - not total/market value)
    2. Eligibility of individual to pay

    The query is for 1 and you are talking about 2
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  • Originally Posted by amit001
    I am trying to understand the following:

    If I buy a flat for 1 crore and I need to pay 30 lakhs as cash to the seller. Am I only eligible to get loan on the white portion of the money paid, or is there a way that I cab get the loan based on the total value of the flat purchased by me (in above example 1 crore)

    Fellow Members kindly advice.

    Cheer
    Amit


    Loan is only on the white portion - 100% confirm.

    R
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  • Originally Posted by rajatk
    Buddy,

    Looks like you did not even understood the query...

    Loan is a combination of various things:

    1. Value of property (White / registry amount - not total/market value)
    2. Eligibility of individual to pay

    The query is for 1 and you are talking about 2


    Rajat,
    i did understand the query very well:). probably did not put across my answer in totality. what i meant was that more than the black and white component of the property, bank is more concerned about your income, business/job profile.
    Bank will finance the loan based on a lot of factors once the basic criteria which is the eligibility of individual to pay is satisfied. There are many deals which are 100% cheque, the value is much more than circle rate.
    Obviously bank will not pay for cash component.:D
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  • Munish Rajat - so for example The property involve lets say 50 lakhs of white payment (75% of payments) and 30 lakhs as cash compennent in black

    so do i need to get all this 30 lakh black component from my pocket or a portion of this can come under the preview of bank loan

    Loan eligibility shud not be a problem. I already have a pre approved loan for 80 lakh rupees.
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  • U would get a loan only on the white portion of the deal . The colored money is for u to arrange .
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  • Banks will finance only 80% of your white components which is 56 lakhs out of 70 lakhs. Remaining 14 lakhs plus black component 30 lakhs needs to be arranged by you.

    However, in future when circle rates increase then you can refinance, after pledging your property, based on valuation of property from a different bank.
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  • Total loan

    For ready to move, u can get additional loan as furnishing loan.
    U can get 80lac loan as total as per ur limit.
    However this additional amount u get after the registry, within 1 hour of registry amount will be in acount and cash can be given to owner. In case owner want money before the registry broker arrange money for 1 to 2 days through financer.
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