Hi Friends,

I have decided to purchase a flat in pimple saudagar and taking loan upto 35 lacks. Can someone tell me what all different types of charges I need to pay to bank/govt?
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  • Hi Rahul,

    One very common practice now a days i have observed is to sell home loan insurance. The sales executives will not tell you anything in starting. They will simply take application fee cheque and they will start asking you to agree for it. They will give 10 excuses like
    > it is good for u..
    > We will adjust it in loan itself, no worry.
    > ur salary + liability are in risk , so we go for it.
    > this is mandatory from last 1-2 month.

    I am not against home loan insurance, it's good. but Term plan is less costly.
    In starting itself, Take all the terms and condition in writing, understand them and then give the cheque. Once the cheque is encahsed, he will not be worried about your loan.

    Check for the interest rates, options for decrease in repaying years, before time settlement charges, EMI delay charges...
    Do talk to 4-5 different banks executives.

    ~Bunty
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  • Originally Posted by Rahul_Pune
    Hi Friends,

    I have decided to purchase a flat in pimple saudagar and taking loan upto 35 lacks. Can someone tell me what all different types of charges I need to pay to bank/govt?


    I would suggest you to take the loan from SBI. I mean this way you won't worry about charges as there are no hidden charges in SBI.
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  • Thx Bunty and BlotJab for your valuable suggetions.

    1 more qtn, Will bank consider brother as co-owner? I heard that bank allows only spouse to be as co-owner.
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  • Everyone will talk about processing charges and once you have provided the cheque, then they will tell you more like legal, insurance, valuation, equity mortgage ,stamp paper, franking etc.
    which comes out almost equivalent to processing charges.
    For SBI- they charge .2% of the loan amount for mortgage+2000 rs stamp paper. around 800 for valuation, property insurance Rs 778/ lac. legal- 2000rs.
    procesing fee 10,000(between 25l-75l)
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  • Hi,
    Regarding brother as co-applicant, he should be earning. I dont see any reasons Bank would be limiting to Spouse only. When father can be co-applicant why not brother ?
    Banks give loan to 2-3 partner based business as well. As long as both the applicants are earning and financially sound, banks shouldnt have issue.

    I will check with my friend who is in process for loan from LIC and will update you tmrw regarding the above charges marked by Bhuraj.

    I remember one case where my
    ex-teammate from TCS Mumbai applied with his brother working in CTS Pune and it was cleared.

    ~Bunty
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  • Originally Posted by Rahul_Pune
    Thx Bunty and BlotJab for your valuable suggetions.

    1 more qtn, Will bank consider brother as co-owner? I heard that bank allows only spouse to be as co-owner.


    one of my friend took loan with his brother as co applicant from PNB..both were earning...
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  • Originally Posted by buntypune
    Hi,
    Regarding brother as co-applicant, he should be earning. I dont see any reasons Bank would be limiting to Spouse only. When father can be co-applicant why not brother ?

    I remember one case where my
    ex-teammate from TCS Mumbai applied with his brother working in CTS Pune and it was cleared.

    ~Bunty


    OP is right. Many banks are reluctant to consider brother/sister as a co-applicant now-a-days. Father and son or wife and husband can/will stay together in ideal conditions, but there is no guarantee if the siblings will continue to do so, as each of these brothers will head a separate family in coming years.
    I know that few banks offer the loan in this case, but it varies from case-to-case.
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  • Originally Posted by Rahul_Pune
    Thx Bunty and BlotJab for your valuable suggetions.

    1 more qtn, Will bank consider brother as co-owner? I heard that bank allows only spouse to be as co-owner.


    Yes it is possible. I know a case where there were there co-owner's (husband, wife and brother). All of them were earning.
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