Announcement

Collapse
No announcement yet.

Home Loan and change in Job

Collapse
X
Collapse

Home Loan and change in Job

Last updated: September 11 2019
4 | Posts
276 | Views
  • Time
  • Show
Clear All
new posts

  • Home Loan and change in Job

    Hi Friends,

    I have applied for SBI Maxgain Home Loan, i have paid 20% of my share to builder. Registration of the flat is complete. Bank has dispersed 90% of its share to builder, remaining 10% of bank share will be paid by bank to builder during registration. I have paid 2 EMIs on time.

    Now due to some unavoidable situation and some family emergency, I am quitting my job. But not joining any other company but either planning to work as self employed or start a new firm (but with zero investment). I have enough money to pay the EMIs for at least couple of years.

    Please let me know will that be problem?

    Regards.
    Last edited September 10 2019, 11:06 AM.
  • #2

    #2

    Re : Home Loan and change in Job

    pantanand this can be a very tricky situation for you. We don't know how much you have in store for the monthly emis but considering you have enough for years, like you said, what would matter most would be the kind of work you intend to do. The only problem that you would have to face is shortage of money after the savings are spent and you don't get enough for taking care of the emis and daily expenses.

    All you have to think about is the kind of work or business you would do. If you are confident of earning enough through your ventures, then there will be no problems at all.
    Talk TRUE; Talk IREF

    Comment

    • #3

      #3

      Re : Home Loan and change in Job

      Hi Malvish thanks for responding to my query.

      I agree with your point. But i have made all the home work to start earning after i start working as self employed or starting my venture.

      My concern is from legal perspective from bank. As i mentioned earlier, till now my sales deed is not complete and still bank has to disperse 10% of loan amount. And there will be change in the nature of Job i will be doing. Either i will be working for very small startup or I will be venturing into starting my own startup or worst case I will be working as self employed(Like freelancer). Currently I am working for reputed MNC. And other concern is I have applied for SBI Max Gain Home Loan, which is mainly given to salaried person. Do I need to inform bank regarding this? If yes, will the bank will change the type of home Loan or increase the interest rate?

      Thanks for taking your time and responding.

      Regards.
      Last edited September 11 2019, 04:16 PM.

      Comment

      • #4

        #4

        Re : Home Loan and change in Job

        pantanand the easiest and hassle free way to get this done would be to wait till you get the registration and other legalities completed. When will the registration process start?
        Talk TRUE; Talk IREF

        Comment

        Tags: None
        Have any questions or thoughts about this?
        Working...
        X