Home Loan Queries

POSTED BY Victor ON January 3, 2013 1:58 am COMMENTS (30)

I took a loan of 13 Lakhs from Bank of India on 10 Dec 2012.I have few questions to ask. Loan was sanctioned for 13 Lakhs with loan term 20 years at 10.5% .When I calulculate the installment it comes as 12979 INR per month.However on the sanction letter it is mentioned 13078 /- . I wanted to understand why there is difference in the EMI amount. My second question is on the loan term. It is 20 years and on the sanction letter it is mentioned 234 installments instead of 240 (12*20) . The third question is on the moratarium period. On 31st December 2012 about seven thousand was debited from my account and upon asking them I was told its the interest i have to pay during the moratorium period which is until July 2013. Is there a way i can avoid interest as iam ready to pay the EMI starting Jan 2013. Please help me understand . Thanks a lot for your time.

30 replies on this article “Home Loan Queries”

  1. Jitendra says:

    Appreciate your time and valuable advise you give to all the people here.
    SBI maxgain Homeloan amount 56lacs, EMI 51000 for 25yrs with current ROI 9.3%. I have already made one prepayment of 10 lacs to the bank
    So as of now my loan amount has become 46 lacs with EMI of 410000
    My Questions:
    1. How many times can i further do the prepayment or the amount freeze (in Maxgain lingo)?
    2. Can i move my home loan from Maxgain plan to any other home loan plan of SBI? If yes what are the charges and procedure for it?
    3. If my Loan amount comes under 25lac bracket, then would the scheme of 8.35% interest rate (as is highlighted in advertisements by SBI) be applicable for my Maxgain plan as well, or would i have to switch my plan for that? If switch then which is that scheme?

    Thanks in Advance
    Jitendra sawan

  2. Deepak says:

    Hi..i want to take home loan of around 15 lakhs
    In delhi..My take home salary is 40000.I have no credit history as i have never taken any credit card or loan.Can i get home loan easily approved?

    1. You need to check this with bank itself

  3. Krupa says:

    I am a working women and want to apply for a home loan by keeping my mother as co-borrower, since I want a larger loan amount. My mother will retire in another 5 years. I will be paying the EMI. Will I get a home loan for a duration of 20 years?

    1. Renu says:

      What do u do? I am working in canara bank contact me on 05712400035

  4. Ajay says:


    I want to have 13Lac loan @ 8.5% rate for 20 years, as per various website at this rate my EMI is Rs 11,282.

    Now if i assume that rate of interest remains same for next 5 yeast so i will pay 11,282 * 60 = Rs 6,76,920.

    So my query is that if after 5 years i want to close my loan by paying the reset amount. So at that time what sum i will have to pay. Loan is from LICHFL.

    1. If you take the loan for 20 yrs, I think you loan will still be close to 11 lacs remaining !

  5. Raj Kumar says:

    Hi All,

    I have purchased a property costing 28,00,000/- under 50-50 plan. I have opted home loan from IIFL as none of the other banks are funding this property right now. I have asked for 21,00,000/- loan. Out of which they have disbursed initial 11,00,000/- as per demand from builder. But problem is IIFL is saying that they will only charge interest on disbursed amount until full loan amount is not disbursed. This was not told to me while loan processing phase and I am willing to pay EMI on disbursed amount (11,00,000/-). IIFL is calming that as per rules non-bank can charge EMI till full loan amount is disbursed. Can someone please let me know if this is some sort of rules set by governing body or IIFL trying to make money by fooling people?

    1. These are various models of giving loan and you must check what you signed. It must be clearly written there!

  6. Kamalpreet says:

    I am a salaried person with monthly income 37000 & planning to take home loan of Rs.15 lac; my question is that the property on which I want to construct is registered on my mother name , so I ant to know that can I apply for the loan with my mother as a co-applicant (without getting the property registered on my name or I have to get the property on my name). Also my mother is a house wife & she has no source of income.

    Please clarify me

    1. To get loan the only requirement is that the land should be on your name and the property built should also be on your name .

    2. Renu says:

      U can avail the loan as joint borrower

  7. vinayak says:

    hi i m living in hadapsar pune n want’s to purchase open land (r zone) and construct on that. , but this property is out of municipal corporation area. pl help me out on this problem to getting home loan

    1. Its going to be very tough to get loan for a land which is not in muncipal zone !

  8. Rakesh Sharma says:


    I am salaried person with paying income tax with 0 properties on hand.

    Now by brother wants to buy a property and wants to add me as co-borrower to get large amount of loan ( he is able to pay the EMI, but he dont have the eligibility). So How i can share my name as co -borrower to get benefit from income tax.

    Now Support I want to buy my own property to get fully tax benefit, what will happen, on which property do i will get tax benefit? can you provide input on this.

    1. You can get tax benefit only for the house loan if your name is there in house . So if you only take the loan to help your brother, then you wont be able to get the tax benefits

  9. rahul says:

    Dear Sir,

    we have bought a flat 2 year back…… i am govt. retired pension holder and paying home loan installment although Flat is legally registered on my son’s name ; now we are planning to shift home loan to my sons name ( he will take home loan); what formalities need to process to stop deductions from my bank account.

    1. This will be cleared by the bank only ..

  10. Cariappa says:

    I intend closing my home loan, but I am now posted over 1000 kms from where I took the homeloan from. Is it necessary for me to go back to where I took the loan to collect my home loan documents

    1. I guess you will have to ..

  11. Ashok says:

    My home loan installment amount is credited on 27th of each month. As I am a salaried person, and my salary gets credited to my account on the 30/31 of every month, is it prudent for me to pay the installment in the first week of every month or is it OK to continue with the current payment cycle.

    1. Continue with the current payment itself . Thats my suggestion

  12. Sachin says:

    Hi There,

    I would like to ask whether Bank sanction the Loan on Collector land flats (Nagri Nivara Parishad)?

    If yes, How?

    1. Hi Sachin

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that


  13. Parth Patel says:

    Dear Concern,

    Greeting Of the day.

    This is to draw your attention to my queries, I have bought an flat which is under construction, I got the sanction letter of Rs – 1850000, My flat value is Rs – 2400000.

    If i paid the down payment 10%, And done the agreement, Can bank Disbursement the amt according to sleep

    I wanted to understand this thing, We have confirm with branch manager and according to them it possible.

    I am worried about this and need suggestions,

    1. kishor says:

      Very simple we are dealing in every day we are expert in this field so please feel free to call us 9819807798
      Kishor Mahawar

  14. Amitabh Ray says:

    I have a home loan with SBI . The loan period was 25 years and i have already been paying my EMI’s for the last five years . So i have to continue paying EMI for the next 20 years .

    I want to pay off apart of the Principal amount ( around 20% ).

    What would be the best option –
    1) Reduce my EMI amount payablr every month ?
    2) Reduce loan tenure period ?
    and why ?

    Can I ask for part EMI reduction and part tenure reduction ?

    Amitabh Ray

  15. Victor says:

    Thank you for your time..

  16. Credexpert says:

    Dear Victor,

    The difference in the EMI amount is because of the change in the term from 240 months to 234 months.

    The loan term is mentioned as 234 months instead of 240 months because the moratorium period of 6 months is deducted from the term of 240 months.

    Moratorium period is the period where the borrower does not have to make any principal repayments however the interest is still payable.

    If your cash flows allow you to start repaying the EMI (Principal + Interest) from January 2013 then, approach the bank and tell them you want to start EMIs immediately. Having taken full disbursement, it makes sense to start repaying the EMI.


  17. Dear Victor, the moratorium period is the reason your actual EMI is for 234 months & that”s how it’s 13078 not 12979.

    You can ask your bank to start full EMI from day one. In case, your bank is not supporting you, you have the option to deposit the difference amount i.e. around 6000 Rs. directly into your home loan account. this ‘ll get the same result as you ‘ll get from full EMI.



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