Home loan to purchase a society flat.

Hi, I have been thinking to take loan to purchase a society flat that I intend to let out, I have no money at the movement , so a home loan looks like the way forward. I will be looking for around Rs. 20,00,000/-. Pls advice.

Thanks
Vishal

You will note that you will need between 15%-25% deposit, as banks will only provide a maximum of 85% against the property’s value. Then you will also have to pay processing fee, admin fee, agreement fee etc to bank. Also parking fee and entry fee to builder/society.

I feel investment for living in is good not to let out. Subprime Crisis may come to India. Now NRIs, who are the major investors in property market in India are not getting high paying jobs or returning back to India. So dream run of property market is over. Its look like the current market is being created by builders.

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Originally Posted by Matrix

You will note that you will need between 15%-25% deposit, as banks will only provide a maximum of 85% against the property’s value. Then you will also have to pay processing fee, admin fee, agreement fee etc to bank. Also parking fee and entry fee to builder/society.

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Society fee is illegal fee and court had already gave verdict against payment of any such fee.

Thanks a lot guys.