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capitaworld 11-25-2017 02:39 AM

How can I get 100% home loan?
As per RBI rule, you can't get 100% loan of your desired property. Usually, the bank offers 80-85% of the property. The rule was made to protect the banks against NPA's. If there is zero down payment, then some of the customers are induced to do default.

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Jyoti 11-28-2017 11:59 PM

Re: How can I get 100% home loan?
As far as my knowledge, it is not possible to opt for 100% home loan. Most banks usually provide 80-85% loan of the basic cost of the property.
Most of the banks and lenders need assurance that the borrower repays the loan. The higher the down-payment you pay, the lower the chances of the borrower defaulting. Hence, banks also need a guarantee for the amount disbursed to be paid back.
To avail a maximum amount of loan, you need to take care of few of the below points.
Manage to pay the down-payment: Confirm with the real estate developer about their tie-up with banks for the loan percentage. Most developers have tie-ups with banks which provide maximum loan amount to the property buyers based on their income and property value.
Consult with various banks: Research for banks which provide more than 80% home loans. There are banks which provide around 85-90% loan of the property value. This would help you with the benefit of the down payment.
Compare between floating and fixed rate of interest: Make a comparison between fixed and floating rate of interest for the loan EMI's. If you are not sure about your income and expenditure in future, always opt for fixed rate of interest. Here, you will pay a fixed amount of EMI for the entire loan tenure and can manage your expenses accordingly.
Try saving more money: When you know you have to pay a certain amount of money as loan EMI, try saving more than that. This would help you repay your loan faster.
Research Online: Research online for various banks which provide home loans with low-interest rates and maximum benefits. There are options these days to apply online for your home loan.

Quikrupee 01-24-2018 01:59 AM

Re: How can I get 100% home loan?
It is not possible to get 100% home loan as per any banking schemes. It is necessary to pay a certain amount as down payment by customer end in getting a home loan. First banks provide 80% - 85% loan amount according to the property value and customers potential to repay the money but now they even pay up to 90% loan amount and only 10% is paid as down payment by the customer. The interest rates vary from banks to banks and even it changes from person to person.

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