Do you have queries related to any aspect of home loans?

Gaurav Mohta, chief marketing officer, Home First Finance Company (external link) will answer your home loan queries.

Anand Deshmukh: I am willing to purchase ready house, problem is the costs of the house on paper for registration and actual pay is different, builder is not ready to write full amount in agreement which he will accept, so loan sanction is for lower amount. Can I claim furniture cost from bank in loan amount and whether this furniture costs should be mentioned in sale deed and how bank verify whether house is furnished or not? And how bank release amount for house loan and furniture costs? Please guide.

Gaurav Mohta: Different banks have different policies and procedures regarding adding furniture costs to a home loan. If allowed by the lender, one way of doing this would be to prepare a ‘furnitures and fixtures’ agreement to be attached with the Sale Deed and on this basis the funds will be released.

The procedure to verify furnishing of the house however depends from one organisation to the other.

Simi Mathew: Can I apply for home loan for the property which is in my father-in-law’s name?

Gaurav Mohta: In case you are trying to get a home loan to purchase the house, since it is an internal transfer between two related parties, you will not be able to get a loan for that. However, if you want to put the house as a mortgage to get a secured loan, either your father-in-law has to transfer the sale deed in your name or he has to be a co-applicant to the loan.

Karthikeyan Shanmugam: I have a housing loan with SBI sanctioned for Rs 35 lakh outstanding currently is about Rs 29 lakh. If I switch to EBLR by paying Rs 5,900, would they consider interest rates under Rs 30 lakh slab? Or above Rs 30 lakh i.e., do they consider sanction limit or outstanding amount?

Gaurav Mohta: This would depend on SBI’s policy regarding the same.

You can find more of Mr Mohta’s answers here.

Note: The questions and answers in this advisory are published to help the individual asking the question as well the large number of readers who read the same.

While we value our readers’ requests for privacy and avoid using their actual names along with the question whenever a request is made, we regret that no question will be answered personally on e-mail.

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