Maximum amount for which person can apply for home loan
13-Jan-2023 (In Banking / Finance Law)
There is ongoing project of house by engineer . Planning to buy that. Cost around 50 Lac. As per architect, 1. He is asking to register the plot under my name, cost 7 lac(as per existing paper) + registration charge 2. Apply the home loan for remaining amount as Like i am construction home. I have concern on whether this is correct procedure and How much loan I can apply for. Note: 1. house construction in progress30 % completed 2. I need 40 lac loan..(I am eligible )
Usually, banks lend for purchase of plot and construction of house as a project. Discuss with your bank disclosing all these facts, and ascertain your loan eligibility. Registration of the plot in your name now will not be an issue.
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