Share about your Home Loan experience

[Kiranonlinee]

Hi folks,

I'm wanted to go for home loan which bank is best and what are all the doc and other things to be taken into consideration.

I have a pre approved home loan offer of 45L from icici at an interest rate of 7.65%

Should I go for it.

Please share your experiences of home loan.

Thanks,
Kiran.

Mine is a salary account of icici

 

[jay]

A house that you live in is an expense, not an investment. One should not attempt to evaluate it as such. The number will never make sense on paper.

 

[souvikdey2002]

I am nowhere as rich as you to even think of Audi/Mercedes etc........planning to buy a Maruti or Nexa for better value for money, that too with good offers.

Rich people doesn't spend money buying car, they invest in mutual fund, buy properties & stock.

 

[souvikdey2002]

Sir, I am nowhere close to the individual you mentioned, its spontaneous but owning to the feedback I certainly feel I should make it more simple for greater acceptance in the forum.

Sir, we learn from your Stock of words every time, so it's my personal request don't stop it,

Rather please write one more sentence after the first one to make us understand what exactly you meant to say on the first line.

 

[Souvik]

Rich people doesn't spend money buying car, they invest in mutual fund, buy properties & stock.

Middle class risk averse investor here.....your highness. I would rather go slow than see my portfolio in red. Also an average bengali does not need a lot to survive in Kolkata.

Sir, we learn from your Stock of words every time, so it's my personal request don't stop it,

Rather please write one more sentence after the first one to make us understand what exactly you meant to say on the first line.

"Exactly, all due to this cheap credit availability/less interest rate fiasco, 1 minute loan, Easy loan and all. At such times a recession is also needed/inevitable to mitigate these runaway asset/housing price bubbles and only post that you would find the same 19L house available for 20 or 21L." - I hope this is the line youre referring to.

Just saying that how price rise is affecting all of us, including property, groceries is due to availability of easy loans/credit in the hands of general population and so people end up spending more. More money and spending chasing limited number of goods and services (cars too as in my example) would increase price of goods=inflation. As inflation rises, RBI steps in with interest rate hike to control inflation, total money to spend reduces around us, so does frivolous (silly) spending and as demand comes down so does price of everything around us and price rise is controlled. This is general theory. Often this spending restriction (better known as austerity) is forced upon when we have a recession, if we do not balance spending pattern/price hike ourselves.

True, it's really hard for me to comprehend his words.

Made it super easy now bro.

 

[viveksingh1005]

Then negotiate for interest ... Ask them for 5.5-6%

was that joke or you are serious ?

 

[Sam Walton]

Its better to take a loan than to pay your own money. Tax benefits, increase in credit score, good profile with banks, multiple benefits.

 

[Souvik]

Its better to take a loan than to pay your own money. Tax benefits, increase in credit score, good profile with banks, multiple benefits.

If you have that money, its not better not to take a loan, instead pay it with your own money. Tax benefits come through at the cost of additional interest payment, whereas if you did not pay interest on that you pay max 30% tax on that money and save the rest for yourself.

There are silly influencers nowadays who can even theoretically tell you that if you invest your money and get 12% returns while you pay 9-10% on house building loan. What people don't really understand is that with investments it can be a game of chance, it can go either ways.

Simpler rule is buy something only when one can afford it, living on loan would take us close to how an average American today is indebt. We don't want to follow them.

 

[ChurningNoob]

Banks advertise they are offering loan at 8% interest rate but for some reason after you provide all the details and I fall under stand their eligibility criteria still the revised rate is showing as 8.3%