Need information regarding buying property in India

Till 8 years ago it was possible. I don't know the rules now.

we took the loan from UTI bank ( now axis) another one from Indian Bank.

If you are not working you can not buy the property in your name by taking loan in your husband's name. It has to be in his name OR jointly .

 

Yes, its possible.

I don't know about the home loan Insurance. We did not take any.

One thing I remember is We went for 15 year Fixed loan and came to know its only fixed for 3 years and after that the loan rate could go up. This was with UTI bank, and but I think its the same with all the banks. Since in US when they say 30 year Fixed, the interest rate doesn't change in 30 years, unless we change it. so, we were shocked.

 

here in India its floating rate so it changes compared to the US where the duration of repayment is more and if you calculate what you have paid at the end there wouldn't be that much difference

 

Math maybe right, we had the problem calling it " 15 years Fixed" when only 3 years is fixed. We were dealing with the bank and loan for the first time, so weren't that informative.

 

the 3 year fixed and later moving to floating is another scheme that has been there for a few years.. there was also a five year fixed and then floating. you benefit more from this scheme, if you have an idea of repaying the loan in 5 years.

say there was a 8.9 3/5 year scheme a few years back around 2009/10 i think. and if you are a nri, and are sure you can close the loan in 3/5 years this scheme was very much beneficial, because the interest rate around 2015 came to be 11.75% while if you were locked at 8.9% you benefited for the 5 years and then moved to the floating rate. (i think this scheme was fixed-floating loans)

it is very much necessary to understand a scheme that a agent/builder is putting across if you are going through them, or even directly.

and there is a swap too that you can do if you want to go back to fixed instead of floating later..it comes with some charges..

You should work out a loan not just by looking at the interest rates alone. you have to take into account the transparency of the bank, the flexibility, the pre-payment penalties if any, other charges too.

the loan payee as the applicant, and the person who is not working can be the co-applicant. so the registration of the property happens on both the names..

 

you are welcome. i closed a loan last year.. that 8.9 was what i took my loan. and i am a sahm and i am joint owner of our properties.