HDFC Home Loan payment

Discussion in 'Money Matters' started by mechos, Apr 10, 2009.

  1. mechos

    mechos New IL'ite

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    So I took home loan from HDFC to buy an apartment and have been paying EMIs for the past 5-6 months. I initially thought I could rent out the place and that would help pay my EMI and now I cant even rent the place and struggling to pay EMI and because of all this my savings is almost "0".

    I am now seriously considering selling this place but not sure how that would work. Anyone have any suggestions?
     
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  2. surya123

    surya123 Senior IL'ite

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    hi mecnos....

    i am sorry i could'nt understand what ur saying??????? its not clear in ur post what help u needed?? if possible can u meantion clearly again.
     
  3. umarayan

    umarayan Senior IL'ite

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    Hi i understood ur problem ,if u sale you more loss,cos i have same situation more,
    but now cleared by gods grace,we took loan from hdfc only,
    have you registered ?
    is yes they charge for cancelation,if u find any party to sale,so agreement change will occur,if reg than registration gets again,if project get finished not .then bank will
    charge you ,if u cancel and the builders give the downpayment when they get the next party, many problems is there,check with builders as well as bank.its great you get more information,if you dont mind tell me where is your flat,who is the builder?

    if your confused ,am sorry

    thanks
    uma
     
    Last edited: Apr 11, 2009
  4. tashidelek2002

    tashidelek2002 IL Hall of Fame

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    Mechos:
    You need to go to your bank and talk with them about whether you can qualify for reduced payments under the TARP money that has been made available. You need to do this asap. Please do your research on the web about this so you have some information before you go. If you can get your loan payment down, perhaps then the rents will be covering your monthly payment. If you leave this loan, it can adversely affect your credit rating so later buying other property or starting a biz will be much harder. Right now so many families have lost their homes that you should be able to find a renter.
     
  5. mechos

    mechos New IL'ite

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    Basically I took a house loan and am not able to repay it (this is in India). So I want to know what my options are. I have paid some amount to the builder and some EMI's to the bank, so if I decide to sell it.. what is the process?
     
  6. umarayan

    umarayan Senior IL'ite

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    I already mentioned all.talk to your builder and ask what they can do,ask what is loss percentage if cancel it,and ask the bank for the details,if u cancel your loan,bank also charge,if want sale to another party,you have find the party and bank can transfer the loan to that party,but charge for that also,you shuld check with your builder also,

    i faced this situation,my builder said they will take some amount for cancellation and what ever you paid that amount will be back to you when the builder get the next party ,it may take time.
    if you registered then they charge more than unreg.
    please check the details with your builder.

    uma
     
  7. Shanvy

    Shanvy IL Hall of Fame

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    What i understand from your query.
    you have taken possession of your property. now you are paying a EMI, which you are not able to do.

    there are two ways of going about.

    the first one. get a buyer, and talk to the bank. the bank will not release your documents unless, you pay the whole amount due from you.

    two. talk to your branch. they may make some concession like increasing the tenure and reducing the emi. you could switch to a fixed rate if you are on floating rate, by paying an amount as a charge for the switch.

    so do tell us how much is your loan, the interest rate and tenure, for a further clarity to discuss on the same.
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    I wanted to push this post up because i had to share this small useful info.

    As many of you should be aware that the interest rates have been revised and there are some loan brackets. like 10lakhs, 15 lakhs, and 20 lakhs, 20 lakh and above.

    suppose you were in the 20+ bracket, and now after a period of time and some prepayments let us say you are in the less than 15 lakhs. then by talking to your bank, you can negotiate for a shift in the interest rate base, to the >15lacs which could be anywhere from 9-10 (in case of floating ), without any change in your emi, whereas you would be in teh 10+% in <20Lakhs zone.

    this way the number of emi's is also goes down by 2/4 months and you come into the 9+ % bracket, with a slow rise in RE in places like chennai even if there was a increase in % you will benefit as you will get the increase from 9+% instead of the 10+%, this can be done by paying a small processing or shifting charge.

    this is what i have found from my banker. and thought would share it with others. my home loan is with hdfc.

    Do not go on paying your emi, do track your interest rate changes and other things. now you can track them online.
     

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