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Frequently Asked Questions(FAQ's)

        Have a doubt just post here and we will reply to your query with the appropriate answer and suggest the best way to solve all your home loan related issues. Also read what the other customers have posted about their home loan related queries.
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Question :  Is it possible to change the loan type post disbursement. I have taken a term loan in SBI and would like to change it to Maxgain now. please help..thank you
Loan type can't be changed post loan disbursement. The only way to change the loan type is by way of Balance Transfer to other banks and choosing Interest Saver product.

Question :  My son availing housing loan from lic housing finance. he is paying emi. as a token of love he like to gift it back to me. Still he will pay emi. Is it ok if he just confirm licfc that he would continue to pay emi. are there any formalitie
S sundara rajan
When the property is under simple mortgage he can't do any kind of registrations and any kind of gift and transfer must happen post successful completion of the loan. 

Question :  Is it mandatory to do registered MOD in SBI for loans below 25 Lakhs
Ram Sreekanth
NO for loans below 25 Lakhs SBI asks for Un-registered MOD. You need to get 0.2% of Loan amount stamping done on the document.

Question :  My father had gifted a only house to my brother and my brother had taken an loan against property on it with his wife as co applicant. my brother died now can my father and mother claim it as they has no incom
If the gift deed is registered then reclaiming the ownership is not possible.

Question :  For technical clearance of My home loan,DHFL person asking for draft agreement between buyer & seller.Please explain,whether this has to made by lawyer on stamp paper or we can make it on simple paper
Ritesh Patil
A sale agreement must be made on a stamp paper then only it is considered as valid and DHFL will ask for original at the time of disbursement duly signed by both buyer and seller.

Question :  As part of the mutually agreed divorce settlement, I am relinquishing the rights to the joint property in return of lump sum amount of Ten Lakhs. Will I have to pay tax on this amount received
Any amount that you gain on property will attract capital gains, in your case yes you need to pay tax on it.

Question :  One of my replative has loan on their shop. Now they want to make a partner for that shop. Is Bank allow to do so as the shop registration documents are with Bank. Please suggest, Thanks
Bank will not allow to change the title documents and any change that you do to it when mortgaged to Bank will not be valid.

Question :  What are the merits & demerits of a co-applicant in LIC housing Loan
lal Bahadur Chettri
LICHFL gives you the feasibility of adding additional applicant to your home loan application if you would like to increase their eligibility or for making co-ownership of the property etc., which is undoubtedly a merit. Any co-applicant in the home loan is equally responsible for repaying the loan EMI's as like the applicant and it is customers choice on the addition of Co-applicant to their home loan.

Question :  I hv a joint home loan in husband is the primary owner whose income was considered while taking loan.i am the coapplicant.can his name be removed from the loan as he wants to apply for another home loan by his name in kerela.i m salaried and eligible for the loan of balance amount.kindly assist
Removing names from home loan that has been disbursed is not possible. He can apply for home loan by making you as co-applicant in Kerala.

Question :  Sir: Am buying a house in Gurgaon where me and my wife are both co-owners. My wife is a housewife and doesn`t have any income. The bank is insisting that both of us should be co-applicants in the loan. Is it necessary or can I resist the same
Some banks say co-applicant is mandatory to avail a home loan,but if you do not wish to keep any one as co-applicant in the home loan then try to avail loan from HDFC, CITI, PNBHFL where one can avail home loan without co-applicant.

Question :  Hello Sir I have applied for housing loan in LICHFL but the people are asking for Rs 562/- towards CERSAI charges. What is this please clarify m

To prevent borrowers availing multiple loans on single immovable property the central government has promoted CERSAI(Central Registry of Securitisation Asset Reconstruction and Security Interest of India) under section 25 of companies act 1956 and it's operational since Mar 2011.

The company maintains a centralized database of transactions of securitisation and reconstruction of financial assests and creation of security interest over property, as contemplated under Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (SARFAESI Act).

Question :  Sir I have made a settlement of my home loan with Kotak Mahindra bank for 23lacs to make payment end of Dec2014 But till I have balance of 15lacs That I cannot pay till the time, pls advice to save propert
Praveen Kumar
Please ask the bankers to reschedule the loan with lesser EMI for initial years by providing all your income documents. If any accounts reaches the settlement level then it must be closed by paying complete settlement amount.

Question :  As suggested by you, my husband can transfer his share of property (house on home loan) in my name through release deed and we need to inform the bank about the change in ownership. So should we inform the bank before getting the release deed done or after the release deed is made. Please advise
You need to inform the bank before making any changes on ownership as you both are applicants in the home loan and given GPA to bank over your property till the loan is cleared completely.

Question :  Hi, I availed home loan in 2006 in which I am the primary borrower and my husband is co-borrower. The registration of the flat has been done in both our names. Now my husband wants to transfer his ownership of the house under my name so that I am the sole owner of the property. Since the flat is on home loan please advise how to go about getting new registration done solely under my name. Thanks
You husband can release the ownership through a release deed on your name but you should inform about the change in the ownership to the bank as well. Banks will have right to ask for additional reasons for the change and you need to submit documents if required.

Question :  I am applying a home loan for which the co applicant is my brother . In this case will the home loan be under his books also in cibil etc . Will that affect in future if he wants to go for another loan
Dhanasingh Vinodh
Yes it will reflect in his cibil statement also, and he will be made accountable for the same but he can avail another home loan by showing that you are the only one that is paying the EMI towards this home loan.

Question :  I have planned to take home loan where i could be the sole owner of the property. But i came to know , that coapplicant needed for home loan. So can i add my brother as a coapplicant who is in work for past 1 year. But he is not a owner of the property. Is it possible?..Bank will accept this. Please let me know my clarificatio
You can join your brother as co-applicant in the home loan and banks will accept this also. A co-applicant should mother/father or any blood relative of the applicant.

Question :  Dear Sir/Madam, I have applied a home loan with LIC Housing finance. They have offered me 10.15% fixed for two years and then floating. Their floating rate is LHPLR - 200 BPS(14.50-2 = 12.50%) which I think is too high. Please advise should I go with the
Please check with LIC is there any option of continuing the same fixed interest rate if not you can transfer your home loan to other bank where you can get better interest rate.

Question :  Hello Sir, we have taken a home loan on my husband name and property also registered on his name. Now we want to add my name as co-applicant. i heard of taking a topup loan on home loan and then i can add me as co applicant. is it possible? If so, how can i proceed further? Thanks in advance!!
If you take a topup loan by joining as a co-applicant then you will be just a co-applicant to that top up loan only but not to the main home loan, it is not possible to join as co-applicant in the home loan which is already completely disbursed. If you want to add your self as a coapplicant then you must transfer the home loan to other bank then only it is possible.

Question :  Hello, My Brother who is a NRI stays in U.S wants loan to construct a flat, he and few of his friends have purchased a land and want to construct a flat each. what is the process and what documents require
Prakash Adavikolanu
Banks can't provide home loan on a joint property in which the owner is a friend of applicant, to avail home loan a blood relative should be a co-applicant but not a friends. In your case availing home loan is not possible untill and unless the property is divided on the share that each person own.

Question :  Sir, my brother is expired and father is co applicant. We can`t pay the emi and his wife is non cooperative and not ready to sell the flat. Flat is given on rent to third party. What to do? Can we send her notice and sell off if she doesn`t respond? She is not bothered if bank seals it!
Banks reserves all the rights over the property till the loan is completely cleared and all the applicants are equally responsible to clear the EMI in time, If your brothers wife is not cooperating in clearing bank dues by selling the property you can proceeed legally to sell or ask her to pay the EMI share in time.

Question :  Sir, Our home loan is running since last 2 yrs with ICICI including my wife as co-applicant in the loan with the name of Saroj verma. But Now we want to change name as Saroj singh. we have Pencard and Adhare card on the name of Saroj Singh and joint bank A/c in ICICI. plz note there are few amount is still pending for final disbursement and property is under contraction. plz help.
Mohan Singh
You can change the name in the home loan account, you need to submit documents which shows her name as Saroj Singh and need to submit one affidavit stating that both Saroj Verma and Saroj Singh are one and same. Please contact ICICI Bank for more details to clear the process.

Question :  I want to avail home loan for construction.For which can i use the property which is under the name of my mother?Is that possible? I have an elder brother too.Will there be any legal issues?.Please do reply
Yes by making both your mother and elder brother as co-applicants in the home loan application you can avail loan on the property which is registered on your mothers name or else your mother have to gift the property on your name and register it, then you can avail the home with your mother being as a sole co-applicant.

Question :  Hello,i am applying for home loan to purchase a studio apartment im bhimtal with my mother as a coapplicant who is a retired person (69 yrs).I need to know the documents reuired by lichfl of both myself(salaried person) and my mother who is a pensioner.Is the bank statement of my mothe rnecessary for the purpose as loan is taken by me ,if yes then how many months satement(3 or 6 months),please clarify
You require ID & Age Proof(both applicants), residential Proof(both applicants), 3 months payslips, 6 months bank statement, 3 years Form 16, Photographs of both applicants are all required documents for LICHFL home loan. Bank/Financial Institution reserves the right to ask for additional documents if Required. Property Documents are Agreement of Sale in favour of applicants, link documents for last 15 years, Encumbrance certificate, Approved plan of construction and Tax paid receipts are required.

Question :  Sir, my home loan is running since last 7 yrs with hdfc ltd. now, i want to include my wife as coapplicant in the loan. she has started doing a job recently but doesn`t have any itr filed. reason i want to do is that my flat is on rent and it adds to my income. so, instead, i want that income to accrue in the name of my wife
mudit kapur
You can't add any co-applicants in the home loan which is already disbursed.

Question :  If i avail housing loan in my name ,can I register the house on my wife s name
If she is a co-applicant and if her name mentioned in the agreement of sale then you can register the property on her name.


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