Forum members,
Need your wisdom and experience on the process of getting a home loan for a resale property in Gurgaon in which about 40% payment has been done to the builder already by the original buyer. I searched the forums before posting here but could not find the answers to my question, so I though i would make my first post here and ask my clarifying questions.
1) Is it possible to get loan for 80% of the value of the resale house (including the premium) from the bank? Does this vary from bank to bank (the banks I am talking to are HDFC & ICICI)?
2) I am assuming the banks will not give loans for the black portion of the deal only the white portion- is this assumption correct? I read in some of the forums that the loan amount depends on the valuation of the property - if that is the case then what happens if property valuation is more than the "white" portion of the deal - will the bank give loan for the "black" portion also?
3) Is it better/possible to talk to the bank and get the loan "pre approved" before making a resale deal with the buyer? My ICICI loan officer told me that I should apply for the loan after I pay "token" money to the buyer not before.
Thanks for your help.
Need your wisdom and experience on the process of getting a home loan for a resale property in Gurgaon in which about 40% payment has been done to the builder already by the original buyer. I searched the forums before posting here but could not find the answers to my question, so I though i would make my first post here and ask my clarifying questions.
1) Is it possible to get loan for 80% of the value of the resale house (including the premium) from the bank? Does this vary from bank to bank (the banks I am talking to are HDFC & ICICI)?
2) I am assuming the banks will not give loans for the black portion of the deal only the white portion- is this assumption correct? I read in some of the forums that the loan amount depends on the valuation of the property - if that is the case then what happens if property valuation is more than the "white" portion of the deal - will the bank give loan for the "black" portion also?
3) Is it better/possible to talk to the bank and get the loan "pre approved" before making a resale deal with the buyer? My ICICI loan officer told me that I should apply for the loan after I pay "token" money to the buyer not before.
Thanks for your help.