Isn’t it the responibility of the Loan company to evaluate this annually?

Loan Company is asking for $300.00 for an apprasial. I’ve always been told that it was a law that the loan company had to automatically stop deducting this fee when the loan to value ratio was @ 75% or less.

The rule is that happens automatically when you reach 75% based on the original amortization schedule, not on the new appraisal.

Will filing for bankruptcy benefit my home loan modification case (currently under review)?

I am doing a loan modification on my house. I am current on all debt payments (credit cards, car loans, car insurance, etc.) except for the mortage payment (includes home loan insurance and property taxes). will it benefit my loan modification review if I do a bankruptcy (thereby eliminating my credit debt, etc)? I am aware of the consequences of a bankruptcy. Please let me know.”

There is no benefit to bankruptcy if you are up to date on your unsecured debt. There is a good chance you would spend a bunch of time and money going through the process and end up in Chapter 13 with only a small reduction in your payments. Things like car insurance could not possibly be reduced by bankruptcy and may actually go up if your credit is trashed.

I have few more doubts: In case of the whole EMI deduction allowed or not, is there any specific limits for the declaration of Principal and/or Interest amount paid per annum ? Is the HRA claim possible even when the home loan EMI declaration is done ? For an annual gross of 14.5 lakhs with NO salary breakup and 31k home loan EMI { 18.5k HRA claimed,now in rental, new home pjt yet to finish } , how to reduce the 30k Income Tax paid ? Can anyone suggest ? I am in great confusion ‘coz i heard the interest part of the EMI cant be deducted for IT purposes. Is it so ? Please help… Also, i heard, there is a possibility to reduce Income Tax by gifting 1 to 2 lakhs to one’s each parent. Is that true ? In that case, is the gift to be made as a notary settlement or agreement etc? will there be any charges paid for that like service tax etc… Does that gifted amount itself will be tax-exempted ? [ deducted from one's gross income when income tax is calculated ] OR the income from investments made out of THAT gifted amount will alone be Tax-exempted ?

Yes you can claim loan deduction as well as HRA if and only if you have taken another house on rent due to your place of work. Means you are not able to live in your own home because you have to work far away and it it not possible to come and go on daily basis. You are eligible for deduction of maximum Rs. 100,000 (principal repayment) under section 80 C. You are also eligible for deduction of maximum Rs. 150,000 on interest paid during the year. The gift part is not allowed as deduction for you. You can gift to your parents for any amount and that will not be taxable income for your parents. You have to pay tax on your income as per normal rule and out of that income, after paying tax on it, you can gift to your parents. The gifted money will not be taxable income for your parents.

I have purchased apartment in City A in Jan -08 and Complete home loan is disbursed to builder in Feb-08. I have paid 15000 as Pre EMI in Month on Feb-08 and Regular EMI of 31000 in the month of March-08. This property is in construction and hopfuly I will get possession in Jan-09. Currently I am staying city B in rented house for that I have paid 75000 rent for the year 2007-08. 1> So Can claim for Pre EMI and Regular EMI amount for IT return for financial year 2007-08 ? 2> As wel as can I claim for Hosue rent which I have already paid for financial year 2007-08 ?
You can only claim the Housing Loan interest after the completion of house. till then the interest payment made by you will get accumulated and after the completion you will get the deduction 1/5 each year in 5 years. For the period your house is under construction, you can claim HRA benefit for the rent paid by you.

What are the fha home loan rate like as of now? I’m looking to use a fha refinance for my current home?

FHA refinance loans seem like my best option at the time for refinancing my home loan. Can anyone provide me with some information pertaining to the current fha rates?

4.875%-5.00% (on a 30 year mortgage) is about the lowest going rate right now. Alot is factored into that rate but that’s what you’re looking at for rate. You can refinance up to 97.75% of the value of home. hope this helps. Good luck.

My home loan goes into an adjustable rate in June of next year. I am wondering what to expect. I currently have a so-so rate… with interest rates dropping or staying the same, what will my adjustable rate do if the market stays like it is now?
your monthly payment goes up next June, starting January of 2008 I would start looking for a fixed rate. You should have (or establishing) an excellent payment history. Don’t be late and don’t pay less.

With excellent credit and money for a down payment, what is the best way to get a low rate home purchase loan?

If I get pre approved for a loan, then I change my mind and go for a lower rate, would checking my credit for the pre aproved loan lower my credit store?
The best way to get a low rate is to work with a ethical loan agent. Don’t let more than two people run your credit. From personal experience if a client knows their score and does not want to run their credit I can quote rates off of what they tell me. Only after we agree to a rate will I get the app in and run the credit to verify. Loan agents can quote off of what you tell them so keep that in mind. Once you pick a lender it will have to be run again for the actual loan process.

I am planning to buy a home – i have put an offer on a house and almost 100% done deal Now I have to look out for a home loan. I am looking at several online interest rate quotes what lenders are giving based on my facts. Some of them are sending quotes for 4.78% 4.5% , now does these rates change when we actually sign there application or do they have to stick with the rates what they have quoted me online ?

John Paul, First, I hope you contacted a good, reputable loan office BEFORE putting an offer on a home. And I hope you are getting good professional guidance through the process. The home buying process can be a thorny one if not handled properly…and the same is true of the home loan process. There is no question that there are some great deals out there…and some great rates. But you have to think of the online deals as “big tent” offerings … while they may well apply to your particular circumstance … they also very well may not. Every lender, online or off, has their pool of offerings … some broader than others. Each has certain criteria that must be followed in securing that loan. And not every loan is available for every borrower. Are you self employed? Do you have a regular salary? Do you get hourly pay? How long have you been working for your current employer? What other fixed debts do you have? Do you pay child support or allimony? Do you have any positive or negative offsetting factors? What are your credit scores? These things, and many other factors, impact what type of loans you may qualify for … and what types may not be available to you at all. I’ve never been a fan of “shopping rates” for the simple reason that they don’t tell the whole story. I remember a buyer of one of my listings “got a great deal” from a particular lender (which he happened to find online). Problem was when he got to closing NOTHING in the loan package bore any resemblance to the loan he THOUGHT he was getting! He thought it was a fixed rate loan … it was not. The home loan rate he’d been quoted was not the rate he actually got. He’d never heard of “negative amortization”, and his loan had it. He never gave any thought to a “prepayment penalty” … his loan had that, too! With a lot of work we were able to get the prepayment penalty waived (this is a BIGGIE because the penalty was over $7,000 in the event he sold his home or refinanced within the FIRST 3 YEARS of the loan!) Even though the terms were horrible, he DID close on his purchase … and went right out and immediately refinanced his new home! My point is that WHAT YOU DON’T KNOW can cost you big time. This is not something to “wing it” with. Talk to friends & coworkers & family who’ve dealt with reliable lenders in the past and ask for recommendations. Most certainly if you are working with a real estate agent, ask them for recommendations as well. We deal with lenders all the time and if the agent is experienced, they have an assortment of lenders they know are professional, reliable, ethical people … and they also know who to avoid!!!! Talk to a few recommended lenders … have them prequalify / preapprove you, making recommendations on programs they think your financial profile best fits. As long as the rates they offer are “in line” with with the market in general, I wouldn’t worry about getting the best “deal”. When you’re looking at just raw numbers, you don’t know what is being “cut” to get to that number. Quite often it’s reliability and/or service. By the way, my preference is to ALWAYS deal with a lender who will shephard you through the process from application to closing on your purchase. As the process moves along, you want to have a real live person you can call to answer questions, follow up to be sure all the proper steps are being taken, and to hold accountable if/when they’re not. Good luck! I know this is an exciting time and I hope all goes well for you!

Do you think the home interest rates will drop? I currently have a 30 year home loan at 6.375%. Should my home loan refinancing to a lower rate if possible?
Stay where you are ! That is a great rate! Unless you want to consolidate debt or you are in an ARM, don’t refinance.

How do i refinance my home loan/mortgage?
My mother used a “VA” loan to pay for our home. the interest rate is above 6% and she is looking to refinance to a lower rate. Now i watch many (money) shows but seein that i dont own a home, i never payed attention. Can you guys/gals give me a run-down of how to go about refinancing a home loan and some possible tips? thank you
If she has a VA loan then have her call the company that holds her mortgage, see if she can get a lower rate with a new loan. They may offer some type of VA streamline refinance so it will be fast and easy and a lower rate for her.

Can I refinance my international home loan in US?
I am a resident of california. I have a home loan in India with an Indian bank. I want to refinance that loan with an US bank so that I pay in dollars and manage loan in US since all my income is from US and I live here. Do you know if there is any bank/credit union that can provide this service?

you can but ask i doubt it. no US bank will know anything about the proper procedures in India relating to mortgages. as best I understand the laws of both India and the US, there is no bank that does business in both countries — not even a foreign to both countries bank.

Should I get home improvement loan or refinance with cash out?
I want to refinance my home to take advantage of lower interests rates. I also want to renovate my house since it has severe structural problems. Should I refinance and get cash out to use for home improvement or should I refinance without cash out and get a separate home improvement loan? What is the difference between the two scenarios?

A refinance with cash out would save you money in the long run. The interest rate would be lower for a 1st mortgage. If you refinanced for a lower interest rate, you would be required to pay for the refinance and other closing cost. Now if you turned around immediately and got a second mortgage or a Home Equity Line of Credit (HELOC) you would once again be required to pay for the loan as well as any related closing cost. On this 2nd mortgage the interest rate would be 2%-3% higher. For any legal or tax matters you should consult with your attorney or tax consultant. I hope this has been of some use to you, good luck. “FIGHT ON”

I have a home loan with SBI,outstanding 3.9 lakhs at 8.75%. How to re-finance the loan?What are the advantages?

I have 120 more months to repay the loan with EMI Rs. 7540. I have already paid 60 EMI.
when you said 120 month more i believe that this is your first month and have just start paying EMI. i believe 8.75 % is a great percentage to get at this point of time. all other FC have atleast 9 %. why you want to re-finance this long. refinance a home loan should be done only and only if the 2nd banker gives you at 2 % less then the exist %. i believe no body will give you at 6.75 % at these market conditions. also if you working the section 24 and sec 80 will bring the home loan to around 5 %. also plz note that from 2011, the direct tax regime will start and these advantages of sec 24 and 80 will be lost.

Which is best SBI Home Loan or ICICI Home loan but why?compare all hidden cost and servicec harge?

SBI will be better , ICICI just not good , they are keep on increasing the rates for existing customer since last 5 years , but once that too now only thet reduced it by .5 points , but they are offering the new loans at much cheaper rates then what there existing customer are having.So they don’t care once you take the loan. SBI is having good repo as it is government bank and it has good practices.

SBI realty home loan?
Hi I have availed SBI realty home loan last year for purchase of plot on a condition that I must start the construction in 2 years. Last year I have estimated the construction cost. It was low when compared to the current rate. I think I could not afford that much for construction now. What actions can the bank take against me in case if I am not starting within the stipulated time of 2 years? I have availed loan from SBI (india).

I am a first time home buyer and am in the process of doing research to ge a home loan. The home loan calculator I can find say rates are based on married, two dependent households. Because I have no dependents and all of my income would go toward my own expenses does that make me eligible for more than a married household that brings in equal income to what I earn? 
Well, you do not get to file as married because you own a home. But, no, being single does not effect your ability to obtain a loan. In fact it would be illegal to discriminate against you for your family status.

Does any one have the best Financial Calculators in australia for home loan on line?

I do qualify for a VA home loan, is it possible to get approved for a higher loan amount?
I have done those “mortgage calculators” , most of them say I can afford between 140,000 and 165,000…however the house Im looking at is 180,000. I was just wondering if it could be possible since it is a guaranteed loan to be approved for more….thanks! 

If you are approved through an automated underwriting system on a VA loan, the ratios are waived. You need to get with a lender who can run the application for you at the higher price. If you would like, you can contact me through the e-mail link in my profile. I would be happy to help if you would like. Good luck.

What’s the additional cost that needs to be figured into a home loan other than then actual payment?
The mortgage company said they would give me a 7% interest rate, not bad considering my credit is shot. So I punch that into a amortization calculator and get a payment on a $75,000 house at $498.98. Yet, the broker said my payment would be about $705. What else are they figuring in to the payment? What formula or numbers are the lenders using to give me the rough number? How can I figure the taxes, insurance, etc cost myself so I can get a better number on paper to build my budget around? 

Like they say the extra is the property taxes and the homeowners insurance. The actual figure for property taxes will depend on which house you buy. If you already have it picked out you can look up the real figure and the lender can actually help you do that. The homeowners insurance depends on your credit (believe it or not) and the size, age, condition and location of the house. It also depends on what kind of coverage you want, how large a deduct able you want, and if you also have your car insurance thru the same company. Shop around and ask a few companies for quotes. But your lender is probably just guessing right now and one guess might be as good as another.

My mother used a “VA” loan to pay for our home. the interest rate is above 6% and she is looking to refinance to a lower rate. Now i watch many (money) shows but seein that i dont own a home, i never payed attention. Can you guys/gals give me a run-down of how to go about refinancing a home loan and some possible tips? thank you 

If she has a VA loan then have her call the company that holds her mortgage, see if she can get a lower rate with a new loan. They may offer some type of VA streamline refinance so it will be fast and easy and a lower rate for her.

Tel me some tips to get home loan promptly?

The first thing to do is get your credit report. You can get them free. You will need to see the scores, but for now, just check to see whats on them. Second you must realize your monthly income will determine how much of a home loan payment you can afford monthly. It should be about 28% of your Gross monthly pay. Just multiply your monthly income times 28. Third, read up on newpapers in your town on what’s selling and the prices. To simplify for now, multiply your annual income times 3.5 to get the total amount of a house you could buy, with good credit (over 620 score). Lastly, if you want to buy a home with no down payment, only go to those mortgage brokers who are advertising zero percent purchase programs. Have your last 2 years w-2’s, your last 3 months bank statements and paystubs for your last month handy. You may need NONE of these, or more depending on the loan program your broker qualifies you for. Obviously there’s a little more to it, but this makes you financially prepared.

Do you have any home loan tips on how to get more money for a home loan?

1. Improve your credit score. If you’ve got a credit card, use it a few times and pay it off on time CONSISTENTLY. That will show reliability in paying your debts. Let them know about any assets that they don’t know about that you might use as collateral — assuming you want them to have that information. Liquid assets like stocks, bonds, investment certificates, and old fashioned cash tend to be better than hard assets like houses for such negotiations. Hard assets like real estate aren’t worth much to a bank, as they can only recover their money if they can sell it, and that takes a lot of time and effort. 2. Have other financial products at that bank. If you’ve got your investments, insurance, and bank accounts through them, they’re more likely to offer you more, and give you a more favorable rate. A history of business with them will make them more comfortable about lending you money, and they obviously would prefer that you keep your financial business with them. Of course, if you only have a single small bank account with them, you’re not going to get much mileage out of this. Don’t expect any sane banker to offer you more than the equivalent of your high value assets in a loan. ie. doubling the money you have on hand. That’s typically the maximum you can get a loan for. How close you get depends on how confident they are that you’ll actually pay back the money. The only way you can really get more than that would be if you can find someone willing to co-sign for you. Basically a co-signer is someone who’s willing to be on the hook for paying back the loan if you don’t. I’m sure you can see why a lot of people would be reluctant to co-sign for someone. 

What should be my income for availing a home loan for say 25 lakhs?how do i calculate the eligibility amount based on my income?

for avail home loan ts. 25 L, your annual income 500000-550000 lakh. but remember bank give the loan after check your past three years financial record’s, past 6-7 months bank statement, your any other loan schedule & verify your property (which will you purchase), if your all documents suitable for loan then bank give to you loan.

Is home loan interest no limit exemption applicable for a property where my parents live?

I have taken a home loan India for a property at my native where my parents live.I am staying in Chennai at a rented house.Shall i claim the whole interest(more than 150000) i am paying for the home loan since the property is not self occupied.And also shall i claim HRA exemption for the rent i am paying

As long as you have not rented out the house, even if you keep it vacant it is deemed ’self-occupied’. You are eligible for tax benefit on interest of Rs 1.5 L. You can claim HRA exemption if you are receiving HRA in your salary. The actual HRA deduction, u/s 10(13A), you will be entitled to will be the least of the following: •The actual amount of HRA received. •40% of salary. This increases to 50% if you are renting out the house in Delhi, Mumbai, Chennai or Kolkata. •Rent paid minus 10% of salary (basic component + dearness allowance)

When can one get the documents back after repaying his home loan? How long does it takes?

If someone pay his/her home loan in between (Accepting the penalty od 2-2.5 % whatever) then when should the bank returns the documents and how?

The bank (or actually, a service provider for the bank) will record a “re-conveyance”. Once the reconveyance is recorded, they will mail you a copy. Allow 4 weeks. (Perhaps 6 weeks in the current fiscal mess.)

Can I save long term capital gain by repaying home loan ?

I’m planning to buy a flat in delhi by taking home loan. I have a house for sell. Now the question is – If I buy flat first and sell house later and pay the long term capital gain to the bank to lessen the amount of loan, will it save Capital gain tax ? for your information, I’ve bought my house in 1998.

What would be the EMI if I take Rs.1,00,000/- as Home Loan at Kolkata, India. I want to have a comparative chart of various banks.

To get the honest picture, this you should and would have to get it yourself. It is very simple. Many sites provide EMI calculators including SBI. Independent EMI calculators are also available in plenty all over the Internet. All you need to have is the amount of loan, rate of interest, period of loan and compounding method any bank is applying in your case. You can vary any or all these four components at your ease with this calculator and come to know of an EMI for that respective combination. This will make you self-sufficient also in this aspect.

Who offers the lowest 20 year home loan emi in india?

SBI easy loan scheme 8% 2. LIC housing Finance 8.75% 3. axis bank 8.75%

Unable to pay home loan emi’s?

I took a loan from ICICI Bank but due to severe set back in my business I have been unable to pay my last two EMI’S.NOW what I need to know is what might happen if I am not able to pay up in near future, which seems a possibility.Will I be arrested ? Can the bank people take my household items etc.The bank has the property papers as security for the above loan. The banks agents are harassing me every day.Somebody please tell me exact procedure which the bank follows if a customer is not able to pay.

Bank has legal rights against you but they have to follow lengthy legal procedures. Straightaway arresting and possession of household goods is not likely to be. Please do not lose mental tranquility. Have confidence in you. Sometimes difficult times also come in life. Take stock of position. Have a discussion with bank manager and request them to reschedule the repayment of total due amount. Simultaneously you try to negotiate with any other bank to raise bigger loan. Pay off this out of that and property can be re-mortgaged to new financier. What you have is loan with bigger installment (per month) in less time. What you require is less installments(per month) in longer period. You can try nationalized bank too. Take help of persons who arrange bank finance. Cool-minded, please take stock of present position – discuss the matter with your family members and have blueprint of future. But have faith in God. He will help you out. Do not be panicky. If needed take help of lawyer. But best recourse will be to negotiate with your bank.