Q:
Hi,
I am looking for resale flat in Bhayandar (w) near railway station.
The current market rate in the area is around Rs. Rs 9,000 to Rs 10,000 psf. Therefore, the market value for a 1 BHK flat of area 630 to 650 sf is around Rs 60 L.
I have bank pre-approved home loan of Rs 50 L, therefore managing a down payment of Rs 12 L and rest Rs 48 L as home loan i can afford and purchase the resale flats in
the area.
However, i don't its valuation price from bank.
My question,
1. What If, the bank valuation comes less than the estimated price by the seller?
2. Also, i cannot pay the token amount until the bank approves and gives me the valuation for the property.
3. Flats due delay in the banking procedure, may get sell leaving me without a flat.
Please help me and answer my above question.
Ques.1. What If, the bank valuation comes less than the estimated price by the seller?
Response --- It's possible as the bank may refer ready recknor and decide the price of the flat. If it happens then u can only avail home loan to the max tuen of 80% of valuation - rest becomes ur contribution.
Ques. 2.Also, i cannot pay the token amount until the bank approves and gives me the valuation for the property.
Response --- Pay the token amount and lock the flat, then response01 above applies.
Ques. 3. Flats due delay in the banking procedure, may get sell leaving me without a flat. Please help me and answer my above question.
Response --- Quite possible - see response2 above and then apply response1 above
Hope u have got answers...Ques.1. What If, the bank valuation comes less than the estimated price by the seller?
Response --- It's possible as the bank may refer ready recknor and decide the price of the flat. If it happens then u can only avail home loan to the max tuen of 80% of valuation - rest becomes ur contribution.
Ques. 2.Also, i cannot pay the token amount until the bank approves and gives me the valuation for the property.
Response --- Pay the token amount and lock the flat, then response01 above applies.
Ques. 3. Flats due delay in the banking procedure, may get sell leaving me without a flat. Please help me and answer my above question.
Response --- Quite possible - see response2 above and then apply response1 above
Hope u have got answers...
Thanks Richa for providing information on payment of property tax in Coimbatore.Thanks Richa for providing information on payment of property tax in Coimbatore.
