Q:
Hi,
I want to know more about the maintenance charges mostly followed in bangalore apartments. On what basis the maintenance charges are calculated using per sq.ft. area of an individual's home? Maintenance charges are applicable to the maintenance of common areas like entrance corridors, play area, usage of other amenities etc. Please let me know where does the question of per sq.ft. area of an individual's home come into picture here. Thanks
Thank you Kanthi for your reply. I have already read this article. But my question is; why do associations follow the method of "per square feet". Since the maintenance charges are collected to maintain the facilities and amenities which are common to all the people in an apartment, it should be divided equally by the number of flats. How does it relate to one's individual house area? So for example; if an apartment has basic facilities that include electricity consumed for common area lighting, lift, pumping water to overhead tank, and security guard. The expenses incurred for these facilities should be divided equally among the owners/tenants regardless of square feet area of one's individual house. Please let me know if my understanding is correct. Thanks.Thank you Kanthi for your reply. I have already read this article. But my question is; why do associations follow the method of "per square feet". Since the maintenance charges are collected to maintain the facilities and amenities which are common to all the people in an apartment, it should be divided equally by the number of flats. How does it relate to one's individual house area? So for example; if an apartment has basic facilities that include electricity consumed for common area lighting, lift, pumping water to overhead tank, and security guard. The expenses incurred for these facilities should be divided equally among the owners/tenants regardless of square feet area of one's individual house. Please let me know if my understanding is correct. Thanks.
Q:
Hi,
I'm 25 year old working in an IT company and my father is 52 working in BSNL. Our gross income is 12 lakh per annum. Together we want to take up a home loan. Please let me know what is the maximum loan amount that can be disbursed and the applicable tenure? Also, what happens to the loan amount when my dad retires at the age of 60?
Can the loan tenure be extended only with my name when my dad retires? Is there a provision for this?Can the loan tenure be extended only with my name when my dad retires? Is there a provision for this?
My comments to replies
The term of the loan can be a maximum of 20 years, subject to the retirement age of the older applicant (in your case father). So I believe if your father is retiring in the age 60, then you will be eligible for the loan maximun of 8 years.
Thank you Rakesh for your reply. I have another question here; if we take up the joint loan for 8 years (max. tenure in my case) , after my dad retires I believe only I will be responsible for the remaining part of the loan, is it possible?
9th December 2013
You can also go for individual home loan as you are young and earning good and for the bank's formality you can add you father as guarantor for loan
Thank you Abhilasha for your reply. I earn about 6 lakhs PA. Yes, I can take up the loan individually, but I'm trying to increase the loan amount to be disbursed by the bank by taking up the loan jointly. And if there is an option of switching the loan type from "Joint" to "Individual" when my dad retires, I believe it would be good. Any info on this would be great? Thanks.
9th December 2013
SDcdghdukiy
Hi Sanket,
I believe I expect an answer to my question and not an apartment resident's name. Thanks for your valuable time for replying.
6th December 2013
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