Your Questions About Home Loans

William asks…

Can you use a home loan for personal stuff?

What if I get a home loan, but not buy a house with it, and instead buy a car or something, will I get in trouble, like arrested, or what? Is this possible to do?

John answers:

Why not get a car loan directly if that is your target? Or perhaps a personal salary loan.

Thomas asks…

What is the process of pre refund home loan amount?

Hi all
I want take home loan,and if i want pre refund home loan amount, so what is the process of pre refund home loan?

John answers:

Just inform the Bank and make payment to the credit of your loan account. Bank has to adjust to the EMI, so inform them.

Linda asks…

where do you apply for a usda guaranteed home loan?

I am interested in applying for a usda home loan, however, I am unclear on where you apply?

John answers:

These loans are also called RD loans- (rural development)- you must have a 620 credit score but they will finance 100% plus the RD fee of 2%. Property must be in a rural location. Call any lender- ask if they do RD loans- you apply through an RD lender. Good luck!

I see where someone said up to a year to process! No way- 30 to 60 days- not sure what lender she has been using but that is ridiculous!

Lastly- do not call one of these people here on your answers- call a lender who does not use YA to get business. A legitimate lender would NEVER do this!

Helen asks…

What are my chances on getting approved for a home loan?

What are my chances on getting approved for a home loan at age of 21 averaging about $30,000-35,000 dollars a year credit score at 696 in Anaheim, Califonia or anywhere in Orange County? Advice appreciated

John answers:

Hi there!

First you need to establish the loan size you’d like. Experts recommend your the maximum you can apply for is 2.5-3 times your annual income. Your max would be about $90,000.

Your credit score isn’t bad, but if you can improve it you’d be in better shape. The better your credit score, the lower interest rate you’ll get, which can save you a ton of money over the life of your loan.

Another thing to consider when thinking about home loan is your debt to income ratio. If your debt to income ratio is more than 30% you’ll have a hard time getting a loan. How long have you been working at your current job?

Home loans are more than just credit scores and income. Speaking with a home loan expert can help you figure out your specific situation.

Good luck, and if you have any other questions let me know!

Nancy asks…

Can I claim Tax benefits on Home Loan more than once?

I have taken a home loan for which I am claiming Tax benefits. I intend to purchase another house with a new loan (after paying off the existing one). Will I be able to claim Tax benefits on the second loan as well?

John answers:

Yes, you can claim the benifits on the 2nd house also. Or you can keep both the houses and claim deduction on both the houses.Subject to Maximim limits allowed

1) Interest on self occupied house= Rs.1.5 lakhs maximum.

2) Interest on the house given on rent: Any amount of interest can be claimed as deduction

3) Both the above interests are separate for the purpose of taxation. Both of them can be claimed individually (separate separately). Say, if the interest paid on self occupied house home loan is 2 lakhs (maximum allowed is only 1.5 lakhs) and the interest paid on the house given on rent is Rs.3 lakhs. Then you can claim both 1.5+3=4.5 lakhs.

4) The deduction u/s 80c, the repayment of loan amount either on the self occupied or house given on rent, or both put together can be claimed up to 1 lakh per year. Say self occupied house repayment is 0.5 lakhs and on the other is 2 lakh. Both put together you can claim only 1 lakh.

Powered by Yahoo! Answers

This entry was posted in Uncategorized. Bookmark the permalink.