Home loan


#1

Hi…having experience of more then 20 years and now changed job so after changing job within how many months I can apply for home loan …


#2

Hi Jeegnapathak,

It is best not to change your job after you have submitted your Home Loan application, that is, during the application process. This is because the lender will verify your office address and will actually come to your office to check if you are working there. In case you change jobs during the application process, you might have to resubmit your Home Loan application because the application will be processed based on work documents such as your salary and the company where you work. Some lenders might even have a condition where you should have worked at your present place for at least 6 months or should be a confirmed employee.

To avoid these hassles, you should change your job before submitting the Home Loan application or after the Home Loan has been processed and sanctioned. It is best not to use your salary account for Home Loan EMI payments if you are planning to change your job. You could use a different account for EMIs so that EMIs can remain uninterrupted even after you change your job. However, ensure that you have sufficient funds in the account before the EMI becomes due.

For salaried employees, he/she is required to be a permanent employee of the firm which can be either a private company or a government organization. Employees working in reputed companies are preferred when compared to run of the mill companies. Documents like bank account details and income slips are produced as official documents. Employees working in reputed organizations with a steady income are usually qualified to avail Home Loans. Home Loans can be applied even in the name of your spouse if you want.

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Cheers,
BB Expert


#3

Hi Anand,

This is as per the clarification provided by the Central Board Of Excise and Customs. The Central Board has also said that effective rate of GST payable on purchase of under-construction residential or commercial properties from builder involving transfer of interest in land or individual share of land to the buyer is 12% with full input tax credit (ITC).

Also note that consideration which doesn’t constitute transfer in land or undivided share of land as part of consideration, such as construction services provided by a sub-contractor to the builder, attract GST at the standard rate of 18% with full ITC.

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Cheers,
BB Expert