Home loan from bank against mortgage + pension

Querist : Anonymous (Querist) 23 June 2018 This query is : Resolved
Sir, I am 62 and drawing pension INR 40,000.00 per month (including Dearness Pension) from Central Pension Accounting Office (CPAO). I have a residential flat (1124 sft built-up area) in District Thane, Maharashtra (PIN 421601). With this details I would like to go for home loan from bank. The proposed flat would be in Pune. Kindly update me about complete details with regard to my eligibility for home loan from bank (preferably from SBI). Thanks and Regards

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Guest (Expert) 23 June 2018
Eligibility depends upon the home loan rules of the bank concerned. No legal aspect is involved in your problem. Please get in touch with the nearest SBI branch.

rajeev sharma (Expert) 23 June 2018
Sir it a forum of law experts not of loan selling agents of bank . Contact bank .

Ms.Usha Kapoor (Expert) 23 June 2018
Agree with Rajeev Sharma

R.Ramachandran (Expert) 23 June 2018
Dear Sir,
Considering your Age and your retired stage, I am replying your query.
Banks and Financial Institutions give Home Loans based on the paying capacity of the borrower.
In your case, you are already retired. You do not seem to be having any other income except the Pension of Rs. 40000 p.m.
It is also not clear as to how much amount of home loan that you are looking for.
By looking at the link
https://www.myloancare.in/home-loan-eligibility-calculator/sbi

You will be able to see that SBI Home Loan Eligibility Calculator India 2018 is as under:
Last Updated 22nd Jun 2018
SBI Loan Eligibility Calculator
Eligibility Criteria SBI Home Loan
Eligible Age of Borrower 18 - 70 years
Minimum Eligible Income Rs. 25,000 and above
Work Experience for Salaried 2 years
Business Stability for Self Employed 5 years
Loan Amount Eligibility Rs. 15 Lakh to Rs. 10 Cr
Maximum loan as percent of property value Upto 90%
Maximum EMI as percent of income Up to 65%
SBI home loan eligibility is calculated based on your age, income, property value and repayment capacity.Increase your SBI housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan.

SBI Home Loan Calculator 2018
Last Updated 22nd Jun 2018
Get monthly EMI as low as Rs. 765 per lakh on SBI home loan. Housing loan EMI in SBI depends upon loan amount, loan tenure and interest rate.Check Best Offers

SBI Home Loan EMI Calculator
Loan Amount 10 year loan 15 year loan 30 year loan
Rs. 20 Lakh Rs. 24,744 Rs. 19,636 Rs. 15,307
Rs. 30 Lakh Rs. 37,116 Rs. 29,454 Rs. 22,961
Rs. 50 Lakh Rs. 61,859 Rs. 49,091 Rs. 38,269

SBI gives only maximum 90% of the value of the house as loan. The remaining 10% has to be put from your pocket.

All said and done, it is the lending Bank, which has to decide whether they will be ready to give you home loan or not.
Therefore, as already indicated by several Experts here, please visit your SBI Branch and make enquiries.

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Kumar Doab (Expert) 23 June 2018
Pls post with your ID and not as AQ and you can get many replies.
Your ID does not mean your email id or phone number and don’t post these also.