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home loans

How many home loans can I take under my name in India

Dream home and home loans is a cause of joy for you, but also a slight cause of worry because the process in itself is lengthy and complex. But hey, that is not a worry for you right? Because you have Regrob.

 

 

One question that we often come across is how many home loans can an individual take in his name in India. Are you also confused regarding this?

Regrob has done the homework on this and we would like to tell you that yes, you can take as many home loans as you wish to. There is no such law that says you need to be servicing just one home loan at a time. There is absolutely no legal constraint. Yes, you are reading this right. If you want to buy 20 properties and need 20 home loans for the same, you can get them all.
You can opt for 20 different home loans from 20 different banks, provided you have a home loan repayment capacity for all of the 20 properties.

 

how many home loans

 

 

But remember, Repayment capacity is the key. Why?

· Banks offer home loans on the criteria of repayment capacity. The sole criterion for determining your eligibility for the home loan is your repayment capacity.

· The CIBIL score is just a measure to tell the banks about your past financial behavior.

· If you have been a credit monger in the past, seeking numerous loans and credit cards, you will have a poor credit score.

· In such a case, the banks are well within their right to deny you a home loan even if you have a repayment capacity to fulfill that loan repayment.

 

 

 

The bank will offer you a loan according to your eligibility based on your income, only if it is convinced.

If you are a genuine investor in property, you have a good track record, and have a clear transaction in all cases. If you fulfill all these conditions, there is no reason for the bank to deny you the home loan you require. Click here to read about Calculate your home loan eligibility.

 

When you seek a home loan, the home loan company will take a look at a number of parameters before a loan is sanctioned. Your savings, income, age, qualifications, nature of work and work experience are some of them. They will also look into how many loans you are currently servicing. Taking all these issues into account, they will determine whether or not you are eligible for a loan and what the sanctioned amount should be.

This process is known as a credit appraisal.

 

If you already paid up one loan and want to go in for another. Again, there is no legal restraint on this as well. If you’re wondering whether you can take these multiple home loans for any type of home, then the answer is again yes. You will even get the tax benefits irrespective of what type of house you want to buy. It could be an apartment ready for occupation, a resale apartment (someone selling their old apartment), and an apartment under construction, a penthouse, a bungalow ready for occupation or maybe even a loan to construct your own little home.

 

 

Are you one of those who are confused whether they are only eligible for a home loan if they are buying a house in the same city in which they reside? Well, Regrob would like to clear that out right away. Click here to read about Tax benefits on home loan.

You are allowed to take a loan to buy a home in another city. The tax benefits will still apply. They are not dependent on the city of your residence. So if you buy a home in Mumbai but are working in Bangalore, the tax benefits still hold. Another worry off your mind, right! So to conclude it all, we would like to restate that there is no upper limit on the number of home loans you wish to take. Just make sure you have a good CIBIL score and can pay off the monthly EMIs.

 

 

So you can see that there is no upper limit on the number of home loans you wish to avail. You should just have a good CIBIL score, and enough earnings to repay the EMIs. You can take all the home loans at the same time, or, you can take them over different times in your life. 

 

 

 

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  • Chandan Kumar

    There is no any upper limit that i can take home loans,but there is some one condition that I can’t take second home home loan from a particular bank untill first loan is cleared.

  • Aatir Kamaal

    Simply answered YES, and another knowledge point is that tax benefits holds pan India so does the rules and your CIBIL score. Regrob does write fine articles, if they can provide a calculator for loans, EMIs, etc. then it would be really helpful.