How many loans can you have

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 loans can you have

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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By making consistent regular payments toward debt service you will eventually pay off your loan. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan.

How many loans can you have

If you feel that you have too much debt, you are not alone. Most people have substantial debt; many have more than they can handle. However, debt is not all bad. Sometimes it makes sense to use borrowed money for investments. However, most folks are not using debt in that way; they are using it to make ordinary purchases of things they would probably be better off without, anyway. In our competitive society, spending has become a status symbol. This encourages people to spend more than they should -- more than they have. Consequently, they run up tremendous debt.

While some debt is okay, too much debt is not. So, how do you know whether you have too much debt or not? First let's look at the different kinds of debt we might incur.

How many loans can you have

While credit stimulates the economy, it does have to be used judiciously. Credit is not money. Derived from the Latin word for "trustworthiness," credit is based on faith that the borrower will repay the debt with real money. One should not use credit in place of money when there is little or no likelihood that payment in real money will be made—using credit without the intent or ability to pay is theft.

Today, credit has become a business in its own right. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 200&9mdash;this is more than double the amount outstanding in 1994. This represents hundreds of billions of dollars in interest earnings to lenders. This is why credit card companies aggressively compete to get you to use their credit cards and services. The marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty.

How many loans can you have

There are many reasons why people find themselves in financial difficulty. The key to resolving financial woes is understanding why the problems arose, making a plan to resolve the problems, and taking action to get back on track.

In the past, you may have managed your debt well—until you lost your job or had a financial setback due to large medical or legal expenses, or investment losses. You may have incurred large debt due to poor spending habits, overuse of credit cards, poor budgeting, or even gambling. Before you can resolve your debt issues, you need to deal with their causes or the problems will recur. Some of these issues you can resolve on your own, while others will require professional help.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

how many loans can you have

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