Steps I did, to get my building plan approval

[ramki067]

This is really an enlightenment to me!
Was really hopeful of getting a plan approval letter and get a bank loan from repco bank. Not able to sell the site with emotion as this site is from my parents.
Now, only hope is NBFCs. Lets see will try this weekend.

Thanks,
Ramki

[ramki067]

Just called up BBMP T Dasarahalli and they said they will not give plan approval letter for "B" Khatas. Thereby, getting loan in a bank is next to impossible.
Is there any other way i can get loan and claim housing loan interest through 80C for income tax?

Thanks,
Ramki

[ravivasudeva]

In my construction plan, i have 3 units (i.e. 3 kitchen) and space for 2 car parking only. The construction will be GF, FF and SF. Provision for parking is in the GF. If BBMP rule says each unit should have 1 car park, then my plan will not satisfy this condition. To get the plan sanctioned, i can show i have 2 units only (i.e. one of the kitchen can be shown in the plan as a living room) and get approval. Further, i think number of BESCOM meter connections is equal to number of units approved. If i do so, then i am eligible for only 2 meters instead of 3. How to solve this issue?

[m_d1982]

Ramki,
You can try DHFL, Can Fin, IndiaBulls ( IB Used to provide not sure now). If your looking at loan >20L you can try co operative society.

Please note you might need to pay "Service Charge" thats what i was told when i was looking for the loan for 'B' Katha. Golden rule don't pay anything to the agent till you have the Sanction letter in hand. 50% once you get sanction letter, remaining 50% once you have the first disbursement.

[ramki067]

Thanks Martin.
My mom is a member of a co-operative society. With loan taken from co-op society qualify for Housing loan column of Income tax?
What is the percentage of this "Service charge" they charge?

Regards,
Ramki

[m_d1982]

hey Ramki..

My previous post has a Typo Cooperative society gives Max <20-25L. Service charge that was quoted for me by the agent for DHFL was 4% of total loan value and he also gave me list of justification why he was charging so high.
For Can Fin surprisingly i got a quote of 1%. The loan process was almost complete but i asked them to hold on as i decided to sell the land.

So you can take an average between 1% to 4%.

[ramki067]

Thanks Martin.
Yes, we discussed and we are going for CanFin and its service charges are indeed 1%. Only thing wanted to know is does this Home Loan qualify for Income tax benefits.

Rgrds,
Ramki

[m_d1982]

Yes Ramki,
As its processed as a home loan in your case a construction loan. you will get tax benefits uder 80C & Section 24

[ramki067]

Thanks very much Martin.

[vijaykumarthapa]

Ramki..my colleague has taken loan on B khata site from DHFL and got it approved and he is claiming it under 80C.
Note: Interest is very high compared to any other banks, he had to pay some commission to DHFL guys and they don't release first installment unless you use your share of money for construction initially.
Vijay Thapa