21 August 2011
Already Purchased a Home and Need a Home Loan
If you have already purchased a home by pooling your resources and in case of some unexpected developments you need to take loan then you can apply for a home loan. The duration after purchasing a home is about three to six months, where in you can apply for a home loan from any bank or private lending institution.
Many banks have the option for offering home loans to the people who have already purchased a house and have shifted in their new home. As the lenders have the security of the home ownership documents they can go through all the transfer agreements and home documents and offer a home loan to the customers.
Usually people who are having a time problem or other preoccupations need to purchase home immediately. People take personal loan or lion from relatives and friends to make this purchase. After shifting if they feel the interest rate of such private loans is very high they can apply for a home loan and repay this private loan as soon as possible. The banks and lending institutions will offer home loans for such situations but only within a time frame of 6 months after purchase.
It is not that you cannot get home loans after this period. You can apply for a home loan as mortgaging your property or loan against property and get a loan from any bank. Since you have the ownership papers there will not be any problem for lenders to consider your loan proposal.