Hi
I am looking for passive income on my existing land.
I have a 1500Sqft empty land in a semi urban area. I planning to build a shops (ground floor) and rental houses for 2 stairs. For this i am choosing bank loan. The property was on my parents(65yrs, 55yrs both not working).
Please suggest
1. which type of bank loan should i consider?
2. To complete the bank loan as early as possible and not to pay much interest , any alternate process ?
3. Is retailer/business persons share their business required customized design plan to construct by me. If so, how to do advertisement in that semi urban area ?
2 Answers
Hi,
Did you get the property title transferred to your name? (As you mentioned above - "The property was on my parents..")
May I know if you are a self-employed or a salaried individual?
Hi Sreekanth,
I am a salaried employee having Form16 atleast 5yrs.
Hi,
As your parents are not earning members of your family, they cant get a home loan. Your banker may ask you to become co-borrower to home loan and co-owner of the property (atleast co-borrower).
You have to contact any bank/lender for home loan eligibility check.
Related article :
Joint Home Loan : Eligibility rules & Income Tax Benefits
Thanks Sreekanth.
Please login or Register to submit your answer