Query-I have own house with joint holder with my brother; we both are salary employed for 2 years. We are interested to take home loan for repairing and further construction. (Estimated cost is Rs.2 lac and tenure is 7 years) so plz suggest bank and rate of interest.

Answer-The rates of interest for home improvement loans are currently in the range of 11% to 13%. You can approach consolidation portals like www.deal4loans.com for your loan requirement. They are in a position to put you in direct contact with multiple banks who will be able to fulfill your requirement in one go.

Query- I am having Home loan with ICICI bank who is charging very High interest I.e 12.25%. I am planning to change it to some other bank. My out standing amount is rs 11 Lacs and paying ed an EMI of 13,424 already for past 3 Years. I am getting 30 K per month as salary. Could u suggest me , some good bank with less paper work who does this job very fast. My monthly salary is 18000. How much House loan amount can I get?

Answer-The prevalent rate of interest for home loans is between 11% and 13%, depending on the profile of the applicant and the builder. If you do decide to move your home loan from ICICI bank to any other bank, please keep in mind the pre payment penalty that you would need to pay ICICI bank. This is typically between 2% and 4% of the outstanding principal amount.

Query- I have taken some personal loans. Now I have defaulted a couple of times and have a bad credit history. What are the possibilities if there are two or three defaults?

Answer- You cannot correct past bad credit history. You can only ensure that you do not default on any incremental payments to improve the credit history. If your credit history remains bad or deteriorates, you will need to pay higher interest rate on your loans or may not get credit at all.

Query- Hi am planning to buy a land now & construct a house 1 year later. Am I eligible to take home loan & will I get tax exemption for the EMI. if not any other idea.

Answer-You can take a home loan for purchase of land and construction of a house on it. You get a period of 2 years to complete the construction from the point of purchase. You will get tax exemption on the EMI that you pay towards this loan.

Query- I have taken a personal loan for 2.4 lakhs from ICICI bank and I have repaid 6 months till now. am I eligible for another loan anywhere basing on this repayment track of 6 months. my monthly EMI is 7,340/-.

Answer- A lot of banks offer personal loans based in the track record of existing personal loans. The repayment tenure they look at is between 6 months to 30 months.