Can I get a loan from my 401K to use as a down payment towards a home loan?

Technically, YES. Technically, however, doesn’t make something a good idea. Here’s the deal. In my observation, a 401(k) loan is a high-risk proposition. I’ve rarely seen them work out well, to the point that when I advise a client on setting one up I recommend that loans be disallowed. That at least keeps the employer … Read more

I have approved home equity loan. Can I use this loan to buy another property?

You bet. And that is a good strategy. Once you find a property you want to buy you can make an “all cash” offer. This is attractive and motivating to the seller because they know that you have the money and you can close on the property quickly. They see $$ in their eyes. Also, … Read more

If I buy a house from my relatives, can I apply for a home loan for it?

Yes, you can apply for a mortgage but you have to understand that it won’t be considered an “arms-length” transaction; defined as an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete … Read more

What is the process to apply for a home loan In India?

FOR OUTRIGHT PURCHASE OF A READYMADE HOUSE:  Quotation from seller Copy of title deeds Proof of income – salary slip/IT returns Bank statement for last 6 months Confirmation of employment letter from company, if you have been working for less than one year KYC documents NOC from builder/housing society FOR BOOKING A FLAT IN A … Read more