I took a car loan last year and I was considering buying a home this year. But I wasn’t sure whether I would get a home loan. I called up my brother-in-law and asked him whether I can get a car loan and home loan at same time. Here is what he told me about this query.
Can I Get Home Loan if I Have Car Loan?
My brother-in-law told me that I could get a home loan despite having a car loan. He also told me that I could get both of them together as well. After this, he provided me with some tips. Here are the tips provided by him.
- Credit Score and History
He told me that a good credit score and a good credit history can make it easier for me to get both loans. He said that banks judge loan applicants through their credit score, and maintaining a 750+ score is the best.
- Relationship With Lender
He told me that this loan application becomes much easier if I have a good relationship with the bank. Banks aim to please their long-term customers, and it will be much easier to apply for a loan from my current bank.
- Down Payment
My brother-in-law also told me that paying a large down payment can make it easier for my loan to get approved. This is because the loan amount to be taken will be lower for the remaining cost.
- Income
According to him, for car loan and home loan at the same time, income plays a huge part in the loan approval process as it acts as proof of repayment ability. Providing the bank with proof of regular high income will help build trust with the bank.
And that’s all he told me about car loan and home loan at same time. Hope this helps.
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Hey,
I was skeptical about taking a home loan and car loan together. I spoke to different bank representatives and figured that many Indian banks offer credible borrowers home loans and car loan at the same time. I don’t think there is any problem in availing both the loans together. Let me explain this bit to you in detail below.
To get home loans at the lowest interest rate check out NoBroker home loan services! Get to know your monthly EMI at your fingertips with the NoBroker EMI calculator Can I take both home loan and car loan?Yes, you can take both home loan and car loan from the lender. You just need to fulfill the eligibility criteria set by the bank. Since, the loan amount for a home loan is typically much higher than a car loan, some banks may require you to provide additional collateral or security for taking both loans together.
Banks that offer car and home loan together are:
HDFC Bank
ICICI Bank
State Bank of India
Axis Bank
Punjab National Bank
Bank of Baroda
Canara Bank
Union Bank of India
IDBI Bank
Kotak Mahindra Bank
I took a home and car loan together from Punjab National Bank. Take a look at the table to know more details.
| Objective | PNB Combo Loan Scheme aims to provide Car Loan at concessional Rate of Interest and attractive / lucrative Terms and conditions to Housing Loan Borrowers (Existing and New). |
| Eligibility | Housing Loan Borrowers with Sanction Limit of Rs. 15 Lacs and above are eligible on or after creation of security on House Property under Housing Loan. Only Brand New 4 Wheelers will be financed under PNB Combo Loan Scheme. Purchase of Old Car will not come under the purview of the scheme. |
| Gross Income | Minimum Gross Income for Salaried Customers - Rs. 50,000/- per month. For Professional and Self Employed / Businessman: Minimum Annual Post-Tax Income of Rs.6.00 lac as per ITR (Average of last 3 years). However, there should be consistent growth in Gross Income in last 3 years The total deduction from income including EMI of existing Housing Loan and other Loan(s) and the proposed EMI of Car Loan should not be more than 60% of Gross income |
| Margin | 10% of the On Road Price of the Car. i.e. Eligible Housing Loan Borrowers will be entitled for Loan to the extent of 90% of on road price of the Vehicle. |
| Repayment Period | The Repayment Period of the Car Loan should be less than or equal to left over repayment period of Housing Loan subject to maximum Repayment Period of 84 Months |
| Additional Security | Car Loan will be secured through extension of Mortgage on the Existing Housing Loan Property |
This is all from my end on home loan and car loan together.
Read More:
What is MOD charges for home loan?
Last 10 years home loan interest rates in India
Can I use the property as collateral for a loan?
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Authors Of The Question
Can I take both home loan and car loan?
Anonymous
1218 Views
2 Answers
1 Year
2023-04-13T12:17:37+00:00 2023-04-13T13:32:59+00:00Comment
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