Individual home loan can be converted into a joint loan

I want to buy a house of ¤50 lakh. After paying some initial amount can I take a home loan of Rs30 lakh, say 6 months after booking the house? My current eligibility is at least Rs30 lakh. Will the bank provide the loan?    
— R K Tyagi

Yes, you can make an application for home loan after paying some initial amount. You can approach any bank for a housing loan provided your income levels justify the loan amount and you enjoy a good credit history.

You can pay the token money and apply for a home loan as and when you wish. It is in your own interest to tie this up quickly since any last minute delays in loan disbursements may result in delays in getting your dream home and you will also have to pay penal interest to the builder.

Before granting the home loan on a specific property the lender will verify titles etc of the property. In the case of under-construction property the lender will ask for the title deeds of the land and necessary permissions from local authorities for construction of the property and approval of the plans.

I am a bachelor. I want to take a house loan now. Is it possible to make my individual home loan into a joint loan after I get married?    — Melvin Fernandes
Once the loan is availed, your bank normally will not have any objection to convert your individual home loan into a joint loan after you get married. But in any case your spouse will not be eligible for any tax benefits simply by becoming a co-borrower. For the purpose of being eligible for tax benefits your spouse will need to be co-owner as well as co-borrower. Making your spouse the co-owner will require the lender’s approval and this will have stamp duty implications.

Sir, I would like to know whether naturopathy, homeopathy treatments are covered under a health policy? If yes, kindly name a few such policies. — Krishnakumar
Naturopathy and homeopathy treatments are not covered under a standard health policy. The coverage is available only for allopathic treatments in recognised hospitals and nursing homes. Some policies have now started covering these expenses as well but the sub limit for such expenses is only Rs25,000 per annum. Even here, it is only hospitalisation expenses that are covered.

I am 40 years old. I would like to take health insurance policy for around Rs5 lakh. Does the insurance company have a fixed annual premium or will they increase the premium on annual basis. Can a person have the insurance for the complete life if he is willing to pay the annual premium? —  Ramesh Narayan
All health plans provide for an increase in premiums based on the age of the insured person. Some plans in addition provide for increasing the premium from the subsequent years if a claim is made in a previous year. The percentage of such increase (also known as loading) is pre-specified in the policy document. Also, premiums can be increased with the prior approval of the regulator, IRDA.

Some companies such as Apollo Munich, United India, Oriental Insurance and Max Bupa allow renewability up to lifetime on some of their policies. The insurance companies cannot deny renewability except on the grounds of fraud. So effectively you get a long-term cover provided you pay premiums and renew your policies on time. However, the amount of annual premiums will increase based on your age and your claim history in some cases.

The writer is CEO, Apna Paisa, a price & features comparison engine for loans,  insurance and investments. He can be reached at hrdna@apnapaisa.com.