Stretch Loans

[oltimer]

I have been thinking about getting a housing loan. The need is simple

A 3 bedroom apartment in/around Chennai

Near OMR / Medavakkam if possible in the City :o

Must have some schools nearby

Must have some shops/healthcare facilities

(Gees, sounds like what everyone else wants!)

Anyway, in this journey, I went about finding out what is in my budget, now it turns out that what I can afford comfortably is going to be very far away from civilization unfortunately.

So I set about trying to find out innovative ways to come closer to civilisation and realise my dream. In other words, ways to stretch my budget. Because of some horrid values borrowing money from friends and family is out of question for me.

Now I turn to the banks and throw the problem back to them ... here is what I found!

My best bet was a loan plan from Corporation bank where they would give me 130% of what I was eligible for! dont believe it ... see the below URL point 19.

http://www.corpbank.com/asp/0100text.asp?presentID=54&headID=19

So approach corp bank with a smile only to hear that the scheme has been stopped :cry:

I am trying to find other banks that have similar schemes but without much luck so far!

So people, please can you share any other information you have in this regard and help me with any information that you may have?

[avasanth]

Have you thought of buying only what you can afford now ? Debt is a four letter word. Not borrowing from friends and family is a very sensible thing, its no horrid value.

The reason we have never had a banking crisis in India is because banks have been very conservative, unlike the banks in US who threw the rule book on lending out of the window. I hope you dont find a bank in India that lets you stretch.

[vvjames1]

Loan to a business enterprise that has elements of both asset based and cash-flow lending. A loan that is extended to another party, either an individual or subsidiary company, that requires a large proportion of the party's cash flows to service the loan on a monthly basis.The Stretch Loan is a special loan program designed to help those who need a small-dollar loan to help during a short time period.