POSTED BY September 12, 2012 1:04 pm COMMENTS (3)ON
My net salary is Rs. 40500.I want to purchase a new flat in navi mumbai ,cost is Rs.22 lacs.I want to take home loan of Rs 15 lacs from SBI or HUDCO under 1% subsidy scheme .And i want 5 lacs LAP .Can i get loan against existing property (LAP)at dombivali for margin amount payment and home loan for purchase of new flat.
If yes tell me the emi distribution for both loans.
If i cant get loan against property for margin amount payment Then is it ok to show the LAP is for other use like renovation of flat,etc.
Please suggest me.
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3 replies on this article “Can i get loan against property for margin amount payment and home loan for purchase of new flat”
Dear Vijay, please think over your choice. To save on 1% interest due to subsidy, you ‘ll pay higher interest on that LAP. If you do not have margin money to pay, why are you purchasing that flat?
Thanks for the sugestion .
But the temptation of buying house which will give capital appreciation as well as rental income is big.
AM i right ?
Dear Vijay, what about the cost associated with this property in the form of Interest paid by you? Also the rental income is not that much great. Please calculate again for any real benefit.