POSTED BY February 19, 2015 4:33 pm COMMENTS (2)ON
I am a salaried person with monthly income of INR 85,000 and having a home loan from SBI of INR 3,00,000 for which the EMI is about INR 20,000. I am having surplus amount (money) with me by which I can clear this home loan but at the same time I want to buy new property also
my query is as follows
1. If i clear my home loan by selling off INR 3,00,000 from my kitty. I loose the money available for down payment of the Property
2. If I continue to pay the EMI, the loan amount for purchase of new property reduces (as 20,000) are considered as EMI in deductions
Requested some guidance in overcoming this tricky situation.