POSTED BY July 11, 2012 1:11 pm ONE COMMENTON
Sir, I propose to buy a flat in Chennai costing around Rs.33,19,000/- for 1BHK. The builder wants to me pay Rs.9,50,000 on booking of flat and the remaining on monthly @ Rs.72,700/- for 30 months. The builder yet start his multi-storied flats construction. He said it will take a minimum of 30 months to finish construction and on handing over he will register the UDS along with the flat. Is it worth buying a flat from him ? He makes only agreement. If I take loan from Bank/LIC around 25,36,000/-, at the starting stage itself, how the bank will calculate interest since they have to may monthly Rs.72,700/- to the builder ? Secondly, what is the interest I have to Bank for 15 years ? How much I lose since I pay to builder @ Rs.72,000/- advance for 30 months without any possession ? Is it correct to go for this project ? If builder defaults, what will be the loan taken from the Bank/LIC ?
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