Need suggestion on tenure of house loan

POSTED BY astrosunil ON September 18, 2013 3:05 pm COMMENTS (5)

I have booked an under construction appt(totally 52L), which is planned to be completed in 2 years. I have 35L in FD’s & can adjust 5L more. Intend to apply house loan for 12L for say 5 years.  I can save about 25K per month approx. Can you please suggest the optimization – how much home loan I must apply & the tenure for the same? Assume interest earned on FD’s will be tax free as its in name of my parents. I come in 20% tax slab, intend to get income tax exemption for the same.

5 replies on this article “Need suggestion on tenure of house loan”

  1. ashalanshu says:

    Dear Astrosunil, there is no official calculator from SBI. A google doc is available on my Blog created by one of the reader ans it’s shared in the comment section. You can check the same.

    My blog address

    asanideasforwealth.wordpress. com

    Thanks

    Ashal

  2. astrosunil says:

    Thanks Ashal, I went through the max gain thread, still need to understand couple of things, very useful indeed & thanks a lot for all those clarifications. Just one doubt, Is there an official calculator from SBI available for MG ? Can you please share the best one available ?

  3. ashalanshu says:

    Dear Sunil, I w’d like you to have a look on SBI max Gain related article in the main site here. Please read with a col mind and repost your query.

    Thanks

    Ashal

  4. astrosunil says:

    Thanks for the reply, saving income tax is not the main purpose, I am applying for 12L loan as I don’t have this amount, please suggest an optimized plan i.e things to take care in my particular case. thanks !

  5. ashalanshu says:

    Dear Astrosunil, if tax benefit is the sole reason, why are you applying for 12L Rs. only & why not more? What about losing interest on FD amount, once it’s used for down payment of the house?

    Thanks

    Ashal

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