So currently I have two home loans:
1bhk 1098000, 13% rate of interest, outstanding amount 8lac+. This property Is self occupied fully furnished. EMI is 11,388rs
3BHK under construction, disbursement of 18lac so far, first EMI PAID this January 17k. Expected possession date is March 2016. loan amount is 54lac.Rate of interest 10.15%. BOTH housing loans are from HDFC.
i have 10lac in savings. Expecting bonus of at least 4lac in February. Also have 7lac in FD (maturing) every 6 months kept for emergency purposes.
cash inflow combined of my spouse and myself is around 1lac 60thousand. i am hoping to buy a commercial property around, estimated around 15lac minimum and renting it out after I get its possession in 1 year or so. I WONT be spending more than 15lac in buying it, don’t really want to lock all money or pile up additional loan to buy that commercial property.
if I pay 8lac and close my 1bhk loan I will not be able to get benefit as the 3bhk is under construction. Once I get 3bhk possession I would be able to claim benefit on both principal and interest for FY 2016-2017. At that time I can use the 1bhk rent to Pay emi of 1BHK or close the 1BHK Loan that time and use the rental income as passive income. till that time I will have to pay two EMIs – current 1bh k emi and increasing Emi of 3BHK Per the disbursed amount, and claim tax benefit using 1bhk loan for FY 2014-15 as well 2015-2016.
I also have a thought that I will handle at least one demand from the builder for my 3bhk, like let’s say 9thslab disbursement ask is 7lac I will try to pay some of it on my own so that I would have taken only 48lac out of sanctioned loan of 54lac. This I am thinking in an effort to reduce the payable loan.
Keeping above in mind I was looking for some advise on optimum ways to handle the situation such that the tax benefit is maximum also my most of maximum goals said above are met.