Dear all,
I am an NRI planning to buy an Under Construction property for end use, which will be ready for possession by end of 2017.
I am planning to do a down payment of 16 Lakhs and a avail a loan of 65 Lakhs. Its a time linked payment, After the initial down payment of 20% I have to pay next 3 EMI’s (9 Lakhs), thereafter I will be paying some 3 lakhs approx for every 2 months.
I can place a surplus amount of close to 1 Lakh every month, in the max gain loan account. So please let me know which Home loan product is best. I have zeroed in on SBI Max Gain, as I can park surplus amounts and reduce my EMI’s., Please clarify my doubts.
Doubts:
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1. For example, I get the 65 L loan sanctioned and the bank pays 5 installments, now i get a lumpsum of 3 lakhs during the sixth installment,
Is it better to park the amount in MG or pay the builder directly? Put it plainly, Can I ask the bank not to disburse the money and pay from my pocket? Is there an advantage.
1.1. And if I do the above some 5 times during the loan tenure, what would happen ? i.e, when I don’t take the full sanctioned amount, will SBI allow me to use that money for other purposes?
2. Or is it simply, best to park all the funds in MG and enjoy low interest?
3. In case I am unable to Pay EMI at a point after say I have parked som 10 L surplus, Is it possible to transfer the surplus amount from my MG account? (Under Construction property). Or its not at all possible to take the surplus even for emi purpose?
4. I am feeling that in my case Max gain has a very little advantage only, is it justified?
Thanks