POSTED BY May 30, 2013 5:28 pm ONE COMMENTON
I am purchasing an apartment which cost around 80 Lacs (incl registration). I have paid up
to 70 lacs. Now I have to pay 10 lacs more. But I have never taken a home loan as I had enough source until now.
I also do have have 10 lacs more in my fixed deposit.
So what do you suggest ? whether to keep the 10 lacs in fixed deposit intact ? and go for 10 lacs loan, so that I will have some amount with me. Orelse avoid load, and break FD, and finish off the deal. But in that case, I will have no balance in my account, but have to start fresh saving from my salary
Please suggest. I am so confused
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One reply on this article “Query to take loan or not”
In my personal opinion, you should take a loan for the following 2 reasons:-
1. Its better to have some savings with you which you may require in case of emergency
2. When a bank gives a loan, it checks all the property documents and ensures that the property is legal and everything is in place. It also conducts those checks which a common man cannot do. So, if the bank gives you a loan for that property, you can be rest assured that everything is legal about this property.
For the above reasons, I would advise you to take a loan.
PS: In your case, you can also take a loan of Rs. 5 Lakhs and put the remaning 5 lakhs by breaking the FD