Query to take loan or not

POSTED BY Famy Rasheed ON May 30, 2013 5:28 pm ONE COMMENT

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

One reply on this article “Query to take loan or not”

  1. CA Karan Batra says:
    May 30, 2013 at 6:47 pm

    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

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.