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POSTED BY ON April 23, 2013 12:55 pm COMMENTS (4)
I am planning to take SBI MAX Gain House loan
Property Value 45L, and it is under construction. Expected hand over in Jun 2014. Now more than 70% completed.
I want to contribute 30L from my savings and loan is planned for 15L.
Please clarify my following question
I have already made 20% contribution 9L.Can I ask bank to do the disbursement of 15L immediatley after loan sanction and I contribute my part later stage?
Will the Full EMI starts after final disbursement? Can we start Full EMI during the part disbursement?
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Dear Kariyan, if it’s going to be Max Gain, why are you not opting 10L self funding & 35L bank Loan? Please clarify?
thanks
Ashal
The banks will always prefer to make the “Last” payment. So they will ask you to make your part of the payment and reserve their amount for pre hand-over/post hand-over payment.
You can select to pay the Pre-EMI (which consists of paying the interest only till the time of hand-over of the flat) after which you can go for the full EMI option.
OR
You can start paying the EMI (which consists of interest as well as principal repayment).
However, please note that the pre-EMI / EMI is applicable only for the disbursed amount and not the total loan amount.
So, if SBI disburses 5 lakh out of the 15 lakhs as the first part of the loan, then only 5 lakh will be considered as the interim loan amount and all calculations (interest/remaining principle) and payments will be as per this amount.
This means after loan sanction we can delay the disbursement?
Yes, you can delay the disbursement. As per the rule, the bank can not disburse the amount without your consent.
In my case (HDFC) I had submitted a written request for the loan disbursal.