Hello Experts,
I have just taken a housing loan of Rs. 40 L under Max Gain house loan scheme from SBI on a resale under construction property and have got two primary questions
1) I bought the under construction flat for Rs. 57 Lac that includes the premium but bank considered the cost as per the initial rate at which the owner bought it i.e. at Rs. 51.4 lac. Bank has sanctioned a loan of Rs. 40 L on this and expects me to pay the rest i.e. Rs. 11.4 lac from my pocket. The problem is that if I pay to the owner the premium plus some extra money i’ll be in a deficit of Rs. 4 L that needs to be paid to the owner
My question is that somebody told me that bank will not be disbursing the amount that is yet to be demanded by the builder i.e. around 14 L and if it does happen i’m in a trouble. Is there any way I can ask the Bank to disburse 30L of the total sanctioned loan and later I contribute in the demand whatever is there from the builder i.e. Bank can retain 10L of the sanctioned amount now instead of 14L that builder is yet to demand.
2) My ECS they have set is about Rs. 38000 p.m that starts after 18 months and now I want to know that what would be the EMI now if I take out 30 L from the OD account and what happens if I put some money in the OD account each month or whenever I have some money in hand. If I contribute some amount then my EMI (Interest) uptil 18 months and then EMI after 18 months would get lesser or remain same.
I would like my EMIs to go down instead of other things going down like repayment time etc.
I’ll really appreciate expert comments on my queries.
Cheers !