POSTED BY April 13, 2013 6:31 pm ONE COMMENTON
I am 28 married , planning to buy a house worth 30 lacs which i will get the possession in 30 months from now . i.e in oct 2016. Reputation of builder and the possession dates are not at stake , in the sense that its a well known builder from mangalore. AND SO CURRENTLY FOR THE SAKE OF SIMPLICITY LETS NOT TAKE THESE TRIVIAL ISSUES INTO CONSIDERATION FOR DISCUSSION.Purely from a financial point of view kindly let me know which of the following methods will be of maximum advantage and beneficial – considering other various aspects including income tax. downpayment of 6 lacs will be done , i have a surplus of around 80,000 per month ( from both of my and spouse income )
1. take a home loan from sbi max gain of 24 lacs / 10 years term joint loan with my spouse – i want to ask few doubts regarding this type of home loan –
a. If the possession of the house is in oct 2016 – when will the emi start?
( regular emi of approx 35000 is it from oct 2016 ? )
b. Can i make a payment of say 80,000 every month for 30 months till possession from this month onwards , once loan procedure is sanctioned even before loan disbursement or is this not allowed and there is some restrictions regarding such payment. What is such type of payment called – pre emi , full emi or tranche emi or any other name ?
c. If point b works out , by the end of possession , do i need to pay any interest on sanctioned loan ? or how much interest approx i would have to pay
d. Can i claim tax benefit in such cases , atleast principal repaid benefit
2. OR is it beneficial to pay 80,000 per month for 30 months ? The only caveat here is in case of loss of income of my spouse due to us planning for a kid sometime in next 30 months , i wont be able to spare 80000 surplus towards this goal and hence considering for sbi max gain
3. In case point b is valid for payment of 80000 per month right from this month onwards , once sbi maxgain is sanctioned – How about taking a loan of just 8 lacs as against the full amount of 24 lacs to circumvent the problem of loss of income for approx 10 months due to the possible future arrival of kid ( 80000 * 10 )