Dear All,
I have booked a under construction house worth 45 L wherein i am in process of availing a loan of Rs 30 L from SBI. The house will be constructed max in 2 yrs as per builders commitment.
As of now, i have to just pay 10% of amount on each stage of completion.(4.5 L + service tax).
- Should i go for SBI Maxgain or SBI normal home loan ( I have some funds available). Also i understand that SBI Maxgain benefits i.e. OD facility is available only after disbursement of final amount? In case i do not utilise full 30 L and only take say around 25 L then SBI Maxgain account facility will not be be issued to me? Am i correct?
- Considering the tax benefits will be available only for possession i.e. 2 yrs, how best i can arrange my funding? I have some surplus funds which i can use for 2-3 instalments or should i go right now for SBI Maxgain/ normal home loan?
- In case i opt for any loan, whether i should avail moratorium period or directly start paying EMI?
- Are there any additional annual charges for operating SBI maxgain account as compared to normal home loan?
- Are the interest rates different for Maxgain vs normal home loan?
- Please suggest considering both financial as well as tax angles on the above queries?
- What can be suggestive general insurance premium for 30 L loan of 10 yrs which SBI compels us to take?
- In SBI Rinn Raksha, what is meant by PPT? What is the time will we are covered under insurance? In case we repay loan early whether the benefit is available to us till the period of insurance we opted for?
Thanks,
Amit