hello,
I am doctor, at present i am running my own clinic in rental space cine last 3 yrs.
now i need to expand it further so need more space for this. at present i have either of 2 option first, i go for rental space in same premises or purchase it near by new devloping location.
financial scenario: present rate is 12ooo with 10% rise every yr
new rent for minimum 5 yrs contract 30000 with 10% rise every yr
i finalized two different location for purchase of place. total project cost is 85 lacs at one place and other costing me 95 lacs.
i applied for loan in bank for around 75lacs at rate of 11% for tenure of 10 yrs, i find it difficult to get such amount of loan from bank so i need to arrange money from local source at rate of 12% . it was around 20lacs in first scenario.( in place of 85 lacs – project cost)
real estate rate rise about 25% in last 2 yrs in our area.
so please tell me which is better option for me.