To go for loan or not ?

POSTED BY Famy ON May 27, 2013 1:56 pm COMMENTS (3)

I am purchasing an apartment which cost around 80 Lacs (incl registration). I have paid up

to 70 lacs. Now I have to pay 10 lacs more. But I have never taken a home loan as I had enough source until now.

 

I also do have have 10 lacs more in my fixed deposit.

So what do you suggest ? whether to keep the 10 lacs in fixed deposit intact ? and go for 10 lacs loan, so that I will have some amount with me. Orelse avoid load, and break FD, and finish off the deal. But in that case, I will have no balance in my account,  but have to start fresh saving from my salary

 

Please suggest. I am so confused

3 replies on this article “To go for loan or not ?”

  1. Credexpert says:
    May 29, 2013 at 10:13 am

    Dear Famy,

    We would suggest that you retain the money in your fixed deposit account for any future unforseen events and avail a loan for the balance of Rs. 10 lacs.

    Regards,
    Credexpert

    Reply
  2. Bibhuti bhusoan Mohapatra says:
    May 27, 2013 at 4:36 pm

    dear Famy….

    if you taking loan 10.000.00 @10.5% interest for 10years then your Monthly installment coming around 13494/Month, total 1620000/=

    if you fixed amount of 10.000.00 for 10years then you could be getting maturity around 19.000.00/=Lac,

    it means if you go with home loan that is better for you,

    Reply
  3. Ashal Jauhari says:
    May 27, 2013 at 2:48 pm

    Dear Famy, please opt for home loan. In case you do not want to go for home loan, please opt for Overdraft on your existing FD.

    thanks

    Ashal

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.