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:

    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.


  2. Bibhuti bhusoan Mohapatra says:

    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,

  3. 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.



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