Loan Facts for Under Construction Property
12 May 2015
Planning to buy an under construction property in Pune? In this case, you have thousands of options of property projects in Pune. Many reputed builders are working on residential and commercial properties at every corner of the city. But before going for such a property, you must check out these home loan facts for under construction properties.
EMI on sanctioned loan amount
If you buy a loan for an under construction property, then your EMI (before getting the possession) will be calculated on the sanctioned loan amount and not on the disbursed loan amount paid to the builder. To give you more insights on it, let us explain with an example. Suppose, a bank has sanctioned a loan of Rs 35 lac, and being under construction property, bank has disbursed Rs 10 lac to the builder. Now, in such a case, you may have to pay an EMI for the entire loan amount i.e. Rs 35 lac, which is 33,776 at the interest rate of 10% pa.
For a loan on an under construction property, you can avail good tax benefits. Section 80 C will help you to get that extra amount for savings.You can get the stamp duty and the registration of your house for free with a loan on an under construction property.
Borrowing a loan from the bank on an under construction property can prove to be wrong if your project delays or defaults. In such a scenario, theloan will be settled only when the borrower pays back the disbursed amount with interest to the bank.
To avoid such instances while borrowing a loan, you must do one thing. Do check the track record and reputation of a builder before going for a home loan. A well trusted builder will never push in such difficult conditions.
Now, if you are planning to buy a home in Pune and availing a loan for an under construction property, then go for the projects developed by Goel Ganga Developers. Their 32 year old presence in the industry will make you comfortable on each and every step.