I have booked a flat at Thane and the construction will be over by Dec 2006. The flat cost 23 lacs. I have applied for home loan and they have suggested a scheme for me which I would like to discuss with you. The scheme is as follows:- I would take a home loan of amount 20 lacs. The EMI would be around Rs. 15k- per month for 20 years. I would pay the bank 15k /- EMI from the beginning of the disbursement however the pointed to be noted here is the disbursement to the builder will not be 20 lacs, but in parts as per the demand of the builder in break ups till the project is completed. For Ex: On October 1st I ask the bank to disburse 5 lacs to the builder and the EMI would start from the same month and I pay bank Rs 15k. They would calculate the EMI for 5 lacs and would deduct the amount from the 15k. For instance if the EMI for 5 lacs is 5k, it would get minus from 15k so rest is 10k which would get minus from the outstanding principal. I understand the principle of 1 lac exemption for principal and 1.5lacs for interest component. Would the same rule apply for me? Will the calculation differ as I havent yet taken the possession of the flat? This is not a pre-emi schm
I strongly feel that investing in a house in Bangalore is stupidity.
The utter waste condition of roads and bad infrastructure, ever lasting flyover construction . .all that makes me feel that I should go back to my native and invest there.
I feel that Chennai is much better than Bangalore excepting for climate which people can customize to their needs.
I have already invested in Chennai and am looking forward for all others to do the same to develop your own state.
Let Bangalore woes still remain there.
Buying an apartment for 25 lacs and then there are few points there in it. (a) If something happens to the apartment, the entire investment goes waste. (b) After 100 years the building gets back to the owner of the land . . .even if the person is not alive, the effort and investment he made is waste. (c) Tension thinking of paying EMI for a good part of your only life.
All these caused aversion in investing in Bangalore apartment.
