last year i had a capital gain of rs.35 lacs which i paid to a builder for purchase of a flat.the flat would cost me around 75 lacs .i need to pay around 40 lacs more. i have toldthe builder that i will make the interiors inside my house as per my choice for which i have hired a designer. he says that the cost of work would be around 70 lacs. that is totalfunds which i require is 75 lacs +70 lacs i.e. around 1.45 to 1.5 cr. out of which already paid rs. 35 lacs. i approached bank for home loan.
sbi home loan rate is low around 9.75 but they said that they would offer me loan only for approximate registry value + MAXIMUM 5% TO 10% OF REGISTRY VALUE FOR THE WORK THAT I HAVE TO DO. SO THAT IS IF I SAY THAT I HAVE PAID 35LACS FOR MY CAPITAL GAIN THEY WOULD FINANCE AROUND 35 LACS MORE.IN THAT CASE I WOULD REQUIRE MORE FUNDS.
I APPROACHED ANOTHER BANK THEY SAID THAT THEY WOULD DISBURSE AROUND 90 LACS FROM WHICH THEY WILL PAY REMAINING PORTION OF REGISTRY AMOUNT TO MY BUILDER AND BALANCE I CAN USE FOR MY WORK. BUT THERE RATE OF INTEREST IS AROUND 11 % APPROX 1.25% EXTRA.
MY QUESTION IS THAT CAN I TAKE A HIGHER LOAN FROM SBI WITHOUT TELLING THEM THAT I HAVE ALREADY PAID 35 LACS .IN THAT CASE THEY WILL FUND ME AROUND 70 LACS. THIS THEY WILL PAY THE BUILDER AT WHATEVER AMOUNT THE REGISTRY IS DONE. THE BUILDER WILL RETURN ME THE EXCESS PAYMENT HE RECD FROM THE BANK AND THAT AMT. I CAN USE FOR MY HOUSE INTERIORS WORK . AND ALSO GET CAPITAL GAINS BENEFIT AS WELL AS HOSING LOAN BENEFIT AS ACTUALLY I HAVE TO SPEND THAT AMOUNT ON MY HOME OR ELSE SHOULD I TAKE THE EASY ROUTE TAKE LOAN AT 1.25% EXTRA AND EASE OUT MY WORKING BUT I WANT TO SAVE ON MY INTEREST COST AS WELL.PLEASE ADVICE ME
CAclubindia
