Hi Experts,
I am selling My Flat purchase in 2007 Possesion by 2008.Existing home loan on this flat started from Feb-2008(Interest EMI) and Principle by Dec-2008. I want to close my existing home loan by selling this flat and purchase new one on higher amount.
Purchase cost 21 Lakhs (including registration and stamp duty)
Sell Value - 48 Lakhs ( Outstanding home loan 18 Lakhs)
Reinvest New property 50 Lakhs (including registration and stamp duty)
Need your help me to choose any of the following option with the remaining amount after .
1. Either Transfer all remaining funds after closing my home loan. 30 Lakhs
2. Close all personal\CAr loans and keep single home loan. 30 lakh -5 lakh = 25 Lakh to new Flat
3. Need some funds for interior of the flat ? 30 lakh -2 Lakhs =28 Lakhs
Option 1 is quite simple. But can i choose any option 2 and 3 or how much money can I use is the big question.
Thanks
CAclubindia
