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How to calculate interest amount on loan?- Property Hotline
Posted
November 24, 2016
Views
145
November 24, 2016
145
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1:56Now PlayingExpert: Ashish Sodhani, Tax Expert.
Question: I have taken a loan of Rs 25 lakh from a bank. Subsequently, they have enhanced the loan by Rs 6 lakh. Now, it totals to Rs 31 lakh. I have pledged my present residence. Subsequently, I had to sell his house for Rs 35 lakh. Bank has now reduced Rs 6 lakh and remaining has been adjusted with interest. Now, if I sell the house, will it to go for capital loan or capital + interest that comes to Rs 55 lakh rupees? They have adjusted my residential amount against Rs 6 lakh + interest. The Rs 25 lakh loan remains as it is. Again they are demanding Rs 25 lakh + interest.
Answer: Capital and interest should be payable to the bank. Need to provide more facts on the tenure of loan, for calculating interest amount.
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