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Should I sell a flat to invest in under-construction property?- Property Hotline
Posted
November 25, 2016
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178
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November 25, 2016
178
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6:01Now PlayingExpert: Expert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert.
Question: I have taken a loan of Rs 17.5 lakh. My salary is Rs 40,000 per month. I am planning to invest on a under construction (UC) property where I can move by 2019. Should I sell the present flat to invest in UC property so that I can pay in instalments? I am looking for a bigger flat
Answer: If you buy an under construction property you will incur rent costs in the meanwhile. Besides you incur the risk that the developer will delay the delivery of the project which is extremely common these days. You will be much better off selling your existing flat and moving into a larger flat where you will be able to get a slightly larger loan which you can pay through Emi. The interest cost on the larger loan will also be lower since you will get a tax deduction for the interest payable unlike the interest payable during the construction period which is non-deductible.
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