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Can I take a construction loan to foreclose personal loan? - Property Hotline
Posted
January 6, 2017
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January 6, 2017
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3:22Now PlayingExpert: Kartik Jhaveri, Director, Transcend Consulting (India) Private Limited.
Q: I took a personal loan of Rs 6 lakh to buy a piece of land with EMI being Rs 14,000 and my salary is Rs 40,000. Can I take a mortgage-plus construction loan on my property for construction and foreclose my personal loan?
A: Logic says that the personal loan would be so much higher at around 14-15% interest rate. With your salary of Rs 40,000, you are very comfortably eligible to get around Rs 18-20 lakh as a mortgage loan. But with these mortgage loans, most of the lenders will pay you based on construction state. So they don’t want to give you lot of money, they give it you in a staggered way. But if you can actually put up your case – as housing loan is for a longer tenure as compared to personal loan—technically yes you should close it, but practically whether you can do it or not—for that you will have to go around and ask.
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