payment in one shot
chinu
(Querist) 30 September 2014
This query is : Resolved
Is it advisable to buy a flat by paying the entire
amount in one shot to a reputed builder or by going via home loan.
Anirudh
(Expert) 30 September 2014
All that matters is that the buyer should ensure that his interests are secure. This can be done not through this LCI, but by approaching a lawyer well versed in property laws in your area and showing him the agreement / proposal. When you are going to spend huge hard earned money, I am at a loss to know why it does not occur to you that you should approach a lawyer, show him the papers, take his views and then proceed. Of course it may involve a few thousand rupees, but should remember that it is worth it. Otherwise you will be repenting later.
R.K Nanda
(Expert) 30 September 2014
consult tax lawyer.
malipeddi jaggarao
(Expert) 30 September 2014
What is the difference?
It is always better to purchase with own money (if you can account for the same) instead of going for a loan and pay interest to the Bank.
You are not clear about the query. You are referring to white money/black money or precautions that are to be taken for purchasing a house?
Rajendra K Goyal
(Expert) 30 September 2014
Depends upon your means and priorities.
ajay sethi
(Expert) 30 September 2014
consult a local lawyer before taking any decision
J K Agrawal
(Expert) 30 September 2014
I always prefer a Home Loan even though i have full money with me.
I advise that even if you have full money though purchase by taking home loan.
Some advantages i can suggest:-
The title of property is generally enough sound otherwise loan is not available.
The burden of checking title is upon the Bank.
Your less money is on stake at first time.
Payment of loan is always within your reach and payment option is always with you.
Income tax rebates may be useful to you.
If you can earn more than 15% from your saved money, the Housing loan is always better.
Taking loan and repayment creates your credit, where as, amazingly, there is no credit of those persons who purchase by down payment.
dr g balakrishnan
(Expert) 30 September 2014
Agarwalji, i agree. idea of yours indeed good for a business person.
if a person is a wage earner and if he has so much money he would have not thought like you is my measurement and naturally he would not have posted his query here,
so it is obvious if one has idle money why he need pay unnecessary interest to banks or others is it not would be the thought line is it not sir!
there is a tamil saying 'pathiram arindu picchai podu' means assess the role player and give him relevant alms meaning is it useful if you give gold chain to a person very hungry for food or thirsty for water!
Dr J C Vashista
(Expert) 01 October 2014
Buy the property in one go payment, preferably by cheque, there is a saying "...karza bhala na baap ka..." which tanslated mean inter alia, loan of even father is also not good.
T. Kalaiselvan, Advocate
(Expert) 04 October 2014
It is preferable to take the route of home loan and payment in installments till the construction is fully completed and likely to get the completion certificate/occupation certificate.
As suggested you may consult a local lawyer before taking a final call.
