I applied for 15 lkhs IDBI home loan and DSA agent suggested to take Down Payment plan insist of Construction linked plan.He also given the reason that EMI will start after 1.6 year of first Disbursment from bank and in mean time what all the amount builder get from bank loan for this I need to pay simple interest, so this construction linked bank paid amount’s interest have no concern with loan principal and interest.
My builder going to provide possession after 11 month and booked flat on date 10 oct 2009. I need suggestion to take home on Construction Linked/Down Payment option.
I am appliying for loan along with my mother age 67 for 20 year term loan, but dsa agent also told me that mother have not the eligbility for this 20 year loan term, they all ready for term 15 years. I invite valuable suggestion from the readers of this forum.
Thanks,