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- There can be two solutions:
1) Pay 20% upfront and the rest 80% gets financed by the bank
2) Dont pay the 20% upfront - instead, for each demand that you get, pay 20% of that money urself and take the rest 80% as loan....
Taking an example, lets say your flat costs 60L, and assuming you get a demand of 15L every six months...
Going by the first solution, you would be required to pay 20% of 60L i.e. 12L upfront and then get a loan of 48L sanctioned...
The second solution would require you to pay 20% of 15L i.e. 3L yourself in each demand. So after 4 instalments, you would have paid 12L yoourself and rest 48L through loan..
You may wish to check up with the banks as to which solution they are providing to you.CommentQuote0Flag
- Earlier, banks used to allow 10% initial payment by you, followed by 80% payment by bank as loan and finally remaining 10% by you...
If you preferred then 80% can be shared between you and bank, including the last 10% in this case.
However, now banks generally does not allow that. You have to clear your part first, means you have to pay your 20% first and then bank will start disbursement.
Again, this is not casted in stone, you can negotiate with banks based on your bargaining power.CommentQuote0Flag
Well friend, as far as I know, HDFC and LIC would require you to pay your share first and IDBI gives you the option to pay proportionately after the booking amount.