Hasan Merchant, Apartment Resident
Posted Discussions
Posted Replies

Looking to Construct over a 5 Gunta Plot close to Kharadi IT Park
Q: We are a group of 4 individuals. Some working i.e. Salaried and a few in Business. We plan to buy a plot approximate 4-5 Ghunta within the PMC limit and construction a Building having 2BHK Flats within the permissible limit - may be 4-5 units. We want this to be a financed project and AFAIK Banks offer something called a Composite Loan (Plot + Construction). Few queries based on this. The Loan has to be taken by all 4 of us to buy plot and construct. How is this possible? will the banks allow a joint borrowing based on our Income Tax from our source of income? How does the Down payment etc work. Does the Bank expect us to have a project plan etc and then approve this? For Disbursement, Does the bank pay us off in one go? We may take 2 years to construct the property? no use of having all the money at one time. We also welcome any VC's who may want to invest with us. We are planning to construct it at A quality. How easy is it to sell such properties? Is there anyone who has done projects like these? could you please get in touch with me. Could get to learn from your "Lessons Learned"

Latest Answer: Hi Krishnendu, And also do not give a false declaration as the bank may demand that you repay the loan in one chance and if you are not able to pay, it will spoil your credit history. If you don’t plan to construct a house instantly, you could apply for a plot loan or get the existing loan modified or converted into a plot loan.

Ask a Question
120 Characters Left





    Trending Categories

    CommonFloor Property Search Mobile App now available on Android, iOS and Windows!