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As long as the project is registered with RERA and approved by the concerned lender you will get a choice between paying just interest till possession (called pre-EMI in banking jargon) or starting off the EMI on the disbursed amount. The choice is yours.
During the years in which the property remains under construction no tax benefits are available for any loan payment – whether interest or principal.
Finally, don’t buy under-construction flats where delays are rife. Just buy a ready to move in flat.
As long as you understand that this liability exists and you examine the tripartite agreement between yourself, the developer and the bank carefully for hidden clauses, it should be fine.
The rent will be a fraction of the EMI that you will need to pay even for a smaller home. Consult a personal finance advisor if you need to do so.