Ans: If the apartment cost is below 33 lakh then you can get a 90 per cent of the flat cost (not including stamp duty/registration charges) as a loan.
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.
