Thank you for the feed back. Some more information:
* You are liable to pay interest from the day 1 you take loan from the bank; * All the nationalized banks charge interest on daily reducing balance; and interest is applied on monthly basis; That is not so in case of private banks and varies from bank to bank and for different types of loans; * Pre -EMI - interest you have to service before you begin your EMIs; If the disbursement is in stages you pay interest only for amount so far disbursed; * I repeat - There is no tax benefit for the house is under construction;
Appraisal:
Though norms differ from bank to bank, normally, banks would be willing to sanction you such amount, where your gross out go would be up to say 50 to 60% of your gross salary.
Gross out go = EMI on home loan + PF deduction + tax + EMI on car loan (if any)+ EMI on personal loan (if any) + any other regular deduction that would be obvious on perusal of your salary account statement
EMI per 1 lakh ~ Rs 1000
You can do a rough calculation of amount for which you would be eligible
Imp: It is better to talk to employee of the respective banks than agents; Employees are liable;
