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Home Loan Subvention Scheme

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Discussion on financial matters, loans, tax, and insurance related to property/apartments/flats/plots in Faridabad, Greater Faridabad, NCR.

Home Loan Subvention Scheme

Postby asim123 » Fri May 04, 2012 11:42 am

I have been told that ERA divine court is offerring a subvention scheme where the EMI will commence on possession. Only DHFL is providing the loan on this. However , often , the possession clause is ambiguous and once the stated builder period for possession ( say 30 months ) is over, the lender starts collecting EMI from the borrower. Has anyone applied for this ? If anyone knows the details of this scheme , please share

thanks
Asim
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Re: Home Loan Subvention Scheme

Postby asim123 » Tue Aug 14, 2012 9:01 pm

Hi is there anyone who booked in ERA divine court high rise under the EMI till possession scheme. i did but when they signed the tripartite agreement with the lender (DHFL) they changed it to 24 months scheme. the entire amount was disbursed by the bank. If there is anyone else in the same situation , please let me know

regds

asim
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Re: Home Loan Subvention Scheme

Postby naveenarichwal » Tue Aug 14, 2012 9:44 pm

It is always wise to go for Construction linked plan which is benefitial to the investor because of he/she can balance the disbursed amount from the bank against the savings ,that can be used for prepayment of the home loan, also some demands he/she sometimes can fulfill from the savings during the course of construction.Hence the investor saves the amount of interest to be paid to the bank. and reduce the total tenure of the Loan amount sometimes at the time of possesion ,the loan amount is so small that one prefers to continue till the tenure in order to Save Income Tax too.

Subvention schemes is a misnomer because they will start collecting the EMI at the promised time of possesion,as in builder buyer aggrement ,and not really at the time of possesion.It is a Marketing Trap.
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