Hi
I have couple of queries regarding amount of loan and then resale financing and payment.
Q1) Banks fund 80% of property. In case of CLP when i need to pay my 20%? In the beginning or end or anytime?
Q2) For resale Say property is 1000 sqFt and launch price was 4000 so 40L in total +5 L other charges so 45L in total.
Now after some time 60% payment has gone in and price has increased to 6000 and seller want to keep 1000 as color. He has paid 60% of 45L = 27L
So I have to pay him 20L preminum and 27L payment = 47L Right?
Now 10L of it is colored. So does it mean if I get it financed from bank, I have to pay
10L + 20% of (5k*1000+5L)= 10L +20% of 55L = 11L = 22L as cash upfront and rest via bank?
Or because only 60% has gone in so I need to pay bit less something like 10L color+6=16L cash upfront and rest as loan?
Please help me understand this as accordingly I need to decide my budget :(
I have couple of queries regarding amount of loan and then resale financing and payment.
Q1) Banks fund 80% of property. In case of CLP when i need to pay my 20%? In the beginning or end or anytime?
Q2) For resale Say property is 1000 sqFt and launch price was 4000 so 40L in total +5 L other charges so 45L in total.
Now after some time 60% payment has gone in and price has increased to 6000 and seller want to keep 1000 as color. He has paid 60% of 45L = 27L
So I have to pay him 20L preminum and 27L payment = 47L Right?
Now 10L of it is colored. So does it mean if I get it financed from bank, I have to pay
10L + 20% of (5k*1000+5L)= 10L +20% of 55L = 11L = 22L as cash upfront and rest via bank?
Or because only 60% has gone in so I need to pay bit less something like 10L color+6=16L cash upfront and rest as loan?
Please help me understand this as accordingly I need to decide my budget :(