I have taken a SBI Maxgain home loan for an under construction property of 600000 at interest rate of 10.15% for 25 years. I started FULL- EMI after 3 months of moratorium. FULL-EMI is 55281.
This being an under construction property, there will be some amount of surplus money that gets generated every month and now after more than 3 years, this surplus amount is close to 10-12 lacs. I calculated this surplus amount as (Surplus = Available Balance + Total debit disbursement – 6000000).
Now, the time has come when the property is almost complete and I want to Register the property and start interiors.
My Doubt: If I register the property taking full disbursement from bank, Will I have access to that surplus amount of 10-12 lacs after the transaction rights are given to me by bank? I intend to use that amount for my interiors and If that amount is not available, I will have to take a Top-up loan for interiors. Your response will make me decide my financials accordingly.
Thanks in Advance