Legal Question in Real Estate Law in India

i have a 100% ownership of a land with commercial building. i want to purchase a plot for personal purpose. Can I mortgage the existing land and building and get loan. Will i be taxed for the purchase. how much will i need to fund on my own to get new property

I am not in permanent employment or doing business. the rental income worth 20000 per month is my source of income. my spouse is earning nearly 1 lakh per month


Asked on 6/27/14, 10:26 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

28.06.2014

Dear Sir / Madam,

The Bank is likely to finance you for the purchase of the plot based on your monthly income keeping your owned land and commercial building mortgaged with them. Although the minimum self finance varies from case to case, you will have to invest minimum 20% of the cost of the plot from your own resources.

Regards,

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Answered on 6/28/14, 5:44 am


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