I need suggestion from you. I am an NRI and want to settle down in India in near term. Currently i am planning to purchase property and for funding property i wanted to go for loan against my existing property (if i go for housing loan the bank will finance 85% and i need to arrange 15% through internal accrual and right now i am not in a position to arrange this shortfall). If go opt for loan against existing property, i can fund 100% through this channel.
I need to know the following. After this deal, if i am to settle down in India (after 3-4 months of this deal), is it possible to get housing loan for this new property? The reason for going for housing loan to avail Tax benefit on housing loan (loan against property will not qualify for tax deduction).
In short, i am financing my new property through my existing property and latter on once i moved to India, i would be availing housing loan for getting tax benefit and closing the loan against property.
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