Could you explain merits & de-merits of the above for taking loan against property.
Is it adviceable to take loan for running the daily expenses more lavishly for better living i.e. buying a car & hiring the driver to run the same? Of coursce the expenses for running the car & maintainence are also to be taken care of from the above loan.
Do you advice taking loan for such purpose, where the study income is almost zero & the value of the property is approx. 1.5 crs.
The property in question is given on rent & the owner dosen't live in the same (living in a HUF property).
The age of the owner is 64 yrs.