بسم الله الرحمن الرحيم
(Fatwa: 772/772/M=1434)
In the question mentioned above, as you are taking the flat for your residence or to give on rent hence zakah shall not be wajib on the value of this flat. However, the payment of first two instalments which you would make from your fund if you mean by this fund the fund which you have or the money which you have saved from your own choice and it is equal to nisab and whole year has passed on it then it is wajib to pay its zakah. But if you paid the instalment before the year was over then the wujub of zakah was dropped. The loan which you would take from your bahnoi its zakah shall not be wajib on you. Also it is haram and unlawful to take interest based loan. The benefit which your bahnoi will receive from the debt will be termed as interest.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband