Home Loan

Home loan documents list for under construction property

Income Tax - It has been observed that banks are little apprehensive on approving loan for under construction property in comparison to resale or launched properties. The bank requires thorough documentation of the under construction property stating property validity, completion dates, no objection certificate from the concerned departments, and the ...

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Top 4 Expectations of Common Man from Union Budget 2017

Income Tax - Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

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Tax Benefits on Home Loan

Income Tax - Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

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Deduction under section 80C and Tax Planning

Income Tax - Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

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All about Income from House Properties

Income Tax - 1. Basis of Charge [Section 22]: Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose […]...

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Credit Linked Interest Subsidy scheme for tax paying Middle Classes

Income Tax - Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year. Those sanctioned house loans and applied for since January 1st eligible for interest subsidy of up to Rs.2.35 lakh each...

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‘Mortgage Guarantee’ backed loans for affordable housing sector

Income Tax - ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing sector First bank in India to offer this facility for retail customers It can enhance a home loan by up to 20% within regulatory norms It allows a borrower to choose an extended loan tenure up to 67 years of age...

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Rate of Interest on Home and Education Loans

Income Tax - Reserve Bank of India had deregulated the interest rates on advances sanctioned by Scheduled Commercial Banks, with effect from October 18, 1994 and these interest rates were determined by bank themselves with the approval of their Boards, subject to Benchmark Prime Lending Rate (BPLR) and spread guidelines....

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IDBI Bank Launches 24*7 Loan Monitoring System

Income Tax - Mumbai, July 11, 2012: In a new initiative, IDBI Bank would be launching a 24*7 loan monitoring system for its retail as well as corporate clients. Under this facility, a customer can directly inform a centralized system about submission of his/her loan application details to IDBI Bank via SMS, email or through the website. A dedicated SM...

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Govt extends 1 pc home loan subsidy scheme by one year

Income Tax - The Union Cabinet today approved the proposal for extending the scheme of interest subvention of 1% on housing loans upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh for the year 2012-13 and to amend the operational part of guidelines for release of funds....

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Government Notified Reverse Mortgage Scheme 2008

Notification No.93/2008-Income Tax - (30/09/2008) - NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan; ...

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Recent Posts in "Home Loan"

Credit Linked Interest Subsidy scheme for tax paying Middle Classes

Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year. Those sanctioned house loans and applied for since January 1st eligible for interest subsidy of up to Rs.2.35 lakh each...

Read More
Posted Under: Income Tax |

Home loan documents list for under construction property

It has been observed that banks are little apprehensive on approving loan for under construction property in comparison to resale or launched properties. The bank requires thorough documentation of the under construction property stating property validity, completion dates, no objection certificate from the concerned departments, and the ...

Read More
Posted Under: Income Tax |

Top 4 Expectations of Common Man from Union Budget 2017

Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

Read More
Posted Under: Income Tax |

Tax Benefits on Home Loan

Article deals with Tax Benefit on Home loan under section 80C for Loan Principal Payment, Section 24 for Interest Payment, Tax planning of Home Loan & HRA....

Read More
Posted Under: Income Tax | ,

Deduction under section 80C and Tax Planning

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

Read More
Posted Under: Income Tax | ,

All about Income from House Properties

1. Basis of Charge [Section 22]: Income from house property shall be taxable under this head if following conditions are satisfied: a) The house property should consist of any building or land appurtenant thereto; b) The taxpayer should be the owner of the property; c) The house property should not be used for the purpose […]...

Read More
Posted Under: Income Tax | ,

Why you should focus on Total Interest Outgo instead of Loan EMI?

Your main focus of getting your EMIs reduced can come in way of your financial well-being. It is true that lower EMIs mean a more comfortable and less stressful life. But it also means that you will end up paying higher total interest during the loan tenor. How? Let’s take an example....

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Posted Under: Income Tax |

Why reducing Loan EMI after Rate Cuts is not advisable?

It’s very natural to avoid paying higher EMIs if you have a chance to pay lower ones. Isn't it? After all, who wants to have the additional burden of paying larger EMIs for loans that run for years? But going for lower EMI might not be a financially prudent choice. Let us try to understand why it is so....

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Posted Under: Income Tax |

Home Loan Balance Transfer Procedure

You have decided to opt a Home Loan Balance Transfer and worried about the procedure, what are the steps involved? Most of us consider Home Loan Balance Transfers to enjoy reduced interest rates. Consider the pros and cons before you take the leap....

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Posted Under: Income Tax |

‘Mortgage Guarantee’ backed loans for affordable housing sector

ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing sector First bank in India to offer this facility for retail customers It can enhance a home loan by up to 20% within regulatory norms It allows a borrower to choose an extended loan tenure up to 67 years of age...

Read More
Posted Under: Income Tax |
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