Income Tax : The New Tax Regime restricts Section 24(b) benefits, disallowing set-off of home loan interest against salary income. Taxpayers mu...
Income Tax : Understand the taxation rules for income from house property, including the basis of charge, computation of Gross and Net Annual V...
Finance : Learn about fixed and floating home loan interest rates. Know how each affects your monthly payments, loan tenure, and overall cos...
Finance : Owning a home is a dream for many, but a home loan is a long-term financial commitment that can span several years. Given rising l...
Income Tax : Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital...
Finance : Launched in January 2018, Bajaj Finserv’s new website is a perfect example of consumer satisfaction. Why? Well, it’s because o...
Finance : Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a new home loan, w...
Finance : ICICI Bank, India’s largest private sector bank by consolidated assets, today announced reduction of interest rates by upto 30 b...
Corporate Law, Income Tax : Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year. Those sanctioned hous...
Finance : ICICI Bank launches ‘Mortgage Guarantee’ backed loans for affordable housing sector First bank in India to offer this facilit...
Income Tax : During the appellate proceedings, the assessee has submitted that it has taken loan for purchase of two residential properties whi...
Income Tax : Vishwa Kalyan Society Vs DCIT (ITAT Ahmedabad) Brief facts of the case are, that the assessee is a Charitable Trust, having income...
Income Tax : The issue under consideration is whether the default in home loan by the owner of the property can be the reason to disallow the c...
Income Tax : NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan ...
First, banks are being advised to offer a ‘basic savings bank deposit account’ with certain minimum common facilities and without the requirement of a minimum balance to all their customers. Second, banks will be mandated not to levy foreclosure charges or pre-payment penalties on home loans extended on a floating interest rate basis. Third, banks are being advised to initiate steps to allot a unique customer identification code (UCIC) number to all their customers.
IDBI Bank has decided to reduce its floating Home Loan rates on new loans, across loan slabs up to a maximum of 75 basis points (bps). The revised rates will come into effect from April 2, 2012. While the floating interest rates in respect of loans up to Rs. 25 lakh have been reduced by 25 bps, the extent of reduction is progressively higher for larger loan amounts: by 50 bps on loans ranging from Rs. 25 lakh to less than Rs.
State Bank of India has decided to allow its old home loan borrowers, paying high interests, to move to the new lower rates, which were offered to other borrowers later, by paying 1% of the outstanding amount as conversion fee.
Government is contemplating to enhance income tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh. The Budget is scheduled to be tabled on March 16.
There is no bar in section 24 of the Income Tax Act regarding the number of loans on which interest is allowable simultaneously. In fact ,the simple rule of the deduction of interest u/s 24 of the Income Tax Act is that whatever be the interest paid or due on loan borrowed for purchase or construction of house is allowable as deduction. So, whether you take loan from one bank or five banks , all loan should be utilised for buying or constructing the house for allowance of interest paid to all the banks.
The Union Cabinet today approved the proposal under 1% interest subvention on housing loan scheme liberalising the limit of housing loan upto Rs. 15 lakh where cost of the house does not exceeding Rs. 25 lakh from the present limit of Rs. 10 lakh and Rs. 20 lakh respectively, and designating National Housing Bank (NHB) as the Nodal Agency (NA) for implementing the scheme both for Scheduled Commercial Banks and Housing Finance Companies.
The essential conditions for availing higher deduction of interest of Rs.1,50,000/- in respect of a self-occupied residential house are that the amount of capital must have been borrowed on or after 01.4.1999 and the acquisition or construction of residential house must have been completed within three years from the end of the financial year in which capital was borrowed. There is no stipulation regarding the date of commencement of construction.
Concerned over excessive flow of banking funds to the real estate sector, the Reserve Bank today said lenders will provide loans only up to 80 per cent of the cost of property. Following the RBI directive, a home buyer will necessarily have to arrang
The levy of a penalty by banks and housing finance companies for foreclosure of home loans does not amount to abuse of dominant position, the Competition Commission of India (CCI) ruled on Tuesday, quashing borrowers’ hopes that the practice could be
Plan your Home Loan Payment Schedule to take maximum tax benefit. Partial or full prepayment makes sense, but only in some cases. When Jabalpur resident Mahavir Ojha received Rs 80 lakhs from selling an ancestral property, he decided to part-pay his
