Income Tax : Learn how to optimize home loan interest tax benefits for self-occupied and rented properties. Strategies include reducing capital...
Finance : Learn to calculate home loan EMIs with this step-by-step guide. Understand loan amount, interest rates, tenure, tax benefits, and ...
Finance : Learn difference between Loan Against Property and Home Loan. Uncover nuances between two different types of mortgage loans to mak...
Finance : Navigating home loan options can take time and effort. With all the jargon and percentages flying around, making a decision can be...
Finance : Discover the various types of loans available in India, including secured loans like home loans, gold loans, vehicle loans, and mo...
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 launches ‘Mortgage Guarantee’ backed loans for affordable housing sector First bank in India to offer this facilit...
Finance : The government on Monday said low-cost housing loans of Rs 15 lakh (Rs 1.5 million) will be eligible for one per cent interest sub...
Finance : The income ceilings of Economically Weaker Section (EWS) and Low Income Group (LIG) presently defined as Rs. 3300 per month per ho...
Finance : Home and auto loan customers will have to shell out more with several public sector banks including the State Bank, Punjab Nationa...
Income Tax : ITAT Mumbai held that interest paid on housing loan borrowed for purchase of flat is not allowable as cost of acquisition....
Income Tax : If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest pa...
Fema / RBI : RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 - In para 43 of the Union Budget Speech of 2011-12, it has been proposed to liberalise...
Fema / RBI : While calculating the interest subsidy, each disbursement may be treated as a separate loan and for each disbursement, subsidy cla...
Fema / RBI : It has been observed that some banks are following the practice of sanctioning housing loans at ‘teaser rates’, wherein the lo...
Fema / RBI : Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans gra...
The housing loan is the “Priority Sector Lending”. The Reserve Bank of India, through its Master Direction on the subject of housing loan have advised the bankers adhere to the National Building Code (NBC) formulated by the Bureau of Indian Standards (BIS) in view of the importance of safety of buildings especially against natural disasters. […]
A home loan is one of the most popular ways for young homeowners to own homes. With the soaring costs of houses across the country, a home loan is the best way for people to buy their dream homes.
The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K.
Due to the rapid Growth & increasing Competition in the Housing Finance Sector, the chances of Procedural Lapses have also been increasing. The Probability of misuse & taking of advantage of the System by unscrupulous elements have also risen. It is very important to take urgent remedial & proactive steps so that incidents of Defaults […]
National Housing Bank (NHB) policy circular no. 96/2019-20 dt. July 19, 2019 Several complaints for offering loan 1. Housing Finance Companies (HFC) were advised while introducing any kind of product ‘Customer suitability’ and ‘Appropriateness’ issues should be taken into account by the Cos. 2. Frauds being committed by certain builders using subvention schemes have also […]
Home loan entitles Individuals to Deduction Under Section 80C of up to Rs. 1.50 Lakh and Interest Deduction under section 24 of up to Rs. 2 Lakh. Articles deals with Faqs on Benefit U/s. 24 and 80C on Jointly Owned Property, Under Construction Property, multiple properties and Simultaneous benefit of Interest exemption and HRA.
We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have discussed Such provisions.
The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year.
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.
Tax benefits of Home Loan- Overall there are two types of tax benefits that are available on the repayment of a housing loan. Interest paid on the loan is eligible for a deduction up to Rs. 1.5 lakh per annum from the taxable income of the individual under Sec 24 when the property is self-occupied or it is one ownership property lying vacant.
