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Dear Brajesh, Plz. note in order to avail Income Tax benefit on home loan, the construction should completed within 3 years from the date of disbursal of home loan.
Now considering ur case, following options r there for u.
1. Land purchase thru Loan & construction from own money - In this case, although the loan was taken primarily to purchase land still u can avail the tax benefit on this loan if u have constructed ur house on this land within the 3Y period.
2. Lan purchase as well as construction both r from loan - In this case again u can avail tax benefit on total loan condition the construction is completed within 3Y.
Plz. note as the construction `ll take time to complete, the interest paid by u in between on land loan or land + construction loan `ll not be available for tax benefit in the same FY. But u can carry over the same & avail @ 20% each year from the FY of completion of construction.
Thanks
Ashal ...
You will not get any tax benefit for the money borrowed for buying residential land.
But as rightly pointed out by `somebody`, if you take loan for building a residential property, then, you qualify for tax benefits.
There is a condition as to completion of construction within a specified period.
You can act smart and combine the loan for both purposes and enjoy the tax benefits for land too. ...
I am buying a residential land in sector 9 in Gurgaon. I want to take home loan from a bank. Though I am not sure if I would get income tax benefit on this or not. I am getting different information from different people. Sombody is saying that if I take Land + Construction loan then I would get IT rebate. But I am not clear if I would get rebate on complete loan or only loan component which is given for construction....
Dear kapil shah, based upon the data of ur post, U may opt a balance transfer from any PSU bank or from Axis bank if u want to remain with a private bank.
U `ll be offered interest rate anywhere from 8.5 to 9% from these banks.
Plz. note - In case of balance transfer, HSBC bank `ll levy a penalty on u as well as new bank `ll also levy processing fee on the loan amount. This `ll increase ur over all borrowing cost but as the time frame is 20Y & the difference in interest rate is around 3-3.75%, it make sense to go for balance transfer.
thanks
Ashal ...
HARASSMENT & TORTURE BY INDIABULLS TO EXTRACT EXTRA MONEY.
I had taken personal loan from Indiabulls of Rs.25,601/- on 25/5/2007 and repaid Rs.22600/- but just default in one of my EMI of Rs.1800/- ,Indiabulls misused my blank security cheque by filling false amount of Rs.28,249/- and they also misused my blank signed loan agreement by filling false figures of 30 installments instead of 24 (Usurious rate of interest more than 60 % p/a.), denied the receipt of some amount debited from my bank. Even though I tried to settle the dispute by offering reasonable amount pending principal amount and interest amount but to extract extra money from me Indiabulls has filled bogus cheque bounce case against me in Patiala House Court, New Delhi. As it is tough to defend the false cheque bounce case traveling from Mumbai to Delhi, Indiabulls forcing me to pay Rs.33208/- plus uncharged interest. To extract the money company filled thousands of cheque bounces cases in Delhi Courts. In spite of my several complaints to RBI against India bulls , RBI not taking the matter seriously and protecting Indiabulls by neglecting all my complaints. The whole system is working with Indiabulls. To earn huge money Indiabulls bring the thousands of poor borrowers to suicidal point. Financial Company openly violate the fair business practice guidelines given by RBI.
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I have a home loan of Rs 8 lakh which I bought from HSBC@12.25% p.a. (Floating). Kindly suggest if it will be wise to change & which bank should I approach for cheaper home loan for an perios of 20 years maximum...
I have a fixed loan of Rs.5Lac(8.5%) and floating Rs.9Lac(10.75%). I am getting some surplus cash of Rs.3Lac. Which one should I pre-pay?...
Dear friend, Plz. wait for another month or so & u `ll see the cheaper home loans from all banks. At present most of the banks r announcing the cut in deposit rates & it `ll be followed by cut in lending rates also.
Thanks
Ashal...
i want to take SBI home loan @ 9.25 % rate. Shall i take loan or wait for budjet. are any chances of reducing SBI home loan Interest less than 9.25 %...
Would like to tranfer my home loan from IDBI which is currently @ 10% to another Govt. bank like LIC. Took this loan a year back at 10.5% for a principal amount of 1670000. Would it be wise to do it?...
PROMOTERS HARRASSING HOLDERS OF NCD`S OF WESTERN INDIA SUGARS AND CHEMICALS LTD
Posted by :
virk_kuldips
dear boarders.
we have invested in non convertible debentures of WESTERN INDIA SUGARS AND CHEMICALS LTD in early nineties, when we were raw hand in this market, under the impressions that we will continue to get interest amount at regular intervals and the redemption value of the NCD as the same has are assured by the reputed PSU Bank, but to our utter surprise the started defaulted very soon after the issue in payment of interest and now even after a lapse of over 15 years, our hard earned money has gone in thin air without postive response from the Trustee Bank or from any Regulatary authorities,
will some one from our learned boarders alighten us, how to get back our hard earned money?
virk_kuldips...
i am aged 60and retired bank officer. i have sufficient income from bank fixed deposits. is there any scheme to avail loan for byeing a house in my name. ...
I am private sector employee and I took a home loan of rs. 15 Lakh from ICICI on Aug 2007 with a tenure of 20 yrs. My intrest has raised by 1% and stands at 11.5%. Hence my tenure has become 275 months now. I want to move to PSU banks like SBI which offers low intrest. Will that be a right decision.
In August i would want to re-pay my 50% loan, so effectively i need 7.5 lakhs from SBI. ...
Dear usr, On the basis of ur post, first of all ur mly. income is not only ur salary income but ur rental income also.
Hence ur net mly. income = 63000+22000 = 85000 Rs.
As per banks, u may pay a max. EMI of appx. 50% of the above amt. i.e. = 42-43000 Rs.
Out of which u r already paying 15000 Rs. EMI for ur prev. home loan.
Hence ur net eligibility for new EMI = 43000-15000 = 28000 Rs.
On the basis of this net EMI eligibility, u may get a loan of around 32L Rs. @ 9% interest rate for 20 years term.
Of course, if the rate of interest is even lower, u may get some more amount in ur loan.
Plz. make sure u have enough back up for ur financial life, in future as ur total EMI pmt. `ll be on a tight line & any increase in interest rate `ll strain u a lot.
In my view if u do have some more amount apart from 8L Rs. required for down pmt. as per the above calc. for ur 40L cost home, try to utilize the same & take lower loan amt. to have a breathing space in ur tight financial situation.
Thanks
Ashal...
I have an existing home loan of Rs. 16 lacs outstanding for which I am paying EMI of 15,000. As this is 1bhk flat and I cannot live with my parents there, I have rented this apartment for Rs,22,000 per month.
Now I am looking for another apartment, the cost of which is 40 lacs and would like to take second home loan of 30 lacs. My take home salary is 63,000 per month.
Can you please advise how different is to take second home loan? Any idea how much loan I would be eligible for seond home loan?
Please help...
