Home loan borrowers are entitled to tax benefits under Section 80C and Section 24 of the Income Tax Act. These can be claimed by the property’s owner. In the case of co-owners, all are entitled to tax benefits provided they are co-borrowers for the home loan too. The limit applies to each co-owner. A co-owner, [...]
Anupama Singh has been looking to buy a bigger apartment. She applied for a home loan , but found that her loan eligibility was low and the interest rate was higher than what she had understood to be the prevailing rate. On enquiring, she was informed that this was due to her low credit score. [...]
For Ravindra Bahandare, the source of cash to fund his textile trading firm was not a bank, but a 14-gram gold chain he pawned for Rs 20,000 ($451) at one of the thousands of gold loan offices mushrooming across India. "My business has been slack for three, four months and I wanted a quick loan [...]
The Reserve Bank of India permits NRIs and persons of Indian origin (PIO) to buy residential and commercial property in India through a home loan. What you can buy with the loan You can take a loan to purchase a plot, flat, house (ready as well as under construction) or to get a house constructed [...]
The RBI on Tuesday made the norms for housing loans more stringent to curb the excessive borrowing that has pushed property prices in metros close or beyond levels seen before the global financial meltdown. Among the steps mandated by the RBI is an increase in the risk weight of high-value loans, an increase in the [...]
If you are buying a second house for investment purposes, then its location is crucial for capital appreciation. Be it for rental purposes or leasing out or a possible resale, the location of your second house is very important from this standpoint. Investing in a second house that is on a prime location or at [...]
Remember it is not a wise thing to keep applying for a loan without any rhyme or reason. If your loan application gets rejected, this is also recorded in your CIBIL record. So weigh the pros and cons before you apply for a loan simultaneously to different banks. Wait till you receive an offer before [...]
These guidelines are important since I know many people who have lost many nights of sleep thanks to threats from recovery agents. The RBI holds that all banks/ NBFCs are responsible not only for their own actions but also those of their agents, that is, Distributed Multi-Agent System/ franchisees/ agents. These agents must carry a [...]
The realty prices have gone up so much over the years, that everyone cannot afford to buy his or her `dream home`, without a home loan. With home loans available on EMI basis, more and more people from all income groups are applying for it, for purchasing their house. So would you also like to [...]
The government may seek changes in the prepayment rules to enable a home loan borrower to shift to cheaper lenders if his bank raises interest rates soon after disbursing the loan. The government wants banks to provide a two-month window to their new borrowers to shift to some other bank without prepayment penalty if they [...]
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