home loan
Don’t let your tax benefits slip away March is always a hectic month for working professionals.While most people spend a lot of time and effort on attempting to identify the best tax-saving avenue, few pay attention to the possibility that what has been saved once need not remain in the savings kitty forever. In the [...] Continue Reading »
The government, in the Budget of 2009-10, announced a scheme of one per cent interest subvention in respect of individual housing loans up to Rs 10 lakh, provided the cost of unit does not exceed Rs 20 lakh. The scheme was valid till September 30, 2010, with an initial allocation of Rs 1,000 crore. During [...] Continue Reading »
The police are investigating the activities of fraudsters involved in a racket to cheat several banks and apartment buyers. Preliminary investigation revealed that the fraudsters sold the same property to multiple buyers, before registering it in the name of one of the gang members.The fraudsters have been accused of submitting multiple mortgage documents(fake ones) to [...] Continue Reading »
The RBI said in a notification that Banks are permitted to change the benchmark and methodology used in the computation of Base Rate for a further period of six months.Earlier, banks were given time till December 31 to adopt the new method for computing base rate. Base rate is a new system of lending money [...] Continue Reading »
Loan scam to hit realty companies as bankers turn cautious in sanctioning fresh loans. The arrest of eight finance executives by the Central Bureau of Investigation on Wednesday on charges of taking bribes to sanction loans does not lead to a systemic risk but bankers turn cautious in sanctioning fresh loans for new property, forcing [...] Continue Reading »
RBI introduced a ceiling on “loan to value” (LTV) ratio for home loans. The central bank has said that the loan to value ratio for home loans cannot exceed 80 per cent of the value of a house as housing loan.This in effect means that you will have to shell out more from your own [...] Continue Reading »
The much-awaited direct tax code bill, aimed at simplifying the country’s archaic direct tax laws, was passed by the cabinet on Thursday.Those who have a home loan also have reason to cheer, as the interest exemption would continue for up to 150,000 rupees annually.The first draft of Direct Tax Code (DTC) was silent on exemption [...] Continue Reading »
There is good news for house buyers. In its revised discussion paper on Direct Tax Code, the government has proposed to allow the tax concessions on the interest paid up to Rs 1,50,000 during a financial year on home loan to buy a house for one’s own use. Similarly, the government had also decided not [...] Continue Reading »
