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Buy your first home by March 31
NEW DELHI: Those planning to buy their first house should rush and complete the formalities by March 31 to avail of the additional tax benefit against the interest paid on a home loan. That’s because an exemption available to taxpayers will lapse in the current financial year which enables them to reduce the interest paid from the taxable income. The reduction can be up to Rs 1.5 lakh under section 24 of the Income Tax Act and up to Rs 1 lakh under section 80EE against the interest paid on home loan. The benefit under section 80EE can be availed only to buy the first house of a value of […]
Fri, 21 Feb 2014 15:31:34 +0000

All’s fair in love and loans
Some financial institutions are now offering special home loan rates for women. A look at this trend… Since late 2013, several home financiers like State Bank of India and LIC Housing Finance have promoted time-bound schemes to lure the woman borrower with discounted loan rates for home purchases. Some shaved off 5 basis points or 0.05% from their rates to woo India’s women borrowers. And now, Tata Capital Housing Finance (TCHF) has joined the ranks with its discount scheme, which offers them home loans of up to `40,00,000 at a discounted rate of 10.15 per cent vis-a-vis its present rate of 10.50 per cent for male borrowers. If you intend […]
Tue, 18 Feb 2014 15:52:31 +0000

Beware of what you are “banking” upon
TNS Your bank may be disbursing home loans without due diligence of realty projects. So don’t be lax in checking out the builder’s credentials If you believe that the project in which you have booked your flat is free from all the issues just because your bank has cleared your loan application and approved the required amount — then it’s time to think again. While many buyers think that the lending bank usually carries out all the checks before approving loan for a project, the reality is very different. It has been seen that banks are not doing enough to gauge the authenticity of housing projects before disbursing loans. There […]
Fri, 14 Feb 2014 17:00:47 +0000

Smart ways to manage your home loan interest burden
Hopes of a minor fall in interest rates, especially on home loans, were dashed last week after the RBI hiked its key rates in its policy review. Home loan borrowers, especially those crushed by a heavy EMI, have been looking at the RBI for some solace for a while now. Generally, borrowers can do very little other than prepaying a part of the loan (if they have surplus cash) to reduce the interest burden or increasing the EMI (if they can afford it) to reduce the tenure and therefore, the overall interest paid. However, some experts believe home loan seekers and existing borrowers looking to switch lenders can consider experimenting […]
Wed, 05 Feb 2014 17:25:43 +0000

Hope returns, interest rate remains key
The stage seems to be set for the real estate sector to take a turn for good times again. When everyone expected a rate hike in the Reserve Bank of India’s policy review on December 18, the central bank surprised all with a status quo on rates. Another bonanza soon followed: State Bank of India and HDFC, the top two home loan providers, slashed home loan interest rates between 30-50 basis points. Both these unexpected moves have rekindled hopes in the struggling real estate sector at a time when housing demand remained largely stagnant across major urban markets in India. The sector of late has been witnessing end-user perceptions of […]
Mon, 23 Dec 2013 15:14:28 +0000

Realty sector welcomes home loan rate cuts by SBI, HDFC
Welcoming the 0.25% rate cut by two of the biggest home loan financiers SBI and HDFC, realty sector participants today said the move will help revive interest in the gloomy market. “This is a positive move to boost property sales and spur industry growth. Home buyers who were earlier waiting for rates to come down will now certainly look at buying their dream homes,” industry body Confederation of Real Estate Developers Association of India (Credai) Chairman Lalit Kumar Jain said. “The home loan rate cuts from certain banks have occurred after nearly a year, and will augur well for investment sentiments in the market,” property consultant CBRE South Asia’s Chairman […]
Sat, 21 Dec 2013 13:19:38 +0000

REALTY SECTOR: A new pressure point
In his first full-fledged review of the monetary policy, Reserve Bank of India (RBI) Governor Raghuram Rajan stuck to the continuing hawkish stance of inflation control first, which has seen the repo rate go up by another 25 basis points. The repo rate is the rate at which the central bank lends money (liquidity) to the financial system, and is the key policy rate. After the RBI action on October 29, it stands at 7.75 per cent. The most rate sensitive sector that always watches the central bank’s action closely is real estate. Equated monthly instalments (EMIs) are the biggest expense for a typical household, and with the floating interest […]
Sun, 03 Nov 2013 13:10:05 +0000