Almost everyone plans to purchase a house before retirement. Given the inflated real estate prices, buying a house outright is not an option for many of us. Thus, many of us have to resort to home loans to finance purchase of house. Though a home loan repayment schedule can be structured in any way, I will… Continue Reading
Planning to take a home loan? You have shortlisted the bank with the lowest interest rate and the best feedback about the service. Well, have you given thought to the home loan tenure? Along with your loan amount and the interest rate, the home loan tenure is an important variable in determining your monthly EMI.… Continue Reading
This year’s Union Budget is a mixed bag for salaried class and the real estate investors. Here is a look at key budget announcements. Reduction in tax rate from 10% to 5% for income tax slab of Rs 2.5 lacs to Rs 5 lacs (Positive) Introduction of Surcharge of 10% for taxable income between Rs… Continue Reading
You know that your credit score plays an important role in getting a loan. A lower credit score can simply ruin your chances of getting a loan. What you perhaps didn’t know was that a good credit score could get you better interest rates. Although it may already be happening internally, nothing was out in… Continue Reading
I have been getting many queries from home loan borrowers pertaining to shift from base rate to MCLR? I have discussed this aspect in an earlier post. Even though the option of switching from base rate to MCLR is worth exploring, there is another option that many borrowers can exercise when it comes to Home loans:… Continue Reading
If you have purchased a residential property as an investment, you must be on a lookout to exit your investment with heavy capital gains. Finding a buyer at a price that you are willing to sell at may be a difficult task these days. However, amidst this concern about finding the right buyer, don’t forget about… Continue Reading
You have finalised your dream house to purchase. You have also finalised the bank to take home loan from. You have a long relationship with the bank. You have been informally told that you will get the loan easily given your high repayment ability. You are planning to visit the bank branch tomorrow. The spirits… Continue Reading
I got an e-mail from one of the regular readers at EMICalculator.net. He brought to my notice an aspect I had failed to cover in my earlier post on Home Loan Protection Plans (HLPPs). Case Summary His father had taken a loan of Rs 8.95 lacs for a tenor of 17 years from a leading… Continue Reading
You are aware that you get tax benefit of up to Rs 1.5 lacs for principal repayment under Section 80C of the Income Tax Act. You are also aware about tax benefit of up to Rs 2 lacs for interest payment for a housing loan for a self-occupied house. In case the house is not… Continue Reading
You have excess cash in hand from the last bonus you received and the fixed deposit that just matured. You have been thinking about how to use the funds. Your financial advisors that include your friends, doctor, lawyer and grocer have suggested that you take exposure to equity mutual funds. Your parents have advised you… Continue Reading