Joint Home Loan is one of the best-marketed product by banks and HFC's. Through Joint Home Loan banks hedge their mortgage risk. These days almost all the banks insist on Joint Home Loan even if the property is bought in a single name. Quite interestingly even if the wife is non-earning/housewife then also banks insist on Joint Home Loan. The biggest carrot to SELL Joint Home Loan is Home Loan Tax Benefits. I agree that if both Husband and Wife are availing tax benefits then it makes sense to avail Joint Home Loan else it's a BIG NO. Recently, one the readers of this blog complained to RBI ... Read More
House Property Income – 10 Facts You Are Not Aware of
House Property Income is one of the most discussed and debated topics on this blog. There are a lot of misconceptions or myths related to House Property Income. In this ball game, most of the times the tax payer end up paying a higher tax. Therefore, i thought of sharing a post to clarify the most common doubts and misconceptions among the taxpayers. As we are moving towards the end of financial year, i receive maximum queries on tax related topics in last quarter of FY. Another peak season is near the last date of filing of income tax return. The income from house property has a major impact ... Read More
Home Loan Myths – Top 7 Myths Every Borrower Should Know
Home Loan Myths as the name suggests are the misconceptions about Home Loan. I tried to found out who all are responsible for home loan myths. My conclusion is that primarily three factors are responsible. The first one is a lack of knowledge of Bank/HFC (Housing Finance Company) employees. Secondly, the people around us who pass half baked information thus responsible for the viral effect of home loan myths. Till date, i have not come across a single person in my acquaintances who told me "I don't know". You can discuss anything and everything on this planet with people around you. They will ... Read More
7 Important Points about Joint Property
The concept of "Joint Property Purchase" is being popularized by Home Loan Providers and the Govt. The objective to promote Joint Property Ownership is different for both Govt and the Home Loan Providers. State Govt's are providing incentives in stamp duty and registration charges to empower women through Joint Ownership. In many cases, i observed that Husband is willing to include Wife as a Joint Owner only to save stamp duty. Whereas from Home Loan provider perspective, they have selfish motive to safeguard their business interest which is not wrong also. Home Loan provider first push for ... Read More
Tax Benefits on HRA – House Rent Allowance
Current financial year is coming to an end and its a right time to discuss various Income Tax exemptions and deductions to minimize tax outflow. One such exemption is House Rent Allowance or more popularly known as HRA. HRA is a salary component received by an employee from the employer. HRA is included in salary so that employee can take care of cost towards renting an accommodation. HRA is exempted from Income Tax under section 10(13A) of the Income tax Act, 1961 and Rule 2 of Income Tax Rules. In this post, besides discussing basics of HRA we will also discuss some not so known facts about ... Read More