The benefits of taking a Home Loan.
The income tax authorities look with favour upon those servicing a housing loan from specified financial institutions. And, it is up to you to be wise enough to take advantage of this.
Let's start with Section 24 of the Income Tax Act.
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. Rs 1,50,000 is the maximum amount eligible for deduction in the case of self-occupied property and for Rented out property there is no limit of amount of deduction.
That brings us to Section 80C of the Income Tax Act.
You get a maximum Rs.1,00,000 deduction from the Income, on repayment of principal during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount.
Prevailing Rate of interest on HOME LOANS.
| VARIABLE SCHEME @ 8.75%* |
| |
| FIXO-FLOATING SCHEME |
Home loans for Salaried |
| Loan Amount |
Upto March'11 (Fixed) |
Upto March'12 (Fixed) |
3rd year onwards (Floating) |
Any Loan Amount |
8.25% |
9.25% |
9.25% |
Home loans for Self Employed |
| |
Upto March'11 (Fixed)) |
Upto March'12 (Fixed) |
3rd year onwards (Floating) |
<= 20 lacs |
8.25% |
9.25% |
9.50% |
> 30 lacs |
8.75% |
9.50% |
9.50% |
All loans at the sole discretion of Indiabulls Housing Finance Limited.
*Conditions apply
- Loan against property is also available at attractive rates
- For more information please contact our help line numbers 1800-200-7777 &
3940-7777
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