Housing Loan For House Under Construction And HRA Exemption?
Jun 11, 2008 by Orange C | Posted in India
Hi,
I have availed a covering loan for an apartment that is under construction. The possession is due in March '09. While it's being constructed, I'm staying in a rented accomodation. My open to debate unthinkable is that - since possession is due within current financial year - can I claim both HRA and Housing Loan Interest for tax exemption for this year?
Yes you can requirement both the deductions.
1. HRA is deductible under the head 'salaries'u/s 10(13A).
2. Interest on housing loan is deductible under the brain ''income from house property'' u/s 24.
Both fall under different head and donot have any corelation. Further kindly note if you donot get colony in the financial year, than interest will not be deductible as interest for pre-construction period is eligible for deduction in 5 years meet installments from the year you get possession.
Jun 05, 2008 by gp04gt1 | Posted in Renting & Real Estate
My fiance and I bought a 2 acre lot, We blueprint on building next summer after we become nurses. How much down payment will we need? Our credit scores are in the mid-upper 600's. We will repellent 100k household income a year. Our combined debt is 10k and it's in car loans. Is that enough for a 300k loan? We desire to build ASAP and stop renting. Putting less down even though it's a bigger payment, is outstrip than throwing 800/month into an apartment.
Thanks!
We owe about 25k on a lot that was appraised at 45k. I'm just wondering if we can get a 10% down loan.
Also, why would borrowing 3 times my repellent income be a bad idea? How else is it supposed to be done?
ALSO, since I am a first time home-buyer, but my fiance is not. Would we be clever to get a special loan or a low downpayment FHA loan?
Thank you again!
Very truly. The strategy I teach my clients is to have at minimum 4 open credit accountsfor at least 6 to 8 months min. Pay down extra on the car notes by sending a payment every two weeks. This will alow you to get an uncommonly 1 or 2 payment by the end of the year. Accounts car, small loan fron credit union lay this for down payment closing etc.Pay minimum Loan no more than 1500 dollars just to get a few points on your confidence report every month.a credit card or two keep balance very low, but paying more than the minimum may be replica it. And last a cell phone contract doesn't matter who just pay on time. Never clasp more debt than 12k max. Email me if you have any questions.precisiontax@yahoo.com
Can HRA Not Be Claimed If One Is Claiming Tax Benefit On House Loan For A House In The Same City?
Feb 10, 2008 by Kakul | Posted in India
We are staying in Blore and planning to buy an apartment as an investment. If we buy an apartment in Blore will be talented to claim HRA till the house is constucted fully and ready for occupation. Undeniable in the construction stages we will be paying the pre-EMI on which we will claim tax benefit.
Or is it recommended to buy an apartment in some other city so that we can claim both HRA and tax gain on house loan?
First: U cannot requisition EMI before completion of construction. therefore u can still claim ur HRA.
Second: The pre-construction EMI will be allowed as five equal instalments from the year in which the firm will be ready for occupation.....
Once the house is ready u cannot claim HRA. Ur wife can claim a substitute alternatively or ur sibling who is paying tax.....
What Should I Tell The Loan Officer About My Housing Situation? (details Below)?
Sep 21, 2007 by Suzanne Rides | Posted in Personal Finance
My silence and I were planning on moving to another state last March and had a vacation planned in February. So we moved out of our apartment before the vacation and planned to blockage with my husband's dad for a few weeks after we got back until the move. It didn't happen quite the way we planned though and my husband's job move will FINALLY take place this November.
We're hoping to buy our first home, but I'm worried about how our housing ball game will look to the loan officer. We haven't paid my father-in-law rent, but have been buying materials for construction projects at his building and working on his house. It seems like lenders would want to see regular monthly hire out payments. I thought about just saying that we have been paying my father-in-law rent, but then it occured to me that they won't find any such a payment in our bank statements. What should I forecast them? What should I write down on the paperwork that asks what our rent payment is? Thanks in advance everyone!
He is not usual to care. Many people stay with their folks for a few months to save for the down payment. It unusually won't matter at all.
Under construction and OC not obtained yet. Have been paying the core loan for a few months already. I want to sell it because i've finally found the perfect property that i like. But in Malaysia, what is the change procedure to do this??
Elementary procedure:
If there are no persons willing to purchase, you may have to wait...until such are available since you must have already execute purchasing purchase agreement with the developer and a loan agreement with a bank.
If there are willing buyers, exactly inform the developers that you want to transfer to another person, who will make the necessary arrangements with his attorney-at-law handling sale and purchase and the bank and those involved, i.e. you and the buyer to execute the imperative legal documents. Normally, the buyer will pay the necessary fees and continue paying the bank worry with an extra payment(what you ask for) to you. You can also involve your own lawyer who will handle this aspect of the deal...
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Yes you can requirement both the deductions.
