Section 80EE of Income Tax Act – A Complete Guide

Section 80EE of the Indian Income Tax law allows first-time home buyers to get tax deductions on the interest they need to pay on a Home Loan. You can claim a deduction of up to ₹50,000 per financial year as per this section. You can continue to claim this deduction until you have fully repaid the loan. But where and how can you begin to benefit from these tax deductions? Read on...

Full Article

6 Advantages of Married Couples Jointly Owning Property

Owning a joint property with a spouse provides numerous benefits such as better Home Loan terms, reduced stamp duty, tax benefits, easy succession, and many more. Continue reading to learn more about the advantages. Aspiring real estate buyers seek ways to reduce their purchase costs and own a home while saving money. Some effective methods include contacting the seller directly to avoid brokerage, taking out a home loan to claim...

Full Article

How to Calculate Monthly Interest for 1 Lakh Fixed Deposit?

Fixed deposits are the preferred investment instruments for many to save their money and get assured returns. It is a secure option for saving funds for future goals and financial emergencies. Most financial institutions offer multiple fixed deposit products to best suit an individual’s financial goals and preferences. Fixed deposit interest rates vary based on the financial institution, type of FD chosen, tenure, and even age bracket. Before delving into...

Full Article

TDS on Purchase of Property: A Complete Guide

Summary: Property buyers and sellers frequently require clarification on TDS on Purchase of Property. Don’t be worried; you are not alone. This guide will walk you through the process with expert advice and step-by-step instructions. TDS stands for Tax Deducted at Source, which means that tax is deducted right at the source of income. As part of the Indian Revenue Service Department, the Central Board for Direct Taxes is in...

Full Article

What is a Fixed Deposit Receipt?

A Fixed Deposit Receipt is the document given to a depositor by a financial institution when they open a fixed deposit. It is similar to an invoice you receive when you buy something from a shop. Like a bill, it contains all the details about the fixed deposit. Contents of an FDR An FD Receipt or FDR is a substantiating document that mentions the amount of money deposited, the time...

Full Article

Types of Fixed Deposits in India & How to Choose the Best Fixed Deposit?

Fixed deposits are a form of investment best suited for risk-free investors. It allows them to invest their money for a fixed period of time at a fixed interest rate. Fixed deposit interest rates are predefined based on the term. The interest rates are slightly higher for senior citizens, and the percentage is discretionary to the financial institution.   Once depositors meet fixed deposit eligibility criteria and submit the documents...

Full Article

Benefits of Home Loans for Government Employees

As far as Home Loans are concerned, government employees enjoy easier access and special privileges than others. A stable job with a regular salary makes them low-risk borrowers for loan companies. It encourages many housing finance companies to offer them lucrative loan deals with low-interest rates and favorable terms and conditions. Special benefits and easier accessibility make Home Loans a better and cheaper funding option for government employees. Here are...

Full Article

What is Loan-to-Value (LTV) Ratio & Its Importance in Home Loan

Most prospective homebuyers will eventually fund their purchase with some housing finance. Apart from providing financial support, getting a loan also has several benefits, like tax exemptions, savings kept intact, and improved credit scores. However, financial institutions can fund up to 90% of the property’s cost, and the borrower must pay the remaining amount as a down payment. The percentage of the home’s price that the lending institution funds is...

Full Article

How To Get A Home Loan Approved Instantly?

Having your own home is one of the most significant moments in a person’s life. Across the world, most aspiring homeowners do take home loans for financing their Homes. Institutions like PNB Housing provide quick & hassle-free Home Loans to eligible borrowers. If you’re looking for some financial assistance to buy a home without hassle, there are a few things you can sort out on your end and get your...

Full Article

What is Section 24 of the Income Tax Act? Everything You Need to Know

Buying a new home brings abundant joy, comfort, and security to most home buyers. Have you taken out a loan to finance your house as well? If yes, you will be happy to know your Home Loan also comes with many tax rebates. Section 24 of the Income Tax Act offers tax breaks to those who buy a house. These tax rebates are the government’s way of encouraging buyers to...

Full Article