How not to finance down payment for buying home

How not to finance down payment for buying home

Buying a home is a big decision. And, as with all big decisions, you need to be well prepared before you implement it.  For starters, before you decide on buying a home, make sure you have accumulated enough money to make the down payment. Hasty measures can put your financial security at risk.   Don’t dip into retirement savings Rummaging through one’s retirement savings may seem the easiest option. But it is not the most desirable one, say experts. “Once you start chipping away at your retirement fund, there’s no…

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10 Reasons why your home loan didn’t get through

10 Reasons why your home loan didn’t get through

Buying a home is more than just than choosing the right property as this involves in getting into the biggest financial commitment in your life. It is imperative that the fund for the purchase of your dream home is arranged with the least impact on your future financial commitments.       To have your home loan approved, keep a track of the listed points: A good CIBIL/credit score A stable job/business Complete documentation An approved property  No Dues Certificate from previous lenders Home loans usually extend to twenty years…

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Taking a home loan to buy your first house? Five factors to consider

Taking a home loan to buy your first house? Five factors to consider

Taking a home loan to buy your first house? Five factors to consider Though you may have salary or income to support your home loan application, here are some factors you cannot ignore. Loans make many things accessible and homes are no exceptions. For millennials, loans are a part of life and they may not think twice before buying a home with a loan. However, here are five factors you should keep in mind even if you have adequate salary to get a loan and to service it. Property Age…

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How to get a better home loan rate

How to get a better home loan rate

Our experts tell you how to take advantage of the reduced home loan interest rates Recently, some major banks have reduced interest rates for new home loan customers. In fact, this year banks and housing finance companies have been passing on the rate cuts to borrowers. We asked the experts about how to benefit from this opportunity. Sumit Bali, senior EVP & head – personal assets, Kotak Mahindra Bank On the home loan rate reduction bit, I think we are closer to the bottom right now. I don’t think you…

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Tax Breaks beyond Sec 80C – Know them

Tax Breaks beyond Sec 80C – Know them

While most of us are aware and familiar with the tax deductions under Sec 80C, it is important that we do not miss out on the other available deductions. Here’s list of deductions you can avail. Medical Insurance Premium. Sec 80D: We sure cannot miss out on this one. When someone in the family, meets with an accident, or succumbs to an illness, the medical expenses can completely wipe out the savings of the family. Paying adequate medical insurance premium for a policy is a financial discipline,that not just safeguards…

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How to use home loans effectively for tax benefits

How to use home loans effectively for tax benefits

While there is one EMI payable to repay home loan, one must take into account the principal and the interest to enjoy tax benefits. Manish Mehta had recently acquired a property worth Rs 55 lakh in the outskirts of Chennai which had been financed by one of the prominent banks to the extent of 85 percent of the value of the property. He is aware that buying a house on loan is a tax efficient proposition but he is not aware of the nuances of how best he can leverage…

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How ‘Tax –free’ is the Freelancer?

How ‘Tax –free’ is the Freelancer?

While the salaried hurry and submit papers on proof of investments for tax benefits before the deadline, freelancers have a different story to tell. The salaried have the employers communicate all the rules and roll out facilities that enable them file their taxes with ease. Freelancers do all the legwork when it comes to filing their taxes but enjoy comparatively higher benefits and advantages. In truth, Freelancers have the best of both the worlds.   Here’s how they claim the tax – saving deductions available to salaried individuals and the…

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Real estate investment yields high returns and comes with tax benefits..

Real estate investment yields high returns and comes with tax benefits..

Property has always been an investment option that beats the inflation effect. It has yielded lucrative returns and continues to do so. Increasingly real estate is becoming a part of an investment portfolio. Anil Rego, an investment consultant, has some advice for those planning to invest in property   What are the basics you need to factor in while making a financial plan to invest in property?A financial plan is a structured process of understanding your financial goals, and evaluating your risk profile, current assets and liabilities in detail. It provides a…

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How this 7-point checklist makes your home buying easy

How this 7-point checklist makes your home buying easy

Adopting a checklist approach can help you avoid errors and save time and money while buying your dream home When two colleagues at a software company, Mayank Patil and Sundar Iyer, decided to purchase a home in the suburbs of Mumbai, they had a different set of experiences altogether. Over the next eight months Mayank got into a number of challenges like lack of clarity on title of property, bank refusal to fund the project, delays by the builder in getting basic amenities. On the other hand Sundar started his…

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