Before buying a flat ?? 1. Take the help of a Lawyer to check on your documents before you buy. 2. Obtain an encumbrance certificate from t...
Before buying a flat ??
1. Take the help of a Lawyer to check on your documents before you buy.
2. Obtain an encumbrance certificate from the relevant Register Office and ensure the property is free of any holdings.
3. There is difference in documenrarion in buting House directly from a builder and Buying a flat on resale.
4. Compare offered housing Loan terms and condirion and intrest rated of differenr banks. you can take help of ant professional Banker or Investment consultant for planning tenure and intrest rates.
a. Any interest you pay on a Housing Loan is deductable from the taxable income.
b. Banks generally offer a Fixed rate or a Floating Rates.
5.Rax Benefits: If you decide to occupy the house yourself, you qualify to a maximum of Rs. 1,50,000/- on your Interest payment. Your principle repayment goes towards fulfilling the balance of 80C deductions.If you have let out your house, you can claim deductions on Municipal Taxes, Water Taxes and other Property Taxes. Make sure you pick your Interest Certificate and the Tax Receipts at the end of the year.
