Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.
Tax exemption on HRA for self when wife receives rent
Tax exemption for self when wife pays rent is not available since wife pays the rentApnaloan.com Research Bureau
10 Aug 2007
Can I get exemption on HRA on account of rent paid to my wife?
I am in the process of buying a flat in joint name with my wife. My wife will be making the down payment from her own sources and will also be repaying the loan from her own sources. I am a joint owner and a co-borrower; only for smooth succession purpose. I intend to take the house on rent from my wife and claim exemption of HRA on account of such rent paid to my wife. Am I eligible for claiming exemption of HRA for tax purposes? Would the position be different if I was not a co-owner in the flat and just a co-borrower?
You can claim exemption of HRA in respect of rent paid to your wife only under specific circumstances.
If you are an owner of the property (and that includes being a co-owner) than I am afraid you will not be eligible to claim exemption of HRA by virtue of the rental amount paid to your wife.
However, if you are not a co-owner and if the transaction with your wife is on an arm's length basis (i.e. you pay commercial rent and the transaction is an actual transaction and not a sham transaction) then technically-you may be able to claim the exemption of HRA by virtue of the rent paid to your wife. Technically, you being a co-borrower for the loan has no impact on the exemption of HRA. However, this transaction is best avoided as the I-T department is unlikely to accept that the transaction is on a commercial basis as the landlord (your wife) will be staying with you.
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