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 implication when the second house property is rented
Tax impliaction when the second house property is rented is calcualted on the basis of annual income from house propertyApnaloan.com Research Bureau
10 Aug 2007
What is the impact of tax deductions if I decide to give the second property on rent? Also, the calculation of income from house property in the above case is likely to result in an additional loss. Can I get the benefit of tax reduction while calculating the TDS on my salary or, will I have to claim the refund only while filing the income tax returns?
If you decide to give the second property on rent, the calculation of income (or loss) for that property is fairly simple. The annual value will be, the amount of rent receivable minus municipal taxes and a standard deduction equal to 30% of the annual value is available as well.
If this calculation, results in an additional loss you will need to file a statement along with verification with your employer; giving details of the calculation of loss under the head Income from House Property as well as the tax deducted at source by your tenant, if any. Your employer will then have to take this into account while calculating the amount of tax deductible on your salary income.
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