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Indian law allows a person to own multiple homes. However, for all the properties taken together, the amount of home loan available to you will depend on various factors. You are entitled to certain tax benefits for buying, building, renovating, or repairing a house property. This is with respect to the interest paid on borrowed money. The tax laws also allow you to claim tax benefits for repaying the principal amount for the purchase and construction of a residential house. Tax benefit on interest payment Under section 24(b), you may claim…

Immovable property is most likely to be transferable. However, immovable property excludes timber, growing grass and crops. You can transfer permanently attached property under section 3 (26). Under this section, the  land, all the benefits that come out of the land and anything permanently fastened to earth is transferable. It simply creates security that is enforceable in court. It ought to be in writing to create a charge. All the movable property that is not transferable are hereditary allowances, rights to ways, ferries and fisheries. Immovable property is ix parts, that…

Impact of corona virus has been hazardous. China was widely COVID positive in December 2019, India was positive by March 2020. That is when the Prime minister announced nationwide lockdown. However, the lockdown was an effective decision without a doubt, if we consider the aspect of the health of the people, but it affected numerous businesses, jobs, etc. Covid-19 has a serious impact on the real estate business. This crisis is the third, in real estate post Demonetization and Real estate act, 2016. Aspects of real estate affected due to the…

When you take a home loan for your dream home, you end up paying an interest and the loan amount. The interest is calculated by an interest rate charged on the loan amount. You repay the loan amount and interest in equal monthly installments. Home loan interest rates can be floating and fixed depending on the banks. They are charged according to the loan amount. EMI depends on the following factors:- Higher the loan amount, higher is the EMI. Lower the home loan interest rates, lower the EMI The maximum tenure…

Loans for home and land may seem to be the same since both are part of real estate. But in financial terms, home loan and land loan differ in a few major areas.  Banks and Non-banking financial institutions (NBFCs) provide both loans. Also, despite certain differences, the rules for processing the loans are exactly the same.  Let us look at the differences now; Purpose of the property:  Home loans can be availed for houses that are ready to sale, under-construction, or approved for construction in the future. Such loans are given…

In India, government levies tax on rental income through the ‘Income from house property’ section of the Income Tax Act of India. The law considers the rental income obtained as income accrued and hence makes it eligible for taxation irrespective of the residential status. So, any rent you receive by renting out your house or commercial or residential property, it is taxable. The tax rate applicable for calculating the income tax for the rental income depends on the income slab of the assessee, i.e., under which tax slab he/she is falling.A…

The Haryana Government sets the circle rates in Gurgaon through the registrar or sub-registrar office. It states the minimum amount for purchase or registration of properties. Stamp and registration charges have to be paid according to the Circle rates or the transaction value, whichever is higher. If you want to avail loan against property, you need to know about the circle rate of your property. Factors that influence circle rates in Gurgaon: The market value of the region and the services available in that region. Market value is the actual value…

Excluding some ups and downs here and there, the real estate business has been a strong market to invest in. These downs include third black swan. There are more than sufficient examples to prove that if you know about the business and indulge in it at the right time you can make the tables turn for yourself. People who have not made big investments have also managed to get profits. If you compare to other businesses, the real estate business has seen less down times. It mostly has been profitable. But…

What is circle rate? Circle rates are minimum rates for property registration transactions notified by the sub-registrar or registrar’s office. It is different for each place and varies according to the place. In this article we will be taking a look at the circle rates of Delhi. Significance of circle rate Circle rates are significant because they are used as a factor while determining the price for property values during a purchase or sale. Financial institutions also use it before they sanction a mortgage loan. Residential Plots’ circle rates in Delhi…

Computers and the internet have revolutionized the entire world. Technology has made our lives way simpler. Similarly, it has made the lives of house owners easy too. Before the internet landowners faced difficulties as they could not see their land and house in which they did not live but owned. This caused problems for them. Delhi BHU Naksha has solved that problem. What is BHU ? Delhi BHU Naksha is computerised versions of land records. Records of rights (ROR) have been moved to the electric medium. Maps of states have been…