Hi Sreekanth,
Your blog is very informative.It helps a lot in various aspects of investments and planning. The kind of representing an unknown topic is really very beautiful.
We need your advice and suggestions as we are preparing to own a flat.
The flat cost may vary from 41 to 45 lakhs.We are planning to go for a home loan upto 35lakhs.
Please help us know the important factors before purchasing a flat.
- Which bank is the best one to opt for a home loan?
- Which interest type is a better option?i.e., fixed/floating
- Information about registration charges and stamp duty charges
- Are the above mentioned charges refundable?
- Does the bank charge anything for processing a loan?
- What is the best price for registration so that maximum tax benefit can be availed?
2 Answers
Hi,
Thank you for following my blog posts and for your appreciation!
1 - The one which can give you the required loan amount at a better home loan interest rate. You may check out with HDFC / SBI.
2 - Are you planning to pre-close the loan quickly? If so, in how many years?
3 - The charges vary from state to state. You may kindly check about the applicable charges @ Registration Dept website.
4 - No. These are paid to the Govt.
5 - Yes. Generally the fee can be in the range of 0.5% to 1% (or) a fixed maximum limit (like Rs 10,000) can be charged.
6 - If you are buying the property for Rs 45 Lakh, kindly make sure it is registered for Rs 45 Lakh (on sale deed). Are you planning to jointly own property?
Useful articles;
http://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
http://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
http://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
http://www.relakhs.com/self-occupied-property-tax-hra-home-loan/
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