If you earn up to Rs 18 lakh per annum, buying your first house will cost about Rs 2.4 lakh less as the government will subsidise a part of your home loan interest. At present, this subsidy is available to only those earning up to Rs 6 lakh per annum.
First time home buyers from tomorrow will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh.
Owning a home is one of the key achievements in an individual’s life. Till about a decade or two back, it took a lifetime to own a house, unless one was really lucky. But after 1991, acquiring a home has become easier. Home loans offered by banks and housing finance companies (HFC) are a boon for investors. The Reserve Bank of India (RBI) regulates the banks and National Housing Board (NHB) regulates the HFCs. As a home loan user, multiple home loan providers may have offered you the lowest rates. We all love the lowest home loan rates, but are the rates really the lowest? Let us try to de-mystify the workings of the home loan structure.