We tie-up with major Housing Finance Companies and Banks to devise loan schemes for our various projects to help you realize your dream of owning a Mauli Sai residence and offices. Our innovatively designed packages will help you get flexible and hassle free financial aid at highly competitive rates of interest along with a host of other benefits.
Financial Feasibility Analysis:
Our executives will help you in your financial planning,
loan procurement procedure and in all legal matters related to the
property you choose to buy.
Any question on Home Loans and Finance , please contact on:
+91-22-2849 4759
+91-22-2841
2596
The income tax authorities look with favour upon those servicing a housing loan from specified financial institutions. And, it is up to you to be wise enough to take advantage of this.
Section 24 of the Income Tax Act. ICICI BANK.
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. That means you are allowed to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year. This is now a substantial amount. It started off with the Income Tax Department offering Rs 15,000 as the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000. It did not stop there. After getting enhanced to Rs 75,000, it was then taken to a limit of Rs 1 lakh. Presently, the limit stands elevated to Rs 1.5 lakh.
So, should you borrow
money to acquire, construct, repair, renew or reconstruct property
on or after April 1, 1999, you get a deduction of up to Rs 1.5 lakh.
The criteria being: the property has to be acquired or constructed
by March 31, 2003 and be self-occupied.
When put in figures, this is quite an amount. Assume taxable income
of Rs 4 lakh, placing the assessee in the highest tax bracket.
Assume interest payment during the first financial year is Rs 1.60
lakh Taxable income stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs
1.5 lakh being the maximum limit) Total tax amounts to Rs 49,980
(tax of Rs 49,000 + surcharge of Rs 980) Tax saved is Rs 45,900 (tax
@30% on Rs 1.5 lakh plus 2% surcharge as the investor is in the
highest tax bracket)
That brings us to Section 88 of the Income Tax Act.
You get a 20% rebate on repayment of principal during a financial
year. Once again, over the years, the principal repayment eligible
for rebate has been enhanced from Rs 10,000 to the current limit of
Rs 20,000. Stamp duty, registration fee or other such expenses paid
for the purpose of transfer of such house property to the assessee
is also considered under this amount. Going back to our earlier
example: Taxable income of Rs 4 lakh Taxable income stands reduced
to Rs 2.5 lakh Tax before rebate and surcharge: Rs 49,000 (no
surcharge is computed as surcharge is applicable on tax payable
after allowing for rebate under Section 88) Rebate of Rs 4,000 (20%
of Rs 20,000 being principal repayment) Tax less rebate of Rs 4,000
+ surcharge @ 2%= Rs 45,900 Tax saved = Rs 49,900 (Rs 45,900 as
shown above plus rebate of Rs 4,000)
Home Loans - Eligibility - APPROVED FROM ICICI BANK/ OBC BANK/ HDFC / GIC/SBI
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Documents required with loan application form:( Self-Employed cases ) |
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Common Documents *
Updated Bank Pass Book / Statement of Accounts for the last 6
months ( Xerox ) |
Partnership: *
Copy of Partnership Deed. |
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Proprietor / Professional
* 3 yrs. P & L a/c, B/s, Computation of income
certified by CA. |
Pvt. Ltd. Company
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Remuneration certificate . |
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Documents required with Loan application form: ( Employed cases ) |
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* Latest
Salary Certificate / Slip in original. * Form no. 16 A ( TDS Form ) from Employer ( Xerox ). * Certificate from Employer for any other allowances which is not reflected in salary slip ( in original ). * Updated Bank Pass Book / Statement of accounts for last 6 months ( Xerox ). * Voter I.D. card or Company's I.D. or Passport ( Xerox ) or Ration Card ( Xerox ). * Passport size Photograph of applicant & co-applicant. |
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ICICI Bank http://www.icicibank.com 
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HDFC Bank http://www.hdfcbank.com  |
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State Bank of India - SBI -
http://sbi.co.in
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