The escalating inflation in the real estate sector has made housing unaffordable for weaker sections and middle-income groups in India. To address this challenge, the government introduced the Pradhan Mantri Awas Yojana in 2015, aiming to provide housing for every eligible household by 2022. The initiative has now entered a new phase with the launch of PM Awas Yojana Urban 2.0, which commenced on 1st September this year and is set to conclude by 2029.
An overdraft facility on a home loan works in a similar manner but with slight variations. When you apply for a home loan with overdraft facility, the lender links your borrowing with a dedicated savings account. You have the option to deposit any sum into this account. Once you do so, your principal outstanding is reduced accordingly, and the interest amount is adjusted.
If you are a business owner, one term that you may hear from your accounts department on a daily basis is 'Depreciation'. Every asset in your office loses its worth over time, whether laptops, machines, or vehicles. Regular usage and technological upgrades render your existing assets useless after a few years. Now, the question is, what do you usually do when an asset completes its useful life? Do you sell it to make some money? If yes, then how do you decide the resale value? To answer all thes
Property tax is the major source of revenue for the state governments. They collect taxes and use these funds to support local services and infrastructure development. However, different states, even local cities, have varying tax structures, and the municipal bodies responsible for collecting taxes also differ. For example, if you own a property in Bangalore, the BBMP Property Tax is governed and collected by the Bruhat Bengaluru Mahanagara Palike (BBMP).
Borrowing for your new home is now easier than ever. With the rise of well-established Non Banking Financial Companies, you no longer have to solely rely on the traditional banking system and wait several days to find out if you qualify. Want to know more about home loans from NBFCs? Keep reading.
House Rent Allowance is the allowance provided by your employer to cover accommodation costs when renting a house. When filing taxes, you can claim this allowance as an exemption under Section 10 (13A) of the Income Tax Act, 1961. However, according to tax rules specified under 2A, the exact HRA amount eligible for tax benefits may vary due to certain factors.
Interest rate adjustment is a crucial component of government monetary policy. When the demand for goods and services exceeds supply, one possible reason could be excess cash in circulation. To curb demand, reduce cash circulation, and manage home loan interest rates, the Reserve Bank of India (RBI) first increases the repo rate.
The loan amount is not the only consideration when borrowing funds for a house purchase. You must understand your loan's interest rate and other terms and conditions. However, many borrowers make the mistake of overlooking the minimum and maximum duration offered by the lender and fail to consider the impact of the repayment period on their finances. To help them, below is a detailed article about Minimum and Maximum Tenure for Home Loans.
Learn when your home loan EMI starts with insights from Hero Housing Finance. Understand key factors like loan disbursement, moratorium period, and how the first EMI is calculated. This expert guide simplifies the process, ensuring you are well-informed about your repayment schedule, helping you plan your finances better. Stay ahead with tips from industry experts on managing your home loan effectively. Visit Hero Housing Finance to explore more financial insights and solutions.
The tenancy agreement is a legal contract between the property owner and the person renting the building or land. It provides the norms and regulations that each party to the contract must follow. The Model Tenancy Act (MTA) was introduced by the Government of India in 2021 as a framework for modernizing rental laws across the country. It is intended to standardize and simplify rental agreements, making the rental market more transparent and efficient.
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