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Rain Water
Harvesting – First time in a residential complex in Guwahati
Solar Heater
Full proof security
for safety living
Telephone with
intercom facility with security centre and main gate
In-house Cable
network system for excellent picture quality
Advanced Fire alarm
system
Water Filtration
plant
Exclusive elevators
Lush green park in
the middle of the complex
Ornamental trees in
the campus
Decorative street
lights
Community hall
Generator back up
for lobby, lift, stairs and pumps
Water harvesting &
ground water recharge.
Solar light for
common Area.
Real Estate investment in India is what everyone seeks and the
right finance option that suits his/her needs to the tee? To help
him/her realise his/her dream of owning a Supreme Residency, VTT
helps with Housing Finance Companies and Banks to devise loan
schemes for their various projects. VTT's innovatively designed
packages will help him/her
get flexible and hassle free financial aid at highly competitive
rates of interest along with a host of other benefits and help
getting luxury lifestyle residential property.
Any question on Home Loans, please contact us on customer support:
email :
rashmita@varshatechnotrave.com
Mobile number >>
Home loans
The benefits of taking a home loan:
The income tax
authorities look with favour upon those servicing a housing loan
from specified financial institutions. Moreover, it is up to one
to be wise enough to take advantage of this.
Let's
start with Section 24 of the Income Tax Act.
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is
entitled to a deduction. That means the borrower is allowed to
deduct an amount equivalent to the total interest payable on the
housing loan from his taxable income within the same financial year. This
is now a substantial amount. It started 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 being 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,
incase of show borrowing to acquire, construct, repair, renew or
reconstruct property on or after April 1, 2007, The borrower gets a
deduction of up to Rs 1.5 lakh. The criteria being: the property
has to be acquired or constructed by March 31, 2010 and be
self-occupied.
When
put in figures, this is quite big amount. Presuming the taxable income of
a borrower at 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.
The
borrower
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).
Finance
After the
borrower have made the decision to purchase a home, he/she will
have to decide on which option he/she will want to use to finance it. Customers have
three options for making payments towards a home.
-
Installment Scheme ( Customer Financed ) :
Under this scheme, the customer pays a percentage of the total
price of the home initially and then makes progress payments as
the building construction progress e.g. a customer puts 20% as
down payment when he books the flat and then pays 10% when the
first floor is constructed, 10% when the 3rd floor is
constructed and so on. The payment made by the customer are
linked to the progress of the building and all payments are
financed by the customer himself.
-
Installment Scheme ( Bank Financed ):
Under this scheme, the customer opts for a home loan at the time
of making the booking and the bank makes the payments on behalf
of the customer. The payments are linked to the progress of the
building just like the previous scheme. The customer repays the
bank over a longer period of time e.g. 20 years.
-
Advance Disbursement Facility (ADF) Scheme (Bank Financed) :
Under this scheme, the bank, on instructions from the customer,
pays Supreme the entire value of the apartment upfront when the
customer makes the booking. In effect, Supreme discounts all the
future payments due from the customer at an interest rate that
is higher than the rate of interest of the home loan. Therefore,
the customer ends up getting a discount on total price of the
home. Consider an example of customer booking a flat of 1000
square foot area at the rate of Rs.1800 per square foot. If he
is paying entire money upfront while booking, then he gets
Rs.100 as ADF Discount and his costing will be Rs. 1700 per
sq.ft. So instead of Rs. 18,00,000 which is the cost of the
flat, the flat cost in the ADF scheme will be Rs. 1700,000, a
saving of Rs. 1,00,000. This facility is made available by banks
only to reputed builders.
* NOTE:
The informations are indicative of the kind of development that is
proposed. Subject to the approval of the authorities or in the
interest of continuing improvement, the developers reserve the
right to change the layout plans, applications or features with
out prior notice or obligation.
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