Sunday, 19 August 2012

CHECK BEFORE BUYING A HOUSE

1. DECIDING TO BUY A HOUSE
 Area of the house, no. of bed rooms, utility room, bathrooms.
Floor location
Built in storage
Electrical fittings and bathroom fixtures and fittings
security , car parking , daycare facilities. etc.
House or flat.
City or suburban.

COST: 15% DOWN PAYMENT + 85% LOAN+ CLOSING COST(registration and stamp duty+builder transfer charges)

HIDDEN COSTS : External development charges, Holding charges,Contingencies etc.. about 25 % of project  ready to occupy .

Your EMI should  40 to 45%  of  take home pay. e.g. 25000 (10000-11500).

2.GETTING PREPARED
IT exemption  u/s 24(2) - deduction  upto 1.5 lakh towards interest repayment(unlimited if it is rented)
1 lakh under section 80C  on principal.


3.SPOTTING YOUR  DREAM HOME 


4. GETTING THE RIGHT HOME LOAN


5.COMPLETING THE PURCHASE
EMI  FOR HOME LOANS FOR ONE LAKH - TENURE(1ST. COL.) -RATE OF INTEREST MIDDLE ROW




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