Set with market expectations, the Reserve Bank of India (RBI) on Tuesday cut off short term repo rate by 0.25 to 7.75 % in its quarterly monetary review, raising hopes that Indian economy is appearing on right track. Read more
Tag: Home Loan
SBI revises retail lending rates
Good news for home loaners, India’s top lender State Bank of India recently announced to relief in retail rates with cut by up to 50 basis points, 0.25-0.60 %.
As per SBI revised plan, Car loans above Rs. 75 lakh will be charged 10.40% interest rates from existing 11.25%, while Home Loans of Rs. 30 lakh- Rs. 75 lakh will be charged to 10.40%, from 10.75%.
People who lend money upto Rs. 30 lakh will now pay interest with 10.25% from current 10.50%. Read more
FM to double tax deduction eases for home-loaners
As per business sectors release, there is good news for home loaners. During this year, the govt. is deducting the tax by raising tax exemption on interest paid in housing loan.
And now the person, who has taken a house loan, gets double relief from the tax assumption as limiting taxable income up to Rs 3 lakh annually from the existing limit of Rs 1.5 lakh.
And this assumption will be follow up from 16 March 2012 when budget scheduled to be tabled in Parliament.
Double tax deductions upto 1.5 lakhs is allowed towards interest on loans. And a person who borrowed a loan to purchase a house from bank also enjoys tax exemption on the payment of the principal amount. Read more
