Hi,
I currently reside in Bangalore and planning to buy a property in Kolkata. The property is currently under construction and I expect to get possession of the property by end of 2014. The property is worth 41 lakhs and I am taking a home loan from SBI. My questions are:
1. How much tax deduction I am eligible to get due to the housing loan?
2. Will I still get HRA since I reside in Bangalore and the property is in Kolkata.
3. Does my income tax benefit depend on the completion of construction of the property.
4. Is is advisable to have this loan on a joint name so that the other person can also avail tax benefits?
5. What should be the tenure of the loan? I would be comfortable paying EMI for a loan duration of 15 years. Is is advisable to reduce the tenure and get the loan over with or would you suggest taking the tenure as the usual 20 years and investing the remaining amount elsewhere?
Thanks in advance for your help!