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POSTED BY ON December 30, 2010 2:01 am COMMENTS (2)
Respected Sir,
I am Dr Naveen Arichwal, age 37yrs,Monthly salary of 65000/-, monthly expenditure Rs.10000/-
and Saving of Rs 7-8 Lakhs, I am investing approx 10000/-p.m. in LIC,EPF,MF,Health insurance
etc. My family consists of Housewife +3yrs old daughter.And at present i am living in
Faridabad (Haryana) & doing job in Fortis hospital as Senior resident -Emergency Medicine.
My query is:- How should i decide the amount of EMI that i can afford to repay
(comfortably) the home loan that i have to take ,to buy a residence.?
2.How much % of total cost of property the bank will give me Homeloan? Should i opt for Fixed rate or floating rate of interest .How to decide?
3.I am paying house rent of Rs.5200/-p.m. +water & electricity. Can i claim tax benefit for
the rent that i am paying per annum? What documents i have to enclose for this benefit?
Please advice.
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At present, there are only floating rate loans available. Even the “fixed rate” loans nowadays come with a clause of revision at some particular intervals.
Also, go through this
http://www.subramoney.com/2010/12/housing-interest-tax-deductions/
Hope this helps.
Ramesh
Naveen
1) to give answer of your first query , you should incorporate the max interest rate , which can go up in future, be ready for it , so even if interest rate at the moment is 10% ,calculate how much can you pay incase it goes up to 14% (last high) . read more on http://www.shyamscolumn.com/2009/10/prepare-for-higher-interest-rate-on.html
2) You should take 80% as the figure ,overall it would be around that , so be ready to ay 20% or more from your pocket , the main point here is that take loan which you can afford . Fixed or floating is a different thing which you should decide.
3) I think you mean HRA here , yes you can claim the HRA if you are not resiging in the house which you will buy .
Manish