Housing Loan Interest Eligible For Double Deduction: ITAT Chennai

By Accommodation Times Bureau Interest paid on borrowing for acquiring house deductible u/s 24(b) & 48 The assessee borrowed funds for purchasing a house. The interest paid on the said loan was claimed as a deduction u/s 24(b). When the house was sold, the interest paid on the said loan was treated

Scheme of 1% Interest Subvention on Housing Loans up to Rs. 15.00 lakh

By Accommodation Times Bureau RBI wants to implement the Housing Finance subsidy of Rs.400/- crore given to deduce interest by 1% on properties below Rs.25 Lakh. ?????? ??????? ? ? __________________RESERVE BANK OF INDIA_________________ RBI/2012-13/214 RPCD.MSME&NFS.BC.No. 30 /06.11.01/2012-13 September 18, 2012 The Chairman/Managing Director/ Chief Executive Officer All Scheduled Commercial Banks (excluding Regional Rural Banks) Dear Sir / Madam, The Scheme

Interest Subvention of 1% on housing loans

By Accommodation Times Bureau The Union Cabinet today approved the proposal for extending the scheme of interest subvention of 1% on housing loans upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh for the year 2012-13 and to amend the operational part of guidelines for release

Central Bank waived-off prepayment penalties on housing loan

By Accommodation Times (www.accommodationtimes.com) One of the India’s biggest money lenders Central Bank of India has followed the foot steps of State Bank of India and ICICI Bank by ending up prepayment charges on floating rate home loans on higher priority basis. “Contrary to Reserve Bank of India’s proposals, the Central

1% interest subvention on housing loans upto Rs. 10 lakh: RBI

The Union Budget Speech of 2011-12, it has been proposed to liberalise the existing scheme of interest subvention of 1 per cent on housing loans by extending it to housing loan upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh from the present limit of

Housing loan limit increased from 25 to Rs.30L for UCBs: RBI

Mumbai: The Reserve Bank of India (RBI) has raised the housing loan limit on individual housing loan, so now onwards an Urban Cooperative Bank (UCB) can disburse from Rs.25L to Rs.30L. Similarly the Central bank also has increased the repayment period for such type of loans to 20years. On the other phase

Housing Loan limit under priority sector increased to 25 lakh

RBI/2010-11/517 RPCD.CO.Plan.BC.69/04.09.01/2010-11 May 9, 2011 The Chairman/Managing Director/ Chief Executive Officer [All Scheduled Commercial Banks (excluding Regional Rural Banks)] Dear Sir/ Madam, Housing Loan limit under priority sector Please refer to paragraph 6.1 of our master circular RPCD.CO.Plan.BC.10/04.09.01/2010-11 dated July 1, 2010 on lending to priority sector, wherein loans up to Rs.20 lakh irrespective of location, to

Scheme of 1% interest subvention on housing loans up to Rs. 10 lakh

circular RPCD.SME & NFS.BC. No. 16/06.11.01/2010-2011 dated August 09, 2010 and RBI letter RPCD.SME & NFS.No.4864 /06.11.01/2010-2011 dated October 20, 2010 conveying, inter alia, instructions pertaining to procedure for reimbursement of claims under the captioned Scheme. Clarifications from Government of India as under which may be noted while submitting claims

Banks to pay for delay in closing of Housing Loan Account

Mumbai: A district consumer forum recently brought to book a bank that made a couple run from pillar to post after they had expressed their willingness to close their housing loan account before maturity. Stating that the complainants experienced financial losses due to an unreasonable and harsh attitude and lack

Housing Loans & Various Types of Frauds Detected by Banks

Housing Loans & Various Types of Frauds Detected by Banks After the various big Bank scams of the period from 1990s, Banks felt that it is necessary to spread their risks by advancing monies to individuals, specially against mortgage of immovable property, by means of housing finance. This kind of advance