I am a 40-year-old IT professional. I recently booked an under-construction flat in Bangalore for Rs 1.5 crore, with possession scheduled for December 2028. This is my first property. To date, I’ve paid Rs 50 lakh using redemptions from my equity mutual funds. I’ve secured a loan offer from a bank for Rs 1.12 crore … Read more
My spouse (31 years old) and I (33 years old) have a combined monthly income of Rs 500,000 working in the IT industry. We currently reside in Bangalore on a rental basis, paying Rs 55,000 per month. Additionally, we have a house in Hyderabad with a monthly EMI of Rs 125,000 on a home loan … Read more
If my parents have lent me for home loan, then will they be taxed as per their tax bracket based on the interest charged on the loan amountAnurag Panigrahi Reply by Adhil Shetty, CEO of BankBazaar.com How much tax do I have to pay? Calculate now If you have borrowed money from your parents and … Read more
Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget 2024-25 in the Parliament on Tuesday, wherein she introduced some changes to the direct taxes. FM Sitharaman made notable adjustments in the Income Tax Regulations to benefit the middle-class sector. One significant change is the 50% increase in the Standard Deduction, now … Read more
ITR filing: When comes to choosing appropriate tax regime for tax calculation, Old Tax Regime is still preferred by many. Old Tax Regime offers various deductions that can help taxpayers save more taxes. The deduction under section 80C of the Income Tax Act is a tax-saving provision that is available exclusively to individuals and Hindu … Read more
Union Budget: There is a considerable amount of anticipation and speculation surrounding the potential benefits that various sectors are expecting from the Finance Minister. Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for the fiscal year 2024-2025 in the third week of July. The Budget is expected to include a breakdown of … Read more
I am 45 years old. My monthly income is Rs 2 lakh. I have a home loan EMI of Rs 70000. I have invested Rs 10 lakh in mutual funds and another Rs 5 lakh in fixed deposits. My monthly mutual funds commitment is around Rs 20,000. I recently inherited Rs 20 lakh.Should I use … Read more
I bought my first house in Navi Mumbai in 2013 with a home loan from SBI. The outstanding loan amount is Rs 23 lakh, and the EMI is Rs 23,723. I stayed in this house for the last nine years, and it has been let out since last year as I have moved to another … Read more
What is benchmark for home loan interest rates and why is my loan provider not fully transferring repo rate cut benefit to me? I have heard that whenever the RBI repo rate increases or decreases, the same happens to our existing floating rate. When I asked my loan provider, they replied that whenever the rate … Read more
Investing in mutual funds versus prepaying your home loan is a decision that hinges on various factors, primarily your financial goals, risk tolerance, and rate of returns and interest rates. Deciding between investing in mutual funds or prepaying your home loan depends on several circumstances. Here’s a tailored scenario for one to understand mutual funds … Read more