Home Loan Repayment For Under Construction Property

Build your dream home the way you like with uob home construction loan which provides all your financing requirements. Pre emi option as the property is built the lender will disburse in parts the.

Understanding Building Under Construction Buc Loans In Singapore

home loan repayment for under construction property

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However you cannot seek these tax benefits in the pre construction phase ie.

Home loan repayment for under construction property. If the permitted residential property purchased is under construction. There is no maximum limit for claiming tax deductions for not self occupied property. Of course you can check the properties under construction but do it with open eyes.

Know these loan facts before going for an under construction property under construction properties quote at least 20 lower than the prevailing rates in a locality. The interest paid during this period is referred to as pre construction interest. The bank offers home loans for under construction property ready to move homes and resale homes as well as for construction of a home.

When a home loan is availed for an under construction property the borrower is entitled to claim deduction on the pre construction interest over 5 equal instalments in addition to the actual deduction on the interest under section 24. Tax deduction can be availed only if the construction of the housing property is completed within 5 years of taking home loan. The loan amount is decided on the basis of the applicants credit history and repayment capacity which is judged by his income expenses age job stability existing emis and a few other things.

The loan repayment schedule for the loan package that you have chosen is available in either hard copy. No tax deductions available for an under construction house even if you have started repaying the housing loan through emisoften it is seen that housing loan is taken but the possession of the property is received in the next or later financial years. If the home loan taken is not for self occupation purpose then whole interest amount can be claimed as tax deductions under section 24.

Lets understand the different variants of home loan emi options available for under construction properties.

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