Tuesday, August 31, 2010

IS IT A WISE DECISION TO TAKE LOAN FROM BANK AND TO PURCHASE A LAND OR HOUSE?

CONFUSION IS BECAUSE OF REPAYMENT RISK,HUGE AMOUNT OF INTEREST AND THE GOVERNMENT TAXES ETC, COMPERATIVELY THE RENTED HOME IS BEST


looking at the present trend buying a propertyon loanhas is advantages

with the increase in house property prices it is better to buy taking a loan

you create an asset

the interest on loan repaid during the year can be taken as loss from house property and adj against other income

the principal amount of the emi of the year avilable for deduction u/s 80C of the income tax act

if you are capable of paying the instalments it is wise to take a loan and purchase house or land .

Purchasing A LAND OR HOUSE is creating an asset (investment).

If you pay monthly EMI, your repaying the principal amount is like putting money in a RD (saving). Also the value of the asset keeps appreciating. You become owner of a house.

If you pay monthly rent, you keep spending but create nothing.

I paid Rs 3500/- EMI + Rs 950/- (maintenance) for my house purchased in 2000. I received rent Rs 4500/- from tenant.

Purchase price - Rs 6 L

Loan amount - Rs 4.5 L

Built-up area - 560 sq ft

If 'Income from HP' is declared the additional IT would amount to about Rs 3000/- annually.

'Income from HP' is declared only in case house is rented out. Otherwise you pay only Property Tax.

Who is wise, owner or tenant??

HMT

Great analysis by HMT

Monday, August 30, 2010

Please help to write a letter to bank for project loan for constructions company (existing co) towards land?

what you need my friend, is not just a letter to the bank. You need to draft a complete proposal of your company, in there you need to have all info as partains the company to its current state including financials and referees; the later are the companies that u have worked with. then and only then will u justify the existence of the company, then you need to provide good reasons backed with evidence on why you need the loan; this is done by stating a project u have been given n u need finances to run. If you cannot do that then you will not qualify. for professional help, i refer you to Mr Wise of Ideal Projects Consultants; email. info.iresearch@gmail.com. all the best.

Thursday, August 12, 2010

Will my bank ask me for a down payment on a new car from ford land if i have good credit with my bank?

ya most banks do


Ususally its expected you put some money down and the rest as the loan. Its probably not often that there is no down payment and the full amount is a loan. It calls into question your ability to pay and manage money if you've not saved up anything towards the car. How can you then afford a payment every month.