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26 May 2013

Get Easy Tax Concessions Bonus on Home Loans

Easy tax concessions are a added bonus with your home  loan. Purchasing a home has become the most sought  after  dream today. Our major salary can go in terms of repaying home loans. With property rates increasing day by day it is becoming more and more difficult to purchase a home even on loan. The principle amount is increasing and also the interest rate added puts a tight crunch on our monthly salary. Tax concessions and rebates come as a boon to lighten this burden a little bit.
Is it possible to get tax rebate on the loan amount? Many of us are not aware that this is taxable income money and one can avail rebate on a certain amount. If all returns are filed regularly and all criteria for applying for a home a loan fulfilled then one can avail on tax rebate for a certain amount of the money taken as loan.
The main criteria would be the loan has to be taken in the prior financial year and the project has to have a fixed date for completion. The possession of the flat has to be taken within three years since the flat loan has been taken.
The home loan consists of the principle amount and the interest amount. Tax rebate is possible on both these amounts. One can take a professional guidance from a tax consultant and other people who have gone for a home loan. There are certain rules for the amount applicable for tax rebate under all the sections of laws. A certain percentage of the total amount that can be taxable depends on the individual who can get rebates for PPF, Insurance and so on.
This opportunity offered by the government to apply for tax concessions on the total as well as interest amount helps to reduce the load of the repayment of the loan amount. Still many of us are not aware that they can get tax rebates and concessions on home loans, with principle as well as interest amount. Whatever money saved is money earned!
Home loans can earn you money in terms of savings   with tax rebates and concessions. Negotiate and find out the best deals with your financial consultant or the financial advisor of your home finance company.

How to Settle Joint Home Loan Issues In Case of Divorce

Joint home loans are the best way to fulfill your dream of owing a home soon. Many working couples are going in for this opportunity to purchase their new home. With the regular working couple this seems to be the best option as they are lucky to get double income every month and since it is the beginning of their life they can also plan for waiting to go in a family way. The most shocking part in the institution of marriage is that not all couples are made for each other and when problems come up the financial issues come up first. In case of divorce of the couple the most important issues coming up are regarding joint home loan.
In case the couple has purchased a home on joint home loan they will first have to settle the ownership issues. If both are at an understanding then they can live separately for some time to see if distance can make their hearts fonder.
Meanwhile they can continue paying their EMI as usual. If they have to break up then they will need to settle the ownership with the lending institution. They will both have to hire a help in means of lawyer and counselor who can guide them with the property details. Their loan lending bank will also need to come up in confidence for this problem and give suggestions and guidance for settling this issue amicably.
First the husband or either spouse who has a higher repayment capacity can choose to take ownership of the home. This will let the other spouse to opt out of this loan on mutual consent. If the other spouse has also contributed to the repayment of EMIs during the joint home loan tenure then the purchaser of the flat, the spouse who has taken ownership will pay the desired amount to the other partner. If they have to settle alimony issues of children and maintenance of the wife then the husband can also transfer the property after weighing its financial value in the wife's name.
 The remaining EMIs will have to be paid either jointly or by one spouse who owns the flat. If the relationship is continuing and both are staying separately then they can divide the EMIs and make an arrangement for one spouse paying after every alternate month or every three month as they both can afford and keep the ownership on both names, since transfer will also take some amount for all the documents and this will again increase costs of your home loan.
If they both are incapable of purchasing the home or wish to close this deal with closure of relationship then they will have to search for a buyer for their home. A person who is willing to take over the present home loan and purchase the flat, some one who pays the total value to the couple and purchase the flat from them and continues from here with the repayment schedule.
This new owner can get continue and get a home loan from the same lending bank or any other loan lending company financial institution. All housing loans companies and financial loan lending institutions are equipped to settle such issues and they will be able to guide you in a better way regarding settling of joint home loans in a crisis.

10 May 2013

Home Loan Lenders Selling Tips Biggest Hurdle in getting Borrowers for UK Home Loans

Home loan lenders selling tips Biggest hurdle in getting borrowers for UK home loans as the market is flooded with houses and houses everywhere, people are not so keen on taking home loans  paying off in dollars.  People are hesitating to buy new homes and with few exceptions where money does not matter anyway the elite investors in property purchase flats for investment purposes, and need to divert their finance and what better way than in housing sector as this field has assured and guaranteed returns.
Majority of people applying for home loans in UK are from the private sector and they may not have all the documents in place which leads them to search for those lenders who can offer them loans.
 It would be better if the lenders would simplify their loan procedures and also ease out the formalities to minimum. As it is every one understands the fact that you will get a loan only when you are eligible for that, which means you have the repayment capacity. Still when you discuss of home loans this topic is not universally acceptable and many people, have the picture of so much high interest in dollars and formalities and time taken in UK for approval of a  home loan. Quick easy approval.
 Reduce Down Payment since this is the major hurdle for any home buyer and money is precious in the UK. It is a common fact that homes are costlier and out of reach for many working people but the fact remains that people have the repayment capacity, they just can’t collect a large amount at a time. EMIs are fine but the first payment being large amounting to 20% of the total home coat is difficult for many and if these people find a way here suddenly there will be a major growth spurt in the housing finance sector.
Advertise for targeted audience only for some time and see the difference. Would it not be nice to advertise for majority of the public, make home  s affordable for most of the targeted audience , say working category, womens home loans or extra benefits for home bank employees.
Reduce interest rate. It may be difficult , easy said than done, but it is the only way out to attract borrowers of home loans, with the prime lending rate increased but still it can be managed. A home taken on loan will suddenly increase in the total amount so much that if at a glance you see the amount people repel from the thought of repayment of home loans and that too for such long tenures. This puts undue stress for many and also the fluctuating rates which again are like a borrower always sitting on a bomb, you never know when early morning  paper news on home loans
Now begin with advertising to the target audience, focussed advertising will give better results.  No misleading advertisements and no false promises, though w e all know a little tweaking here and there is the new mantra of advertising,  just affordable housing. The movement is obvious with sales meter showing the rising trend in home loans in the UK.