Saturday, August 15, 2009
Friday, April 10, 2009
Home Loan
HOME LOAN TYPES
HOME LOAN TYPES
▪
Home purchase loans
▪
Home improvement loans
▪
Home construction loans
▪
Home extension loans
▪
Home equity loans
▪
Land purchase loans
▪
Bridge loans
▪
Mortgage loans
Owning a piece of land or property is a lifetime dream for every individual. There are many home loans provider in the market to make your dream come true. But before you opt for any home loan provider, you need to consider certain factors related to property that you are interested in buying and also about the salient features offered by a home loan provider and also study some Home Loans and Home Insurance FAQs which helps in applying a Home Loan in India.
And the most important thing is you should know about each and every term related with Home Loans before applying for a Loan. It is always advisable to consult a home loan expert or consultant before applying for a home loan or purchasing a property.
You can take different types of home loans like Bridge Loans, Home construction Loans, Home Equity Loans, Home Extension Loans, Home Improvement Loans, Land Purchase Loans etc for different schemes available in the market. There are different types of home loans tailored to meet your needs.
Home Purchase Loans: These are the basic forms of home loans used for purchasing of a new home.
Home Improvement Loans: These loans are given for implementing repair works, healing and renovations in a home that has already been purchased.
Home Construction Loans: These loans are available for the construction of a new home.
Home Extension Loans: These loans are given for expanding or extending an existing home. For eg: addition of an extra room etc.
Home Conversion Loans: These loans are available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan.
Land Purchase Loans: These loans are available for purchasing land for both construction and investment purposes.
Bridge Loans: Bridge loans are designed for people who wish to sell the existing home and purchase another one. The bridge loans help finance the new home, until a buyer is found for the home.
Why take a Home Loan?What's an average middle class Indian's most cherished dream? A date in world trips in islands with Aishwarya Rai in complete solitude. This would seem to be the answer from the maximum number of episodes of Kaun Banega Crorepati (KBC), despite recently of course, when she has decided to change her fortunes first with Abhishek!
Jokes apart, purchasing and moving into a dream house would generally rank among the top three things on the wish list of most people. After all it’s what been proved by Maslow’s Law of Hierarchy as well. That entire house hunting every few years, grumpy landlords, killing rents would be a thing of the past. Hey, you even get to use nails to hang your favorite paintings and pictures. Don’t you???
Taking a home loan nowadays has become very simpler. The RBI has been regularly slashing interest rates, with the result that housing finance loans that came at an interest rate of 16.5% to 18% four years ago are now available at 11.5% to 13% or lower. Each year the Finance Minister's generosity during the Budget seems to be solely concentrated for the housing sector and construction sector. The Budget 2000's allowed interest payment up to Rs 1 lakh and principal payment of Rs 20,000 to be exempted from income tax. To top it all, the Housing Finance Companies (HFCs) are aggressively wooing customers. Now, when the sun shines, it’s the best time to make hay. Isn’t it?
HOME LOAN TYPES
▪
Home purchase loans
▪
Home improvement loans
▪
Home construction loans
▪
Home extension loans
▪
Home equity loans
▪
Land purchase loans
▪
Bridge loans
▪
Mortgage loans
Owning a piece of land or property is a lifetime dream for every individual. There are many home loans provider in the market to make your dream come true. But before you opt for any home loan provider, you need to consider certain factors related to property that you are interested in buying and also about the salient features offered by a home loan provider and also study some Home Loans and Home Insurance FAQs which helps in applying a Home Loan in India.
And the most important thing is you should know about each and every term related with Home Loans before applying for a Loan. It is always advisable to consult a home loan expert or consultant before applying for a home loan or purchasing a property.
You can take different types of home loans like Bridge Loans, Home construction Loans, Home Equity Loans, Home Extension Loans, Home Improvement Loans, Land Purchase Loans etc for different schemes available in the market. There are different types of home loans tailored to meet your needs.
Home Purchase Loans: These are the basic forms of home loans used for purchasing of a new home.
Home Improvement Loans: These loans are given for implementing repair works, healing and renovations in a home that has already been purchased.
Home Construction Loans: These loans are available for the construction of a new home.
Home Extension Loans: These loans are given for expanding or extending an existing home. For eg: addition of an extra room etc.
Home Conversion Loans: These loans are available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need of pre-payment of the previous loan.
Land Purchase Loans: These loans are available for purchasing land for both construction and investment purposes.
Bridge Loans: Bridge loans are designed for people who wish to sell the existing home and purchase another one. The bridge loans help finance the new home, until a buyer is found for the home.
Why take a Home Loan?What's an average middle class Indian's most cherished dream? A date in world trips in islands with Aishwarya Rai in complete solitude. This would seem to be the answer from the maximum number of episodes of Kaun Banega Crorepati (KBC), despite recently of course, when she has decided to change her fortunes first with Abhishek!
Jokes apart, purchasing and moving into a dream house would generally rank among the top three things on the wish list of most people. After all it’s what been proved by Maslow’s Law of Hierarchy as well. That entire house hunting every few years, grumpy landlords, killing rents would be a thing of the past. Hey, you even get to use nails to hang your favorite paintings and pictures. Don’t you???
Taking a home loan nowadays has become very simpler. The RBI has been regularly slashing interest rates, with the result that housing finance loans that came at an interest rate of 16.5% to 18% four years ago are now available at 11.5% to 13% or lower. Each year the Finance Minister's generosity during the Budget seems to be solely concentrated for the housing sector and construction sector. The Budget 2000's allowed interest payment up to Rs 1 lakh and principal payment of Rs 20,000 to be exempted from income tax. To top it all, the Housing Finance Companies (HFCs) are aggressively wooing customers. Now, when the sun shines, it’s the best time to make hay. Isn’t it?
Thursday, April 9, 2009
INSURANCE
International health insurance
Living and working overseas as an expatriate can be exciting and have many benefits, but you may find that access to high quality international healthcare for you and your family is not one of them.
You will be living in a strange country, where the traditions and ways of life are unfamiliar to you. Simple things like shopping can be a trial, so obtaining medical treatment for you or your family could be a nightmare, without a comprehensive expatriate health insurance plan.
International healthcare arrangements for expatriates vary from country to country, and even where there are established state schemes, entitlement to such care for the expatriate worker may be restricted or non-existent. More importantly, in certain parts of the world, the standard of healthcare you might expect as an expatriate just may not be available.
Whatever the situation, without adequate expatriate health insurance the cost of paying for even the most basic of care could be very high - and that is if you can find the right hospital or doctor in the first place.
The answer for many expatriates is international health insurance...and the peace of mind this will bring you.
Living and working overseas as an expatriate can be exciting and have many benefits, but you may find that access to high quality international healthcare for you and your family is not one of them.
You will be living in a strange country, where the traditions and ways of life are unfamiliar to you. Simple things like shopping can be a trial, so obtaining medical treatment for you or your family could be a nightmare, without a comprehensive expatriate health insurance plan.
International healthcare arrangements for expatriates vary from country to country, and even where there are established state schemes, entitlement to such care for the expatriate worker may be restricted or non-existent. More importantly, in certain parts of the world, the standard of healthcare you might expect as an expatriate just may not be available.
Whatever the situation, without adequate expatriate health insurance the cost of paying for even the most basic of care could be very high - and that is if you can find the right hospital or doctor in the first place.
The answer for many expatriates is international health insurance...and the peace of mind this will bring you.
Tips for tax
The recently enacted economic stimulus law contains an unusually attractive new tax break for many homebuyers -- if only they can figure out how it works.
The new law sweetens a provision known as the first-time-homebuyer credit. In essence, if you meet certain qualifications, you may be eligible for a tax credit of up to $8,000. You also have a choice of claiming the credit on your federal income tax return for 2008 or 2009.
A credit is typically more valuable than a deduction because it eliminates your taxes on a dollar-for-dollar basis -- and in this case, you may get it even if you don't owe taxes.
But Congress made the homebuyer credit's fine print so devilishly tricky that many Americans are likely to have to pay an expert for help in deciphering it.
"We've had numerous calls because people are confused," says Claudia Hill, the owner of Tax Mam, a tax-services firm in Cupertino, Calif. "The problem is when things are this complicated, many people don't get the benefits that Congress intended for them."
Internal Revenue Service officials recently issued a revised form and instru
ctions. Even so, Nancy Hays of H&R Block describes the credit as "crazy complex."Here are answers from IRS officials and tax advisers to some questions about the credit.
Date of purchase is a determining factor
Q: Who can claim the credit?
A: In general, the IRS says you may be eligible if you bought your main home, located in the U.S., after April 8, 2008, and before Dec. 1, 2009, and if you (and your spouse, if you're married) haven't owned any other main home during the three-year period ending on the date of purchase. That means you might be eligible even if you owned a home for many years before that period.
However, there are numerous other qualifications.
The new law sweetens a provision known as the first-time-homebuyer credit. In essence, if you meet certain qualifications, you may be eligible for a tax credit of up to $8,000. You also have a choice of claiming the credit on your federal income tax return for 2008 or 2009.
A credit is typically more valuable than a deduction because it eliminates your taxes on a dollar-for-dollar basis -- and in this case, you may get it even if you don't owe taxes.
But Congress made the homebuyer credit's fine print so devilishly tricky that many Americans are likely to have to pay an expert for help in deciphering it.
"We've had numerous calls because people are confused," says Claudia Hill, the owner of Tax Mam, a tax-services firm in Cupertino, Calif. "The problem is when things are this complicated, many people don't get the benefits that Congress intended for them."
Internal Revenue Service officials recently issued a revised form and instru
ctions. Even so, Nancy Hays of H&R Block describes the credit as "crazy complex."Here are answers from IRS officials and tax advisers to some questions about the credit.Date of purchase is a determining factor
Q: Who can claim the credit?
A: In general, the IRS says you may be eligible if you bought your main home, located in the U.S., after April 8, 2008, and before Dec. 1, 2009, and if you (and your spouse, if you're married) haven't owned any other main home during the three-year period ending on the date of purchase. That means you might be eligible even if you owned a home for many years before that period.
However, there are numerous other qualifications.
Subscribe to:
Comments (Atom)
