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TAX BENEFIT INFORMATION
The deduction of interest payable on the home loan is up to a maximum of INR. 150,000 and under Section 80(c) of Income Tax, the Principal amount for the repayment of the loan, along with other savings and investments, is eligible for the tax deduction of up to a maximum limit of INR. 100,000. Therefore, you can avail of these benefits on both the Interest paid and the principal amount repaid adding value to your EMI flow and savings.
Who is an NRI under the provisions of the Foreign Exchange Management Act?
Generally, an Indian Citizen who stays abroad for employment/carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad or a person who is not resident in India for a period over 182 days is a non-resident Indian. Persons posted in U.N. organizations and officials deputed abroad by Central/State Governments and Public Sector Undertakings on temporary assignments are also treated as non-residents
For what kind of Property is an NRI eligible for Home Loans?
A) home loan is sanctioned to the NRIs for any of the following housing finance schemes :
a) To purchase a house that is ready-built, under construction, or from a second owner.
b) To fund the purchase of a plot of land allotted by a society/development authority.
c) For self-construction of a property on a plot of land.
d) For renovation or improvement of an existing property in India.
Financial facilities from Government, as well as Private Sector Banks, are available for almost all Santeria Infra .
