Are housing loans, repayment and loan transfer issues bothering you? Harsh Roongta answers some frequently asked questions on home loans.
I have been availing income tax benefit on both principle and interest up to Rs 1.3 lakh on a housing loan from the past four years. If I take a fresh loan from the same bank for repair and alteration, will the interest portion of the new loan be eligible for income tax benefit?
If the second loan is used for repair, renewal or reconstruction of the house property, the interest payable on such a loan is eligible for deduction under Section 24.
However, you will not get any deduction for repayment of this loan under Section 80C.
I have purchased a flat for investment purpose on loan and have been paying EMIs regularly. Can I sell the flat while the loan repayment is not over?
Yes, you can. But you will need the bank’s consent for the same. This consent letter will typically provide an amount and on its payment, the outstanding loan will be fully paid off. This amount includes the pre-payment charge (if any) chargeable by your bank and should list the documents held by them, which will be released on payment of the stated amount. This amount mentioned in the certificate is typically calculated as on a future date to lend time to the buyer to arrange for the payment. You will first need to make this payment to the bank before it releases the title deeds of the flat.
Can I take two loans at a time from two different banks?
You can get two loans if your income justifies both the loans but you cannot take two loans from different banks for the same property.
I want to partially pre-pay my home loan. What are the advantages and disadvantages?
If you have surplus funds, you can pre-pay a part of the home loan as it will reduce the monthly EMI burden.
Quite a few banks do not charge pre-payment penalty if the loan is prepaid partially. The definition of what constitutes partial pre-payment varies from bank to bank.
This will ensure savings in pre-payment penalty and at the same time help you to save on high interest costs on a substantial portion of the loan. However, before you decide to pre-pay a home loan, it is in your interest to first clear off all unsecured dues like credit card dues and personal loans.
Also, make sure that you have some money set aside to meet contingency expenses. Tax calculation can change the view on pre-payment.
Can I transfer my existing home loan from one bank to another?
Of course you can. You may have to pay a pre-payment charge to the existing lender and a processing fee to the new lender.
Monday, July 5, 2010
FENGSHUI
Take care to design the house in such a manner that it allows ample sunlight and cross ventilation in the Northeast sectors to enhance the bio-cosmic fields.
Northeast sector and its relevance
Fengshui, Chinese medicine (acupuncture), Taichi, Chinese astrology (phat chee), Chinese calligraphy and music are all part of the Chinese tradition and the aim is to create the right balance within the individual and in his place of dwelling. These are the five great holistic sciences which are interconnected and form a comprehensive remedial field to convert an individual’s journey of pain and struggle into harmony and rhythm.
Many wish to adapt Fengshui or Vaastu in their homes but quite often they are confused and have their minds filled with many questions. Their dilemma is whether to go for structural changes immediately or later, whether it would work, would it call for renovation and structural changes, would it be expensive. Then, there is the other question of whether one really needs to bring in the changes at all.
These sort of mixed feelings in an individual are not uncommon. Therefore, the most appropriate thing would be to follow your instincts, imagine the changes you wish to bring into your life and place of dwelling. Feel positive about what you wish for in your life and compare it with what you currently possess. It’s not advisable to adapt Vaastu or Fengshui with a pinch of salt or skepticism as you are implanting the kind of energy you have in your thoughts. You will then be creating an obstacle and you may not be able to see the desired results.
A structure contributes towards the prosperity of its occupants and most importantly, everything that happens in nature has a direct effect on the life of an individual. The cosmic rays from the sun, moon and other planets also have an effect on the human body. Research has shown that we respond and react accordingly. Time also has an impact on one’s mind and body, it has been shown.
Buildings were designed and oriented with various components to harmonise the movement of the sun and the human cycle according to the rotation of the earth and the position of the sun in the course of the day. The 24 hours in a day were divided into eight parts, representing the eight cardinal directions and the nature of each activity in a building reflected the quality of each compass direction. It was observed that houses that were not properly aligned or had no sense of orientation, gave rise to restlessness, misfortune, and sickness.
Take care to design the house in such a manner that it allows ample sunlight and cross ventilation in the Northeast sectors to enhance the bio-cosmic fields.
Avoid keeping a mop, broomstick or trash can in this sector as this would pollute the positive energy flowing through this sector.
Most importantly positioning toilets in the Northeast sector would deprive the building from positive bio-cosmic forces and cause ill-effects to the occupants.
Activate the Northeast sector with earthenware and crystals as it helps in activating education, luck, literary pursuits and scholarliness.
Understanding the cause and effect of the environment, compass direction and benefits of each of the sectors in a property ensures that the house and its occupants are healthy, happy and prosperous and in harmony with the nature’s forces.
Northeast sector and its relevance
Fengshui, Chinese medicine (acupuncture), Taichi, Chinese astrology (phat chee), Chinese calligraphy and music are all part of the Chinese tradition and the aim is to create the right balance within the individual and in his place of dwelling. These are the five great holistic sciences which are interconnected and form a comprehensive remedial field to convert an individual’s journey of pain and struggle into harmony and rhythm.
Many wish to adapt Fengshui or Vaastu in their homes but quite often they are confused and have their minds filled with many questions. Their dilemma is whether to go for structural changes immediately or later, whether it would work, would it call for renovation and structural changes, would it be expensive. Then, there is the other question of whether one really needs to bring in the changes at all.
These sort of mixed feelings in an individual are not uncommon. Therefore, the most appropriate thing would be to follow your instincts, imagine the changes you wish to bring into your life and place of dwelling. Feel positive about what you wish for in your life and compare it with what you currently possess. It’s not advisable to adapt Vaastu or Fengshui with a pinch of salt or skepticism as you are implanting the kind of energy you have in your thoughts. You will then be creating an obstacle and you may not be able to see the desired results.
A structure contributes towards the prosperity of its occupants and most importantly, everything that happens in nature has a direct effect on the life of an individual. The cosmic rays from the sun, moon and other planets also have an effect on the human body. Research has shown that we respond and react accordingly. Time also has an impact on one’s mind and body, it has been shown.
Buildings were designed and oriented with various components to harmonise the movement of the sun and the human cycle according to the rotation of the earth and the position of the sun in the course of the day. The 24 hours in a day were divided into eight parts, representing the eight cardinal directions and the nature of each activity in a building reflected the quality of each compass direction. It was observed that houses that were not properly aligned or had no sense of orientation, gave rise to restlessness, misfortune, and sickness.
Take care to design the house in such a manner that it allows ample sunlight and cross ventilation in the Northeast sectors to enhance the bio-cosmic fields.
Avoid keeping a mop, broomstick or trash can in this sector as this would pollute the positive energy flowing through this sector.
Most importantly positioning toilets in the Northeast sector would deprive the building from positive bio-cosmic forces and cause ill-effects to the occupants.
Activate the Northeast sector with earthenware and crystals as it helps in activating education, luck, literary pursuits and scholarliness.
Understanding the cause and effect of the environment, compass direction and benefits of each of the sectors in a property ensures that the house and its occupants are healthy, happy and prosperous and in harmony with the nature’s forces.
Floors that exude warmth
Highly suitable for the entryway, living room, staircase and bedroom, wooden floors exude warmth and style that spells splendour. The floors also come in a variety of patterns,
While creating the right interiors is just as essential as the intelligent designing of homes, the role of wooden floors in enhancing the appeal of the house cannot be overlooked. Yes, wooden flooring lends an elegant appeal to homes like no other material can.
Because flooring is a dominant part of the décor, going in for the right flooring for the different rooms of the house can really make a big difference in setting the tone for the overall ambience of the house. Till recently, wood for flooring was thought of as expensive and hence meant only for homes of the well-heeled. Fortunately, this myth has been debunked and wood has become the favoured choice for floors. They are increasingly being explored by home owners keen on creating personal spaces with dash and panache.
Exude warmth
Highly suitable for the entryway, living room, staircase and bedroom, wooden floors exude warmth and style that spell splendour. While dressing up the floors with wood, it pays to spare a thought to the wide range of styles they come in - strip, plank or parquet.
If wooden strip flooring comprises 1½ to 2 inch-wide individual segments, plank floors are slightly wider strips and parquet floors are individual squares laid down in geometric patterns of one’s choice.
From drab to dramatic
Whatever style of wooden flooring you opt for, the overall effect is nothing but dramatic. Wood morphs the floor from drab to dramatic! The options available in wood flooring are aplenty - walnut, oak, cherry and so on. Take your pick with the rest of the furniture at home in mind. Wooden floors also offer the advantage of affording a change in its look, as and when desired, to suit the overall home décor. All that is required for a change in look is to sand and stain it suit the rest of the décor.
When wooden flooring is opted for, it has to be borne in mind that wood has the tendency to either shrink or expand, depending on the temperature and humidity of its surroundings. Hence, during installation, care has to be taken to ensure that there’s enough space allowed for its expansion and contraction.
Once these minor nitty-gritties are taken care of, then there’s no way of stopping your wooden flooring from turning your floor into a thing of beauty.
And, if you thought that wooden flooring is uniform throughout and doesn’t allow any room for creativity, then you’re absolutely mistaken. For, wooden flooring offers immense scope for your creativity to run wild. You can, in fact, make a striking style statement with your wooden flooring by going in for inlays, insets and medallions. Artistic use of colours for inlays and insets and the right choice of medallions can work wonders to the floor and supplement its beauty.
Easy maintenance
The best part of wooden floors is the ease of maintenance. In our fast paced lives, all that we look for is convenience that any home décor item offers in terms of maintenance and flooring is no exception. Wooden floors are very easy to clean as they require only periodic sweeping or vacuuming.
Though damp swabs are suggested, it is best to avoid them as water can damage the classy look wood imparts. The advantages of wooden flooring are many. Apart from transforming the look of homes from staid to stunning, they are well suited for all types of weather. While they allow our feet to breathe in summer, they keep us comfortably warm in winter and monsoon. Ditto with the décor of the house. Be it traditional or contemporary, wooden flooring is just great. They are quite durable too, demanding only a coat of varnish every now and then.
However, like all things precious, wooden flooring too demands timely care. And, here's how they can be taken good care of: * Always clean it with a vacuum cleaner or dry broom.
*Never mop it with wet cloth.
*While placing furniture on wooden floors, ensure that the furniture is padded with rubber to prevent scratches.
*Never drag furniture on wooden floors.
*Try and avoid direct sunlight from falling on wooden floors.
*Never use acrylic waxes on them. Buffing is better.
In case of liquid spills on the wooden floor, clean the area immediately with an absorbent material. Avoid rubbing the area hard as rubbing will change the colour of the wood, making the stain stick out like a sore thumb.
With their fine balance between modern functionality, simplicity and warmth, tastefully finished wooden floors are definitely an owner's pride. They are ideal for those who want their interiors to match their cool lifestyle. Then, what are we still waiting for?
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