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Home loans from friends and relatives are eligible for tax deduction

Monday, July 23, 2018, 10:51 AM

If you have taken a loan from friends or relatives to acquire a house then you can claim a deduction under Section 24 for interest repayment on loans. A taxpayer would need to obtain a certificate from the relative which would contain the details such as the amount of interest payable, amount of loan taken, specifying the property details for which loan is taken.
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#4. Buy a Home

Saturday, April 7, 2018, 1:29 PM

As a single woman, you'll need to ask yourself a number of questions before buying. Can you afford this home on a single-income? Make a list of what you want and understand what you can afford, before you contact a realtor and start looking at what's out there. The important part of buying your first-home is establishing yourself in the market and starting to build-equity.
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#5 Get the family involved

Monday, March 5, 2018, 1:47 PM

You may be the main breadwinner of the family and the onus may be on you to manage finances, but when it comes to the home loan, make your family as responsible as you are. Make them as involved in the prepayment process as you are. By using these simple yet effective strategies you can actually end up saving a lot of money.

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