Home buyers lose 85% of tax benefit on delayed possession

Did you know that a tax deduction of Rs 2 lakh annually is permissible against payment of interest on home loans, if the house is acquired within three years of taking the loan? and, if the possession takes place after three years, the exemption reduces to a mere Rs 30,000 a year — a drop of 85% – that’s like rubbing salt to an injury of delayed possession with absolutely no fault of yours! Read More at http://shopsandhomes.com/blog/index.php/2016/02/home-buyers-lose-85-of-tax-benefit-on-delayed-possession/

Property approvals – Legal 101

If you do not have access to adequate information on legalities of buying a property, the consequence could be a harrowing experience! For instance, if the power of attorney isn’t in the name of the seller, or the legal procedures of the government are not met by the builder, then you might have to bear penalty; it could either be in the form of money or worse, lose the property itself.

Here’s a short guide on almost everything you need to know about legal terms and approvals associated with real estate. Read More at http://shopsandhomes.com/blog/index.php/2016/02/property-approvals-legal-101/