Electronic money institutions (elementary in monthly installments) consists of two parts - part of the interest and principal amount. Interest expense is allowable for a tax credit under section 24 (b) (restricted), while the principle repayments allowed a deduction under 80C.
Higher maximum tax credit
Maximum tax deduction for repayment of the principal component of housing loans should not exceed 80C R 1,00,000 points. It should be borne in mind that other investments / contributions are allowed as a deduction under 80C, and this limit is Rs. 1,00,000 for each subject together.
Housing loan interest deduction, the other side is allowed a maximum amount of Rs 1,50,000 in paragraph 24 (b). However, the acquisition or construction of house property shall be completed within 3 years from the year-end, which is a loan taken advantage of the interest otherwise allowable only up to Rs 30,000.
Furthermore, the above limit tax deductions u / s 24 (b) only for self-occupied house property. In this case, let, rental house or considered real estate, interest may be deducted without limitation.
Starting time tax benefit claims
Some say that the main component of the deduction under section 80C of the housing loan is allowed as soon as we begin to repay the home loan. Some say, the deduction is only allowed if the building is completed. The law is unclear on the issue, so the uncertainty remains.
Interest deduction on housing loans during the 24th § (b) is permitted only in or acquire assets at the end of the house. However, before the deduction of an acquisition or pre-construction period is allowed, but only after the acquisition or construction is completed. The allowed five equal annual installments. But even after including the above, the total deduction can not exceed Rs. 1,50,000 per year.
Source Home Loans
In contrast to the 24th § (b) section 80C does not allow the deduction of housing loans taken from friends and relatives. Claiming tax relief on the principal component of housing under section 80C, you should borrow only to the creditors as defined in this section. There is no such restriction in paragraph 24 (b) of the IT Act, claiming tax relief on home loan interest rate component.
The aim of housing loans - home purchase / construction vs.
Home Improvement Deduction section 80C of the main part of the home loan EMI is not allowed if the home loan borrowing for reconstruction, renovation or repair of house property. Put simply, section 80C tax credit can only buy or build a new home. In contrast, the interest deduction allowed under 24th § (b) is a loan taken for repairs, renovation or reconstruction of existing housing estate, but subject to the limit case of Rs 30.000 self-occupied house property. In the case of rented house property is allowed without any real interest in the ceiling.
Salary is based on - thanks to a cash basis vs base
Tax relief u / s 80C can be claimed if the actual payment. The deduction of interest u / s 24 (b), on the other hand, allowed accrual basis due. Put simply, unlike the main part of the claimed interest deduction even if you do not pay.
Limitation of real estate house for sale
Section 80C of the tax relief granted on the condition that the house property is not sold before the 5 year period. If you violate this deduction disappears, and the whole tax reduction claimed in previous years, partly 80C - the repayment of the principal elements of the home loan - must be regarded as income in the year in which to sell the property. However, the same does not apply to home loan interest deduction claimed under the 24th § (b).
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Thursday, January 26, 2012
Wednesday, January 11, 2012
Should Homeowners in Texas Refinance Their Mortgage?
Choosing to refinance a mortgage can be a very difficult task. While the prospect of a lower rate, lower monthly payment, or disconnect your home is used for other purposes may seem attractive, a number of factors a homeowner must take into account when deciding that the time is right.
The following five factors to consider when making this decision.
First The most obvious factor is low interest rates to refinance interest. Fortunately, mortgage rates are generally lower in Texas than in other parts of the country due to the perceived lower risk in the housing market. If mortgage rates have decreased since the last loan from a fixed or if prices are relatively low and there is an adjustable rate mortgage, refinancing may make sense. In the case of converting the adjustable rate loan to a fixed rate loan, the interest savings would not be that important if your primary goal is to remove the risk of rising interest rates in the future budget. A low setting, it may be the opportunity to reduce your monthly payment, while about the same time the mortgage. You may also be time refinancing the mortgage payment to keep consistent, but allows you to pay off the loan sooner. Any of these options, while saving for your interest during the term of the mortgage amount to several thousand dollars easily.
Second Increased Equity in your home unlike many areas of the country, many residents of Texas, especially South Texas communities such as Spring, Tomball, forests, and Houston experienced increases in the value of its own since it bought due to the strong local economy continues to thrive in the energy crisis in 2007-08. In addition, home affordability in Texas is still high compared to other Americans, that is, there will likely be a ready source of customers, such as markets, like Las Vegas or Southern California. Unfortunately, unlike the brokerage account, it is not easy to achieve it's own, except when you sell your home. Another would be to continue the payments which would otherwise refinance refinance a higher amount than the current loan portfolio. Since the first mortgage rate probably is lower than the credit card or other unsecured debt, and it is likely tax deductible, paying off other debt cash out refinance you know that good financial sense. Remember, there are no specific laws to limit Texas cash-out refinance 80% of the value of the home, including the ability to pursue this strategy limits the amount of equity in your home. In cases where you can increase the time of the loan, interest rates fell, this strategy could allow the monthly payment is the same, but you have to remember that the additional capital funding inevitably means that it will increase the total mortgage debt. There is no free lunch!
Third It is still in the early years of the mortgage loan in the first years of the payment schedule, most of the payment towards the principal, is perfect for a tax deduction, but not as big a hurry to pay off the loan! This, however, makes the most sense to refinance. If the later stage of most of the credit goes toward the payment, so interest is minimized. Generally, if you are just looking to reduce the rate of the loan, you will probably fare best if you refinance the first decade of the 30-year mortgage. Alternatively, if you take into account money from home, when the first mortgage balance is low, you better take out a home equity line of credit or a second mortgage. As mentioned above, the ability to make a cash-out refinance is limited because state law.
4th He plans to remain in the house in order to maximize the value of refinancing, you need to stay home for a long time interest savings to offset closing costs. For example, if mortgage refinancing will cost $ 3,000 and monthly payments reduced to $ 200, you can just stay in the house, break even 15 months. On the other hand, if the payment is only $ 75 per month goes down, it will take 40 months. Although we all think we will never move, we will refer to evidence. The average homeowner moves about every seven years, so keep this in mind when making your decision.
5th We have a large mortgage Balance While many experts also say that it only makes sense to refinance if you can lower the rate of 1.5-2%, it is not always the case. The larger the mortgage balance, the greater the overall impact of reduced mortgage rates. Since a 1% discount rate may not be offset by the cost of closing a $ 100,000 loan, you borrow $ 400 thousand in economic terms. Again, you should consider is the time to recoup the closing costs may be incurred in the general interest savings.
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The following five factors to consider when making this decision.
First The most obvious factor is low interest rates to refinance interest. Fortunately, mortgage rates are generally lower in Texas than in other parts of the country due to the perceived lower risk in the housing market. If mortgage rates have decreased since the last loan from a fixed or if prices are relatively low and there is an adjustable rate mortgage, refinancing may make sense. In the case of converting the adjustable rate loan to a fixed rate loan, the interest savings would not be that important if your primary goal is to remove the risk of rising interest rates in the future budget. A low setting, it may be the opportunity to reduce your monthly payment, while about the same time the mortgage. You may also be time refinancing the mortgage payment to keep consistent, but allows you to pay off the loan sooner. Any of these options, while saving for your interest during the term of the mortgage amount to several thousand dollars easily.
Second Increased Equity in your home unlike many areas of the country, many residents of Texas, especially South Texas communities such as Spring, Tomball, forests, and Houston experienced increases in the value of its own since it bought due to the strong local economy continues to thrive in the energy crisis in 2007-08. In addition, home affordability in Texas is still high compared to other Americans, that is, there will likely be a ready source of customers, such as markets, like Las Vegas or Southern California. Unfortunately, unlike the brokerage account, it is not easy to achieve it's own, except when you sell your home. Another would be to continue the payments which would otherwise refinance refinance a higher amount than the current loan portfolio. Since the first mortgage rate probably is lower than the credit card or other unsecured debt, and it is likely tax deductible, paying off other debt cash out refinance you know that good financial sense. Remember, there are no specific laws to limit Texas cash-out refinance 80% of the value of the home, including the ability to pursue this strategy limits the amount of equity in your home. In cases where you can increase the time of the loan, interest rates fell, this strategy could allow the monthly payment is the same, but you have to remember that the additional capital funding inevitably means that it will increase the total mortgage debt. There is no free lunch!
Third It is still in the early years of the mortgage loan in the first years of the payment schedule, most of the payment towards the principal, is perfect for a tax deduction, but not as big a hurry to pay off the loan! This, however, makes the most sense to refinance. If the later stage of most of the credit goes toward the payment, so interest is minimized. Generally, if you are just looking to reduce the rate of the loan, you will probably fare best if you refinance the first decade of the 30-year mortgage. Alternatively, if you take into account money from home, when the first mortgage balance is low, you better take out a home equity line of credit or a second mortgage. As mentioned above, the ability to make a cash-out refinance is limited because state law.
4th He plans to remain in the house in order to maximize the value of refinancing, you need to stay home for a long time interest savings to offset closing costs. For example, if mortgage refinancing will cost $ 3,000 and monthly payments reduced to $ 200, you can just stay in the house, break even 15 months. On the other hand, if the payment is only $ 75 per month goes down, it will take 40 months. Although we all think we will never move, we will refer to evidence. The average homeowner moves about every seven years, so keep this in mind when making your decision.
5th We have a large mortgage Balance While many experts also say that it only makes sense to refinance if you can lower the rate of 1.5-2%, it is not always the case. The larger the mortgage balance, the greater the overall impact of reduced mortgage rates. Since a 1% discount rate may not be offset by the cost of closing a $ 100,000 loan, you borrow $ 400 thousand in economic terms. Again, you should consider is the time to recoup the closing costs may be incurred in the general interest savings.
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Sunday, January 8, 2012
Should Homeowners in Texas Refinance Their Mortgage?
Choosing to refinance a mortgage can be a very challenging task. Although the prospect of lower interest rates, lower monthly payments or withdraw money out of your home to use for other purposes may sound appealing, there are a number of factors that homeowners should consider when deciding whether the time is right.
Following are five factors to consider when making this decision.
First Low interest obvious factor in whether to refinance the interest rate. Fortunately, they tend mortgage rates in Texas to be lower than in other regions because of perceived lower risk of our housing. If mortgage rates have fallen since the loan was originated or the fixed price is relatively low and you're currently in an adjustable rate mortgage, refinancing could make sense. In the case of conversion of adjustable rate loans to fixed rate loans, interest, your savings may not need to be substantial if the main goal is to remove the risk of increased interest from future budgets. The low rate environment, you might have the opportunity to lower monthly payments while keeping the term of the mortgage is approximately the same. You can also consider refinancing both mortgages to keep your payments in line, but allows you to pay off the loan sooner. With any of these options, interest rate your savings along the period of mortgage can easily amount to thousands of dollars.
Second Increased equity in your home unlike many of the country, many Texas residents, and especially South Texas communities such as Spring, Tomball, The Woodlands and Houston have experienced an increase in the value of their home where it was purchased for a strong economy that continued to thrive on the energy crisis in 2007-08. Furthermore, home affordability in Texas is still high compared to the rest of the U.S., which means it will probably be more ready source of buyers, but in markets like Las Vegas or Southern California. Unfortunately, unlike brokerage account, you can not easily access that money unless you're selling your home. Another option would be to pursue cashout refinance as you would refinance a higher amount than the current loan balance. Because interest on first mortgage is likely lower than the credit card or other unsecured debt, and probably tax deductible, paying off other loans, cash out refinance can make good financial sense. Keep in mind that there are certain laws in Texas limiting cash out refinances to 80% of the value of the home, so your ability to pursue this policy will be limited to the amount of equity in your home. In cases where you increase either term loans or interest rates have fallen, this strategy can afford the monthly payment to be the same, but you have to remember to fund more basic inevitably means you will increase the total mortgage your debt. There is no free lunch!
Third You're still in the Early Years of the mortgage loan in the first years of your payment plan, the payment is going to be key, great for income tax, but not so large that paying off your loan any time soon! However, this is where it makes most sense to refinance. When you are in later stages of a loan, the payment goes to principal, so as to minimize the impact of lower interest rates. Usually, if you're just trying to reduce the rate on your loan, you'll probably go better if you refinance within the first ten years of 30-year mortgage. Also if you are considering taking cash out of your home when the first mortgage balance is low, you better take out home equity line of credit or second mortgage. As we stated earlier, the ability to take cash out refinance is limited due to state law.
4th You're going to be in your house to maximize the value of refinancing, you need to stay in your home long enough for your interest savings against the closing costs. For example, if mortgage refinancing will cost $ 3,000, and monthly payments reduced by $ 200, you only need to be in your house for 15 months to break even. On the other hand, if the payment is only going down to $ 75 per month, it will take you 40 months. While we all know we'll never go, we suggest. The average homeowner moves approximately seven years, so you should keep this in mind when making your decision.
5th You have a large Mortgage Balance While many analysts would say it only makes sense to refinance if you can lower interest rates by 1.5 to 2%, this is not always the case. Higher mortgage credit, the greater the overall impact of lower mortgage rates. Whereas 1% drop rate can not offset the closing costs of $ 100,000 loan, it may make economic sense for a $ 400,000 loan. Once again, you have to weigh the time to recoup the closing costs you will incur a total growth of your savings.
Mortgage broker can help running through different scenarios with you to determine whether refinancing makes sense, and what programs and lender is best for your needs. You can also find a variety of refinancing calculators on the web that can assist with research.
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Following are five factors to consider when making this decision.
First Low interest obvious factor in whether to refinance the interest rate. Fortunately, they tend mortgage rates in Texas to be lower than in other regions because of perceived lower risk of our housing. If mortgage rates have fallen since the loan was originated or the fixed price is relatively low and you're currently in an adjustable rate mortgage, refinancing could make sense. In the case of conversion of adjustable rate loans to fixed rate loans, interest, your savings may not need to be substantial if the main goal is to remove the risk of increased interest from future budgets. The low rate environment, you might have the opportunity to lower monthly payments while keeping the term of the mortgage is approximately the same. You can also consider refinancing both mortgages to keep your payments in line, but allows you to pay off the loan sooner. With any of these options, interest rate your savings along the period of mortgage can easily amount to thousands of dollars.
Second Increased equity in your home unlike many of the country, many Texas residents, and especially South Texas communities such as Spring, Tomball, The Woodlands and Houston have experienced an increase in the value of their home where it was purchased for a strong economy that continued to thrive on the energy crisis in 2007-08. Furthermore, home affordability in Texas is still high compared to the rest of the U.S., which means it will probably be more ready source of buyers, but in markets like Las Vegas or Southern California. Unfortunately, unlike brokerage account, you can not easily access that money unless you're selling your home. Another option would be to pursue cashout refinance as you would refinance a higher amount than the current loan balance. Because interest on first mortgage is likely lower than the credit card or other unsecured debt, and probably tax deductible, paying off other loans, cash out refinance can make good financial sense. Keep in mind that there are certain laws in Texas limiting cash out refinances to 80% of the value of the home, so your ability to pursue this policy will be limited to the amount of equity in your home. In cases where you increase either term loans or interest rates have fallen, this strategy can afford the monthly payment to be the same, but you have to remember to fund more basic inevitably means you will increase the total mortgage your debt. There is no free lunch!
Third You're still in the Early Years of the mortgage loan in the first years of your payment plan, the payment is going to be key, great for income tax, but not so large that paying off your loan any time soon! However, this is where it makes most sense to refinance. When you are in later stages of a loan, the payment goes to principal, so as to minimize the impact of lower interest rates. Usually, if you're just trying to reduce the rate on your loan, you'll probably go better if you refinance within the first ten years of 30-year mortgage. Also if you are considering taking cash out of your home when the first mortgage balance is low, you better take out home equity line of credit or second mortgage. As we stated earlier, the ability to take cash out refinance is limited due to state law.
4th You're going to be in your house to maximize the value of refinancing, you need to stay in your home long enough for your interest savings against the closing costs. For example, if mortgage refinancing will cost $ 3,000, and monthly payments reduced by $ 200, you only need to be in your house for 15 months to break even. On the other hand, if the payment is only going down to $ 75 per month, it will take you 40 months. While we all know we'll never go, we suggest. The average homeowner moves approximately seven years, so you should keep this in mind when making your decision.
5th You have a large Mortgage Balance While many analysts would say it only makes sense to refinance if you can lower interest rates by 1.5 to 2%, this is not always the case. Higher mortgage credit, the greater the overall impact of lower mortgage rates. Whereas 1% drop rate can not offset the closing costs of $ 100,000 loan, it may make economic sense for a $ 400,000 loan. Once again, you have to weigh the time to recoup the closing costs you will incur a total growth of your savings.
Mortgage broker can help running through different scenarios with you to determine whether refinancing makes sense, and what programs and lender is best for your needs. You can also find a variety of refinancing calculators on the web that can assist with research.
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Monday, January 2, 2012
Should Homeowners in Texas Refinance Their Mortgage?
Choosing to refinance a mortgage can be a very challenging task. Although the prospect of lower interest rates, lower monthly payments or withdraw money out of your home to use for other purposes may sound appealing, there are a number of factors that homeowners should consider when deciding whether the time is right.
Following are five factors to consider when making this decision.
First Low interest obvious factor in whether to refinance the interest rate. Fortunately, they tend mortgage rates in Texas to be lower than in other regions because of perceived lower risk of our housing. If mortgage rates have fallen since the loan was originated or the fixed price is relatively low and you're currently in an adjustable rate mortgage, refinancing could make sense. In the case of conversion of adjustable rate loans to fixed rate loans, interest, your savings may not need to be substantial if the main goal is to remove the risk of increased interest from future budgets. The low rate environment, you might have the opportunity to lower monthly payments while keeping the term of the mortgage is approximately the same. You can also consider refinancing both mortgages to keep your payments in line, but allows you to pay off the loan sooner. With any of these options, interest rate your savings along the period of mortgage can easily amount to thousands of dollars.
Second Increased equity in your home unlike many of the country, many Texas residents, and especially South Texas communities such as Spring, Tomball, The Woodlands and Houston have experienced an increase in the value of their home where it was purchased for a strong economy that continued to thrive on the energy crisis in 2007-08. Furthermore, home affordability in Texas is still high compared to the rest of the U.S., which means it will probably be more ready source of buyers, but in markets like Las Vegas or Southern California. Unfortunately, unlike brokerage account, you can not easily access that money unless you're selling your home. Another option would be to pursue cashout refinance as you would refinance a higher amount than the current loan balance. Because interest on first mortgage is likely lower than the credit card or other unsecured debt, and probably tax deductible, paying off other loans, cash out refinance can make good financial sense. Keep in mind that there are certain laws in Texas limiting cash out refinances to 80% of the value of the home, so your ability to pursue this policy will be limited to the amount of equity in your home. In cases where you increase either term loans or interest rates have fallen, this strategy can afford the monthly payment to be the same, but you have to remember to fund more basic inevitably means you will increase the total mortgage your debt. There is no free lunch!
Third You're still in the Early Years of the mortgage loan in the first years of your payment plan, the payment is going to be key, great for income tax, but not so large that paying off your loan any time soon! However, this is where it makes most sense to refinance. When you are in later stages of a loan, the payment goes to principal, so as to minimize the impact of lower interest rates. Usually, if you're just trying to reduce the rate on your loan, you'll probably go better if you refinance within the first ten years of 30-year mortgage. Also if you are considering taking cash out of your home when the first mortgage balance is low, you better take out home equity line of credit or second mortgage. As we stated earlier, the ability to take cash out refinance is limited due to state law.
4th You're going to be in your house to maximize the value of refinancing, you need to stay in your home long enough for your interest savings against the closing costs. For example, if mortgage refinancing will cost $ 3,000, and monthly payments reduced by $ 200, you only need to be in your house for 15 months to break even. On the other hand, if the payment is only going down to $ 75 per month, it will take you 40 months. While we all know we'll never go, we suggest. The average homeowner moves approximately seven years, so you should keep this in mind when making your decision.
5th You have a large Mortgage Balance While many analysts would say it only makes sense to refinance if you can lower interest rates by 1.5 to 2%, this is not always the case. Higher mortgage credit, the greater the overall impact of lower mortgage rates. Whereas 1% drop rate can not offset the closing costs of $ 100,000 loan, it may make economic sense for a $ 400,000 loan. Once again, you have to weigh the time to recoup the closing costs you will incur a total growth of your savings.
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Following are five factors to consider when making this decision.
First Low interest obvious factor in whether to refinance the interest rate. Fortunately, they tend mortgage rates in Texas to be lower than in other regions because of perceived lower risk of our housing. If mortgage rates have fallen since the loan was originated or the fixed price is relatively low and you're currently in an adjustable rate mortgage, refinancing could make sense. In the case of conversion of adjustable rate loans to fixed rate loans, interest, your savings may not need to be substantial if the main goal is to remove the risk of increased interest from future budgets. The low rate environment, you might have the opportunity to lower monthly payments while keeping the term of the mortgage is approximately the same. You can also consider refinancing both mortgages to keep your payments in line, but allows you to pay off the loan sooner. With any of these options, interest rate your savings along the period of mortgage can easily amount to thousands of dollars.
Second Increased equity in your home unlike many of the country, many Texas residents, and especially South Texas communities such as Spring, Tomball, The Woodlands and Houston have experienced an increase in the value of their home where it was purchased for a strong economy that continued to thrive on the energy crisis in 2007-08. Furthermore, home affordability in Texas is still high compared to the rest of the U.S., which means it will probably be more ready source of buyers, but in markets like Las Vegas or Southern California. Unfortunately, unlike brokerage account, you can not easily access that money unless you're selling your home. Another option would be to pursue cashout refinance as you would refinance a higher amount than the current loan balance. Because interest on first mortgage is likely lower than the credit card or other unsecured debt, and probably tax deductible, paying off other loans, cash out refinance can make good financial sense. Keep in mind that there are certain laws in Texas limiting cash out refinances to 80% of the value of the home, so your ability to pursue this policy will be limited to the amount of equity in your home. In cases where you increase either term loans or interest rates have fallen, this strategy can afford the monthly payment to be the same, but you have to remember to fund more basic inevitably means you will increase the total mortgage your debt. There is no free lunch!
Third You're still in the Early Years of the mortgage loan in the first years of your payment plan, the payment is going to be key, great for income tax, but not so large that paying off your loan any time soon! However, this is where it makes most sense to refinance. When you are in later stages of a loan, the payment goes to principal, so as to minimize the impact of lower interest rates. Usually, if you're just trying to reduce the rate on your loan, you'll probably go better if you refinance within the first ten years of 30-year mortgage. Also if you are considering taking cash out of your home when the first mortgage balance is low, you better take out home equity line of credit or second mortgage. As we stated earlier, the ability to take cash out refinance is limited due to state law.
4th You're going to be in your house to maximize the value of refinancing, you need to stay in your home long enough for your interest savings against the closing costs. For example, if mortgage refinancing will cost $ 3,000, and monthly payments reduced by $ 200, you only need to be in your house for 15 months to break even. On the other hand, if the payment is only going down to $ 75 per month, it will take you 40 months. While we all know we'll never go, we suggest. The average homeowner moves approximately seven years, so you should keep this in mind when making your decision.
5th You have a large Mortgage Balance While many analysts would say it only makes sense to refinance if you can lower interest rates by 1.5 to 2%, this is not always the case. Higher mortgage credit, the greater the overall impact of lower mortgage rates. Whereas 1% drop rate can not offset the closing costs of $ 100,000 loan, it may make economic sense for a $ 400,000 loan. Once again, you have to weigh the time to recoup the closing costs you will incur a total growth of your savings.
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