Eager To Buy a Third House? Things to Note!

May 21, 2011     Posted under: Home Loan






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How many can you get? There are no such restrictions under the Income tax Act or regulations of the Reserve Bank of India (RBI)

Can you pay off the loans? If one stays in a self-owned residence and buys another property for self-occupation, one can get a home loan for the second house if one has the money to pay for it.

Will you get tax rebate? One can get tax deduction benefits on the interest and principal paid for the loan for the second residential property

The tax to be paid: The calculation of income from house property i.e., the rent you earn, has to be done separately for each property owned

Wealth tax: When you own more than one house, you may also be liable to pay wealth tax along with other assets chargeable to it

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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