2nd home loan

srinivasa (Querist) 30 January 2015 This query is : Resolved
Sir
I am an employee of LIC OF INDIA
gross salary per annum is 740000.
(Q.1)In january 2015 I have taken 80% completed flat for rent purpose from LIC HFL loan at 10.1 % interest of rs.177000Emi -19594. Emi starts from february 2015.FLAT COMPLETES FOR POSSESSION IN FEBRUARY 2015 END.CAN I ELIGIBLE FOR IT REBATES.
(Q.2) I want to construct a house for residence purpose (2nd home loan)in march 2015and applying loan from LICHFL loan of rs 1200000. Here for LIC employees lic of India is giving loan on concessional rate of interest of 5.5% from LICHFL .AM I ELIGIBLE FOR INTEREST AND PRINCIPLE REBATES FROM INCOMETAX SEC 24 and sec 80C FOR TWO HOMELOANS EMIs.WHAT ABOUT THE REGISTRATION CHARGES FOR THE FLAT.

PLEASE GIVE ME CLARIFICATION I AM IN CONFUSION THAT 2 ND HOME LOAN IS BEST OR BAD FOR THE PURPOSE OF IT.

PLEASE PLEASE GUIDE ME CLEARLY

THANKS®ARDS
SRINIVASA

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Devajyoti Barman (Expert) 31 January 2015
Not a legal query. Consult with your tax adviser.

Guest (Expert) 31 January 2015
Depends upon your paying capacity and the approval of the financial institutions.

T. Kalaiselvan, Advocate (Expert) 02 February 2015
As far as IT exemption, you may not be eligible for any benefits u/s 80C but you may clarify the same from your auditor who files your returns.

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