Tax benefits on home loan 

Few years back, people with moderate income, either inherited a home which was built by their predecessors or if they planned to build a house it was only when they got their annuity amount or got substantial money as an inheritance. The tax incidence on construction of a house was too high and there were not enough tax benefits attached to the same. Middle class people only day-dreamt about owning a proper house, it was the prerogative of rich or well off people to get a house constructed for themselves and their family.

The scenario changed with the liberalisation of Indian economy and housing was shortlisted as one of the thrust sector for revival of economy and accordingly required measures were taken to push up the things for housing sector. Apart from easing of home-loan process and interest rates, one of the push-ups to the housing sector given by Government was benefits in regard to Income-Tax. Here we shall give a short synopsis of few deductions to be claimed in regard to home loan:

Paid Interest will be treated as loss: The interest component of the EMI’s paid for the home loan will be treated as loss to the assessed and accordingly will be deducted from his income. This deduction will be effected from the year in which the construction of the home is complete. A maximum deduction of Rs. 2 Lakh can be claimed in regard  to home loan for the home used as own residence and if the property is rented then entire interest amount for the year shall be deducted.

Tax Benefit

Is deduction available on principal repayment? : The repayment of principal amount of home loan also falls under the purview of deduction factor. The part of EMI which is repaid as Principal amount is eligible for deduction u/s. 80C of Income tax. However, a maximum amount of Rs.  1.5 Lakh will be eligible for deduction.

Even Stamp duty paid and registration charges will be eligible for deduction: Section 80C also allows the amount paid towards Stamp duty and registration charges as deduction for the year the payments were made.

Pre-construction interest is also eligible for deduction: Along with, the deduction of Interest paid with EMI’s starts with the financial year the construction is over, the deduction for pre-construction interest can be claimed from the same year. However, it shall not be more than Rs. 2 lakhs for the house used as residence, divided in five equal instalments.

Why switch Home loans with another lender?

‘Home Sweet Home’ is what every one wishes to own one during life span. Owning a house can be a tedious and a life time achievement for some but it may be a regular buy for others.

Presently, it has become easier for aspirants to own a house, thanks to easy loan facility availability and easy repayment options coupled with rock-bottom interest rates. Interest rate has become the bone of contention amongst housing loan companies and banks. With stiff competitions in the offing, the beneficiary is the loan seeker who is being wooed by financial institutions with cropped interest rates, zero or very nominal processing fees or longer tenure for repayment with attractive EMIs. To expand their customer base, these institutions have resorted to customer snatching practices with offering lower interest rates and a plethora of other services. There can be many pros and cons of switching Home loans with another lender; here we shall give a level platform for both aspects:

Does loyalty pay:

Yes, it pays because the shifting client saves time and money on credit checks, authentications, revaluations, paper work and lot of other formalities besides initiating everything afresh. No, because one might miss a very attractive offer which is in the offing. It will be better to first have a tough negotiation with existing loan-giver before shifting to another one if the deal happens to be that attractive.

Time factor:

Tenure of loan is an important factor while deciding loan shift. If the existing loan is to expire in a short period, then it will not be feasible to shift as like interest time also plays an important role in cost effectiveness. Yes, it will be favourable for an aspirant who has recently started paying EMIs as switching loans to a better package will be very cost effective.

Switching costs:

Home loans when switched might become costly in comparison to the present depending on offered package. The factors of Stamp duty, processing fees, legal costs and expenses of fresh documentations should be in for consideration. Another factor up for consideration is pre-payment penalty charged by present lender. If these factors are favourable then it will be a wise decision to shift loans to another lender subject to other conditions being favourable too.

Keep an eye on CIBIL ratings:

A person who has presently taken a loan from some banking or financial institution should always keep a sharp eye on his CIBIL ratings. Generally, the worth for CIBIL ratings gains importance only when a fresh loan or loan switch is contemplated. Don’t be under an impression that CIBIL ratings will not alter once approval to loan is given and further when payment is smooth. There may be many other factors which might alter ratings. The potential lender will certainly consider CIBIL ratings while considering a switch over borrower.

Decision is yours:

A borrower of home loans is a wise person in his own esteem. He knows the benefits and inadequacies of whether to continue with present loan or switch loan to a new lender. Continuing with present lender has the benefit of acquaintance which might be of help even if there is a negative twist to CIBIL scores because, here, personal touch gets a priority over data facts. On the other hand one may rue over loss of a jackpot opportunity if the shift of loan is not affected.

Be your kid’s room designer.

How do I decorate a kid’s bedroom?kids room

When contemplating over both girls’ room and boys room ideas, consider their personality and interests – whether your child is 4 or 14, kids’ room decor should always reflect their personality. In terms of color, incorporate a favorite hue on the walls or bring in bright accents, but stick with neutral furniture that doesn’t need to be swapped out as interests change. Make sure that the furniture is appropriate for your child’s age; it also should be something that can grow with him or her.


How do I decorate a playroom?

A playroom should be very lively and inspirational, so get creative with your color and furnishings. A wall painting is a great way to incorporate playful design. Using fun furnishings, like beanbag chairs or floor cushions, and brightly colored textiles to encourage happy moods. Put up their artwork and design a space that encourages their interests. If they are big readers, consider a reading nook.

Because it is a multifunctional room, use space smartly. Install built-in cabinets and shelves for much-needed toy storage, and include a desk or worktable for homework and coloring. Divide the space into zones so that quieter kids can draw or read while more active kids can watch TV or play a musical instrument.

What kind of storage should I have for a kid’s area?

With so many toys and clothes, keeping a kid’s room clutter-free can be difficult. That’s why effective storage is key. Add built-ins if you can, but fixing shelves is great option. Use the closet’s full storage capacity – install hanging organizers, add another rod for clothing and put in accessible drawers. Kids’ rooms are inherently a creative and somewhat messy space, so don’t expect pristine conditions all the time – strategically place baskets and toy chests around the space, and encourage your child to throw items in these containers after use to quickly clear space.

How can I create a kids bedroom for multiple siblings?

If you have two kids at different ages, with varying styles, tastes and preferences sharing one space, creating a co-habitable bedroom can be difficult. The key is to give each child its own area. Split the room so that each kid has their bed and dresser on “their” side of the room. If that isn’t possible, find an arrangement that feels fair and doesn’t cloister them too close together. A bunk bed can be a great space-saver.

For both your kids

If you have a boy and girl sharing a space, don’t panic – this IS a feasible undertaking! Make sure interests of both kids are reflected equally in the kids’ room decor. Ditch the outdated idea of blue for a boy and pink for a girl, and go with what colors they actually like. You can unify a space by using the same types of furniture and pieces, but customize them through different patterns, paintings, bedding, etc. Make sure to always get the input of the kids; this should be a collaborative and fun design process!

Plan your Party!

terrace decorPlanning a little get-together at home? We can help you to make that perfect ambience this winters that will keep you and your guests warm yet comfortable.

To begin with:

Make your table

Details like flowers on the table, lights in the trees and smartly placed trays for drinks and appetizers elevate a simple gathering to a party your guests won’t forget. Billowing drapes hung out the back door as guests enter the backyard create an impressive entrance.

Use the right crockery 

An outdoor party doesn’t equal paper plates. Bring favorite plates and bowls outside to the give the space a sense of elegance. Afraid of breaking your favorite dishes? Invest in a set of white melamine dishes; they won’t break, but will still give you the chic setting you desire.

Fire up your outdoor space

Winter makes it the perfect season to light up a born fire. Make sure you have everything needed to get the fire pit going: wood, matches and of course, marshmallows, chocolate and graham crackers for smokes. String up lights and lanterns around your outdoor space to give an enchanting twinkle to any garden party. The soft glow will invite everyone to linger outside in the nighttime summer air. Line lanterns and smaller string lights around your seating area, and hang a few off tree branches for a touch of ambiance. Tip: Lighting helps define the intimate entertaining space where everyone will hang out, so use various forms of string lights and lanterns to create your party zone.

Boost the Comfort Level

Add colorful pillows on everything: benches, chairs and even grab some oversized ones for the floor. Low-lying seating could also be a good arrangement for an outdoor space. It gives the place a casual and warm feel.

Create Conversational Areas

Pull all your chairs into smaller groupings perfect for intimate conversations. Be sure to include a few tables for setting done drinks and food. If you have a terrace flat it, your job is half done. Creating a cozy place in your terrace will not be of a problem at all.