Manohar Singh: I’m a govt employee and my in hand salary is Rs. 75,000/month. I am planning to invest in a plot of land on the periphery of Bengaluru. If I take a loan from bank to finance my purchase, am I eligible for tax exemption on interest paid to the bank? Should I buy a flat or a plot? What is better? I have a budget of Rs. 60 lk.

• No tax exemption for plot, only for house – given on rent or self occupied. From a tax point of view flat is better for sure.

Kandan: My wife and I are govt employees and we have taken a joint loan. While applying for an I-T exemption, only I applied. Can we both apply for the exemption? If yes, in what proportion?

Yes both can..in the proportion of ownership. Make sure both of you pay the instalments.

Mr. Balasatyanarayan: I am a government servant and my salary is Rs. 2.5 lakh a year. I am planning to buy a house which costs around Rs. 26 lakh. So how much amount of loan am I eligible for?

From a repayment point of view about Rs. 7 – 8 Lakhs ASSUMING that you have no other personal loans, etc…

Roshan: In order to avail a home loan and its benefits should I buy a ready to move in property or a property where possession is expected by next year.

Both are fine….you will get tax benefits AFTER you start using/ having got possession of the flat.

Rishabh Jain: There is a provision by Finance minister that we can take a loan for green energy and the policy states that the bank need not take collateral on that. Please explain this provision.

NO IDEA KAVITA…

Praveen: I want to book a flat in pre-launch and take a home loan for it. I don’t want to opt for pre-EMI. Is it possible for me to start EMI after possession and to pay the interest and principal amount together?

DEPENDS on the lender..and the time that it is going to take to get possession..

Gangadhar (Website): I want to know my CIBIL score before applying for a loan. How can I access it? I’ve enquired with some banks, but they’re saying I must apply for a loan and pay the processing fees first. I have never taken a loan before.

You can write to Cibil, pay a fee, and you will get it.

Prakash: I have already taken a home loan and am availing income tax returns for that. I now want to take another home loan for another house. Can I avail income tax returns for that as well?

Yes you can..

Shanmugham: I have a home loan from a reputed banker. I took the loan at a floating rate of 10.45%. It has now come down to just 10.2%, which is higher than the current rates. My interest rate is not coming down. Is there any provision to bring down the interest rate?

Negotiate, and threaten,

Sangaraj: I bought a property recently and the builder has promised delivery soon. I booked it on a pre-EMI offer. The property is not yet ready, but I need to start paying EMIs from next month. Can I postpone the first EMI installment?

Ask your lender!!