Prepayment of home loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2011
I have took Rs 15 Lakhs as Home Loan (we ( me , mummy, and dad are the honours of property)
1) Now I plan to took loan(at 9%) from Mom for pre-payment of home loan whereas (10.75%)
Will plan to prepay- Rs 3Lakhs
2) In which condition this prepayment will be giving benefits to us
By redusing Time line from 20 Years to.. some less year
By redusing EMI
Will it be redusing Principal Amount also
Wat will be income tax iompact
1) Now I plan to took loan(at 9%) from Mom for pre-payment of home loan whereas (10.75%)
Will plan to prepay- Rs 3Lakhs
2) In which condition this prepayment will be giving benefits to us
By redusing Time line from 20 Years to.. some less year
By redusing EMI
Will it be redusing Principal Amount also
Wat will be income tax iompact
10 October 2011
In income tax no impact but check with ur bank there is a prepayment penalty for early payment of loan
CA MANOJ GUPTA
JODHPUR
09828510543
CA MANOJ GUPTA
JODHPUR
09828510543
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
