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Uttam Saha (TAX PROFESSIONAL)     11 July 2018

House building loan - will takeover by another bank be considered as principal repayment

In FY17-18 an individual has repaid five installments for Rs. 12,500/- each = Rs. 62,500/-. The outstanding balance in the loan account for Rs. 9,96,575/- has been taken over by another Bank Y from Bank X. The interest during this period charged to the account is Rs. 55,760/- plus penal interest for Rs. 18/-.

Further for the second loan taken from Bank Y, the individual has repaid four installment for Rs. 23,000/- each = Rs. 92,000/-,   processing fees charged for Rs. 7,434/-, interest for Rs. 76,731/-, arrear interest capitalised Rs. 6/-

Under the circumstances are the below amounts considered as interest & principal repayment for FY 17-18 correct?

Interest = 55,760/-(Bank X) + 76,731/- (Bank Y) = Rs. 1,32,491/-

Principal = 10,03,297/-(Bank X: 62500-55760-18+996575) + 7,829(Bank Y: 92000-76731-6-7434)+7434 (Bank Y)=Rs.10,18,560/-

 2 Replies

Kavita Modi

Kavita Modi (CA Job)     11 July 2018

how come principle reapayment is RS. 10.18 lakhs
Uttam Saha

Uttam Saha (TAX PROFESSIONAL)     11 July 2018

I am not sure of the calculation, therefore requested for help with regard to the amount of principal and interest repayment to be considered.

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