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Budget 2019: Home loan capital repayment should be separated from 80C limit

New Delhi: With rising prices of real estate and importance of having a roof over your head it is important for you to buy a house and that too is not possible unless you take a home loan.

I will try to explain why we need to have a separate limit for home loan repayment though presently the tax laws allow you a deduction up to Rs 1.50 lakhs for home loan repayment under Section 80C together with other eligible items.  

Existing tax law on deduction for home loan repayment 

Presently an individual and a HUF are entitled to claim an annual deduction up to Rs 1.50 lakh for any amount repaid towards a home loan taken. However this deduction within the overall limit of Rs 1.50 lakhs is clubbed with various other items and is not an exclusive deduction. This benefit can only be claimed if the home loan is taken from some specified financial institutions like bank or housing finance companies. An employee can also claim this deduction if the home loan is availed from his employers who is any of the specified entity like central government, state government, a public limited company, government company, a university, etc.

Despite Scrutiny, HUD Lending 'Essential for Nursing Homes to Function'

The 232 initiative — administered through HUD’s Federal Housing Administration arm — allows qualified borrowers to secure loans of up to 40 years for the acquisition, refinance, or renovation of skilled nursing and other senior housing facilities, including assisted living properties.

Though operators of senior living communities can also find backing from Fannie Mae and Freddie Mac, the vast majority of government-sponsored lending for skilled nursing facilities goes through HUD and FHA, with a small amount of loans and grants for rural SNFs funneled through the United States Department of Agriculture (USDA).

In addition, Freddie Mac does allow financing for properties with skilled nursing services through its senior housing loan program, but the SNF business line can’t account for more than 20% of a community’s overall net operating income.

“Essentially, the program has evolved into the go-to program for primarily skilled nursing home operators, but also assisted living owners and operators,” Jeffrey Davis, chairman and president of HUD lender Cambridge Realty Capital Companies, said of the program. “The popularity of the program is terrific and also socially relevant, as with SNF buildings, HUD is servicing both an elderly and financially needy population.”

Does Capital One have a loan that I can use to pay off another credit card, besides a home loan?

I do not own a home. My Capital One interest rate is about half of my other credit card.

They offer personal unsecured loans, but make sure your credit is good before applying.


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