|
The
following are some of the factors which should be considered
before chosing the Loaning Agency :-
Rate
of interest.
Interest
being calculated on yearly/quarterly/monthly/daily basis.
Penalty to be levied for late payment.
Processing Fee/Administrative Fee.
Incentive/Penalty for Prepayment.
Debt Servicing Cost.
Equated Monthly Instalment.
Example
Most
of AWHO allottees avail loan for payment of DUs.
There are attractive Income Tax Rebates on repayment
of Housing Loans.
Here is an example to show that a saving of more than
25% of the loan amount is possible by availing the rebate
in income tax.
Annual
income of allottee Lt Col X = Rs 3,00,000/-
IT
payable @ 30% with 2% Surcharge = Rs 59,160/-
Lt
Col X avails a Housing Loan of Rs 15,00,000/-
from a Housing Finance Agency at 8.5% Rate of Interest
for a tenure of 15 years.
His
Equated Monthly Instalment (EMI) is Rs 15,435/-
Annual
Repayment to Agency = Rs. 15,435 x 12 = Rs 1,85,220/-
|
Year
|
Loan
Amount (Rs)
|
Interest
Paid (Rs)
|
Principal
Paid (Rs)
|
Total
EMI (Rs)
|
Tax
Savings (Rs)
|
|
1
|
15,00,000.00
|
1,27,500.00
|
57,720.00
|
1,85,220.00
|
40,800.00
|
|
2
|
1,44,288.00
|
1,22,593.00
|
62,627.00
|
1,85,220.00
|
39,229.00
|
|
3
|
13,79,653.00
|
1,17,270.00
|
67,950.00
|
1,85,220.00
|
37,526.40
|
|
4
|
1,31,170.00
|
1,11,495.00
|
73,725.00
|
1,85,220.00
|
35,678.40
|
|
5
|
12,37,978.00
|
1,05,228.00
|
79,992.00
|
1,85,220.00
|
33,673.00
|
|
6
|
11,57,986.00
|
98,428.80
|
86,791.00
|
1,85,220.00
|
31,497.00
|
|
7
|
10,71,195.00
|
91,051.50
|
94,169.00
|
1,85,220.00
|
29,136.00
|
|
8
|
9,77,026.00
|
83,047.00
|
1,02,173.00
|
1,85,220.00
|
26,575.00
|
|
9
|
8,74,853.00
|
74,362.50
|
1,10,858.00
|
1,85,220.00
|
23,796.00
|
|
10
|
7,63,995.00
|
64,939.60
|
1,20,281.00
|
1,85,220.00
|
20,780.50
|
|
11
|
6,43,714.00
|
54,715.60
|
1,30,504.00
|
1,85,220.00
|
17,509.00
|
|
12
|
5,13,210.00
|
43,623.00
|
1,14,597.00
|
1,85,220.00
|
13,959.00
|
|
13
|
3,98,613.00
|
33,882.00
|
1,51,338.00
|
1,85,220.00
|
10,842.00
|
|
14
|
2,47,275.00
|
21,018.00
|
1,64,202.00
|
1,85,220.00
|
6,726.00
|
|
15
|
83,073.00
|
7061.00
|
--
|
90,134.00
|
2,259.00
|
|
TOTAL
TAX SAVINGS
|
Rs.3,69,986.30
|
NOTE
Loaning
agency may give rebate/discount in last EMI's or may
have to charge penalty.
|
