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Old 6th January 2011, 22:09   #181
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Originally Posted by roadie_swift View Post
Of course it is an automated system!

But that automated system is not going to be able to give you the earlier amort schedules, so you cannot exactly get (from the system) how much of your which EMI went to which section of repayment. That is what I was talking about. Like you say, once a schedule is updated (refreshed), the old one becomes unavailable.
Maybe we are using different terminology. When I ask from this schedule, I expect three things for each month (in past):

1. Applicable ROI
2. EMI
3. Outstanding Principal at end of month

[Based on these three interest portion of EMI can be derived]

And projection of same three columns for 2 years based on current ROI.

And never had any issue getting this info from HFC from which I have taken loan.
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Old 7th January 2011, 09:17   #182
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Originally Posted by roadie_swift View Post
Btw, what bank is this?
Its State Bank of India

In case you feel the bank has misled you and you have documentary evidence of that, you can by all means go to the consumer court. Just bear in mind that it will be extremely painful and time-consuming.
Agree to it. I was aware of the Sum Insured but SBI putting the words in a registered document and later being unapologetic about it gets on my nerve. Over and above bragging about being doing that for some time now is something I wanted to book SBI for.

If they have insured your property for the reconstruction cost amount, and charged you a premium for the same amount, I do not think you have been ripped off by the bank, and there is no loss per se.
NO loss or rip off by the bank. I cross checked with National Insurance and found the Sum Insured and premium amount to be at par.

But if you want to just punish the bank because they goofed up, a lawsuit is the way to go.
Regarding the Banks forcing people to take the Home Insurance & Personal Insurance, I have a slight difference of opinion. When you buy from a bank the above products you definitely get a good deal the reason being mass policies being taken by the bank. For eg I had to pay rs 5K approx for my Home Insurance for 15 years period ( 300/- per year) and this was one time payment. For the same Sum Insured if I try elsewhere the amount easily exceeds 15K (1K per year atleast). Same applies for Personal Insurance (read Life Insurance). Suprisingly the home insurance was not from SBI Life Insurance but from National Insurance. The argument here is the PSU banks can offer Insurance policies only from PSU General Insurers.
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Old 7th January 2011, 09:36   #183
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Regarding the Banks forcing people to take the Home Insurance & Personal Insurance, I have a slight difference of opinion. When you buy from a bank the above products you definitely get a good deal
Dont agree with this. If this is a good deal, banks would not have to "Force" it and customers would buy it by "choice".

As per agreement it is mandatory for customer to insure property. Its all right for bank to offer a policy via its tie up, completely different thing to mandate it.
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Old 7th January 2011, 13:30   #184
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Default re: Help with a home loan!

Hi guys,
I've purchased a site in Bangalore with a loan from SBI and I'm living in a rented home. Can i avail Income Tax benefits for paying EMIs for the site loan and also claim HRA?

Thanks,
Ramki
_________

Last edited by ramki067 : 7th January 2011 at 13:31.
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Old 7th January 2011, 13:34   #185
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Originally Posted by ramki067 View Post
Hi guys,
I've purchased a site in Bangalore with a loan from SBI and I'm living in a rented home. Can i avail Income Tax benefits for paying EMIs for the site loan and also claim HRA?

Thanks,
Ramki
_________
Not sure if thats possible Ramki.
You can claim Income tax benefits for any property which is "self occupied".A site may not fit the bill
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Old 7th January 2011, 13:53   #186
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Not sure if thats possible Ramki.
You can claim Income tax benefits for any property which is "self occupied".A site may not fit the bill
Thanks hallik9 for the reply.
But, the bank is able to provide me the Interest Certificate which i can give to avail Income tax. Then, on what basis the bank gives me Interest Certificate if i cannot/should not claim benefits for a site loan?

Thanks,
Ramki
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Old 7th January 2011, 13:56   #187
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Default re: Help with a home loan!

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Originally Posted by ramki067 View Post
Hi guys,
I've purchased a site in Bangalore with a loan from SBI and I'm living in a rented home. Can i avail Income Tax benefits for paying EMIs for the site loan and also claim HRA?
Have a look at this : Eight tax saving secrets you should know - Page4 - The Economic Times
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Old 7th January 2011, 14:52   #188
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Default re: Help with a home loan!

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Originally Posted by ramki067 View Post
Thanks hallik9 for the reply.
But, the bank is able to provide me the Interest Certificate which i can give to avail Income tax. Then, on what basis the bank gives me Interest Certificate if i cannot/should not claim benefits for a site loan?
I am not a tax expert but to my knowledge we can claim tax benefits on under construction House & claim HRA also.
As NetFreak has suggested, look at ET Wealth Series, this is an additional paper which comes from every Monday.
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Old 7th January 2011, 16:19   #189
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I just inquired with my employer and they said site purchased with a loan cannot be considered for Tax savings because "THE LAND IS NOT YET WITH ME". Unless land is not with me, you cannot avail tax benefit!
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Old 7th January 2011, 17:46   #190
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Originally Posted by ghodlur View Post
Suprisingly the home insurance was not from SBI Life Insurance but from National Insurance. The argument here is the PSU banks can offer Insurance policies only from PSU General Insurers.
Not so surprising, actually.

If you notice, HDFC will never insure your loan with HDFC Life/General Insurance.

Bajaj Finance will never insure your loan with Bajaj Allianz.

Tata Finance will never insure your loan with Tata AIG Life/General.

The reason for this is, the banks/NBFCs do not want to take double risk on a single transaction - i.e. the credit risk taken in availing of the loan as well as the risk in insuring the property/the customer.

Cheers,
R_S
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Old 7th January 2011, 23:42   #191
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Originally Posted by roadie_swift View Post
Not so surprising, actually.

If you notice, HDFC will never insure your loan with HDFC Life/General Insurance.

Bajaj Finance will never insure your loan with Bajaj Allianz.

Tata Finance will never insure your loan with Tata AIG Life/General.

The reason for this is, the banks/NBFCs do not want to take double risk on a single transaction - i.e. the credit risk taken in availing of the loan as well as the risk in insuring the property/the customer.

Cheers,
R_S
My home loan and home insurance both are from SBI. I guess the pvt sector companies may not have this kind of a product. As for SBI, they have strange ways of functioning. for example They route SBI card payment from SBI internet banking account via BillDesk. Don't know why.
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Old 8th January 2011, 06:39   #192
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Default re: Help with a home loan!

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Originally Posted by roadie_swift View Post
If you notice, HDFC will never insure your loan with HDFC Life/General Insurance.
R_S
HDFC does - infact they approached me for the same but I declined.
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Old 8th January 2011, 07:28   #193
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HDFC does - infact they approached me for the same but I declined.
They approached you for insuring your loan/property with HDFC Life/General?
Could you pls share more details?

Cheers,
R_S
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Old 8th January 2011, 08:42   #194
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Default re: Help with a home loan!

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Originally Posted by roadie_swift View Post
If you notice, HDFC will never insure your loan with HDFC Life/General Insurance.
When I looked for loan through HDFC, they offered Insurance from HDFC's Insurance company.

Good thing was, they were not pushing this.

This issue is more with bit ticket items where risk is so high that risk system escalates it to manual pricing. Usual apartment in Mumbai cost 1 - 5 cror. This would not be an issue with these amounts.
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Old 8th January 2011, 12:16   #195
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Default re: Help with a home loan!

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Originally Posted by roadie_swift View Post
They approached you for insuring your loan/property with HDFC Life/General?
Could you pls share more details?

Cheers,
R_S
Yes they approached me to insure my loan with HDFC Standard Life - but the premium was too high. So, I opted for a simple term policy equivalent to my loan amount from ICICI Prudential.
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