If you sell the property within 5 years of possession, any tax deductions already claimed will be reversed. However the tax exemptions on interest paid will remain unchanged.

The owner of the property can claim tax benefits. If the spouse is a co-borrower, they can also file for tax deductions. In the case of a joint loan, both parties can claim for their share of the loan they pay.

You cannot claim tax deductions till the construction is completed. Once it is completed, you can claim an aggregate of interest paid for the period prior to the year of taking possession. This can be claimed in five equal instalments from the year in which construction is completed.

You can claim for tax deduction under Section 24(b) only for the interest paid. The friend will have to provide you with a certificate and will be liable to pay tax on the interest earned from the loan.

Generally, tax benefits can be availed only on the house claimed as self-occupied. In case if you own two houses, only one of them can be claimed as self-occupied property. The other house will be considered as a let-out property and will be taxed as per the tax slab applicable. The notional rent on your second house will be added to your income. To save on the applicable tax, one can consider investing the second house in his/her spouse’s name. However, only one residential property can be relieved from being taxed. You will have to pay wealth tax on the second home.

Yes, you can claim separate deductions in your IT returns if your spouse is employed and has a different source of income. You can both claim deduction under Section 80C up to Rs.1.50 lakh from your total income. If the house is jointly owned, each co-owner can claim deductions up to Rs.2 lakh on account of the interest on borrowed money. However, if the house is being rented, there is no restriction on the claiming amount and you can individually claim deductions based on the ratio of possession on the property.

Yes, L & T Finance home loan principal is part of Section 80C of the Income Tax Act. Under this section, an individual is entitled to tax deductions on the amount paid as repayment of the principal component on the L & T Finance home loan. An amount up to Rs.1.50 lakh can be claimed as tax deductions under Section 80C. However, the tax benefit on the repayment of the principal amount can be claimed only after the house is constructed. The section does not allow deductions for the repayment of the principal part during the years the house was being constructed.

An individual is entitled to the following benefits if he/she is staying in a rented place after buying a home loan:

• House Rent Allowance (HRA) benefit
• Tax benefit on the interest amount paid under Section 24
• Tax benefit on principal amount repaid under Section 80C

The Housing Rent Allowance benefit stops once the construction of the property is complete. You can avail all tax benefits on the L & T Finance home loan only if the construction of property has been completed and is ready to move in during the same financial year. You can still claim tax benefits if you are living in a rented accommodation after giving your house on rent. However, the rent you receive on the property will be added to your taxable income and will be taxed as per the applicable tax slab.

No, self-employed individuals cannot claim Housing Rent Allowance (HRA) benefit. However, you can save tax on the house rent paid under Section 80GG of the Income Tax Act, provided the rent has not been claimed under another section of the IT Act.

You can also claim tax deductions in respect of the interest on the L & T Finance home loan under Section 80EE of the Income Tax Act. Under this section, an individual is entitled to claim tax deductions up to a maximum amount of Rs.50,000 during a financial year. The deductions, however, cannot be claimed if you have repaid the entireL & T Finance home loan. You can claim tax benefits under Section 80EE if you haven’t purchased a house before. The value of the house should not exceed Rs.50 lakh and the L & T Finance home loan taken for the property should be less than Rs.35 lakh to avail this benefit.

Yes, you can avail tax benefits on the principal amount repaid on the L & T Finance home loan from total income under Section 80C. However, you can only claim tax deductions up to a maximum amount of Rs.1.50 lakh under this section.

Under Section 24 of the Income Tax Act, an individual can claim tax deduction of the interest payment on theL & T Finance home loan up to a maximum amount of Rs.2,00,000. However, there is no limit on the interest payment deduction of the property is rented.

Calculating your EMI before taking a loan can help you in the following ways:

You can manage your monthly expenses better. Once you know how much you must pay towards your loan each month, you can then budget the other expenses accordingly. You will be able to determine what tenure to choose depending on how much you can afford to repay every month. Planning prepayments and pre-closures can be done easily, helping you pay off your loan faster.

When you prepay a part of your loan, the outstanding principal will reduce. This allows you to opt for a lower EMI while keeping the loan tenure the same. Or, you can maintain the same monthly instalment as before and reduce the tenure of the loan. It is advisable to maintain the same EMI and reduce the tenure since this will reduce the amount of interest you pay in the long run.

Yes. An EMI calculator is a common tool and is not tied to any bank or financial institution. If you know your principal, interest rate, processing charges, and tenure, you should be able to generate your EMI. BankBazaar’s calculator also allows you to factor in prepayment details.

An EMI calculator estimates your loan repayment details based on the data you give it. But the EMI that your bank gives you may be a little different due to other charges involved in the calculation. Also, if your home loan is subject to a floating rate, then the interest rate changes every year based on the MCLR or base rate change. Even a slight change in interest rate will make a difference to the total loan amount you repay, depending on the duration of the loan. These variables limit the accuracy of an EMI calculator.

The interest rate of your loan is applied based on “reducing balance principle”. Because of this, the interest will be slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest will also come down proportionately.

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be paid monthly.

E = P x r x (1+r)^n/((1+r)^n – 1)

1. E is the amount that you will have to pay every month; basically, the EMI.
2. P is the amount that you want to borrow.
3. r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
4. n is the duration of the loan in terms of months. So if you select a term of 5 years, n will be 60.

 EMI is just the amount you (borrower) repay to the bank, each calendar month, to clear your outstanding loan.You have to repay the EMI each month, on a particular fixed date, for the entire duration (tenure) of the loan, till you repay the entire outstanding amount. (amount borrowed + interest).

For Example, if you borrow 10,000,000 units of a currency from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = Units of currency 10,000,000 * 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 – 1) = Units of currency 134,935. i.e., you will have to pay total currency units 134,935 for 120 months to repay the entire loan amount. The total amount payable will be 134,935 * 120 = 16,192,200 currency units that includes currency units 6,192,200 as interest toward the loan.

Calculating the EMI amount on your L & T Finance home loan is quite easy. Simply enter the loan amount you wish to take, the tenor (in months, and not years) and the rate of interest, in the required fields.

Once you find the EMI calculator for L & T Finance home loan, To calculate the amount of EMI, you need to put the following inputs in the EMI calculator:

• Loan Amount – The principal amount borrowed from the bank or financial institution is known as the loan amount.
• Interest Rate – Interest rate can be either fixed or floating.
• Loan tenure – Is the time over which you choose to repay the loan.

The result will be your EMI, the total interest you’ll be paying and the total amount you’ll be paying by the end.

Good planning always ensures stable finances. Calculating the L & T Finance home loan in advance gives a better understanding of the amount of money you would have to spend every month. Hence, you can plan well and decide whether you are able to spare that much money or not.

1. Amount of loan to calculate EMI
2. Loan term (months or years) to calculate EMI
3. Rate of interest (percentage) to calculate EMI

Using the EMI calculator is a very simple process. All you need to do is follow these steps–

• Go the L & T Finance home loan calculator page
• Choose the loan amount, rate of interest, and tenor (in months)

That's all! You will instantly get your L & T Finance home loan amount along with the interest amount payable on the loan.

A L & T Finance home loan calculator helps you to decide whether you can afford the financial commitment of a L & T Finance home loan in the long term. If you want, you can increase or decrease your EMI amount depending on the amount of loan you are taking and the time period for which you'll be paying the EMIs.

Quick Results – Applicants can easily use this calculator to calculate the EMIs that they will be liable to pay for the pre-determined tenure and interest rate that the L & T Finance home loans are offered, in mere seconds.

Simplicity – The calculations using this EMI calculator for L & T Finance home loan are based on the applicant providing three key bits of information i.e. the principal amount of the loan, the applicable rate of interest and the loan tenure.

Varying Combinations – With the L & T Finance home loan calculator, you can easily input different interest rates and tenures to look for a combination that will allow you to easily repay the principal amount, without putting undue pressure on your finances.

Free Usage – The EMI-Calculators.com's L & T Finance home loan calculator is a user friendly L & T Finance home loan calculator that is available to everyone free of charge and is easy to use

A L & T Finance home loan amortization schedule is the table or record which details all the periodic payments on your loan. This is generated through an amortization calculator.

Amortization is basically the procedure of repaying a loan through regular payments over a specified period. An amortization schedule is the total tally of loan payments showing the amount of interest and principal contained in each payment, until the loan is repaid in full.

The estimated monthly investment (EMI) depends on a number of factors such the amount, the tenure of the loan, and the interest rate. The estimated monthly investment (EMI) differs according to the loan type and the amount. If the interest rate of the loan is fixed, the estimated monthly investment remains fixed as well for the entire time the loan is active. The borrower can also opt for a pre-payment wherein the estimated monthly investment (EMI) gets reduced. If the interest rate is floating, the EMI is also floating.

A fixed rate of interest is one where the interest rate on a loan remains fixed throughout the loan repayment period (loan tenure). This type of interest rate is comparatively higher than a floating rate of interest. Fixed rate of interest is better for those who don’t prefer the risk of fluctuation that is an integral part of a variable interest rate. In the case of a fixed rate of interest, the loan EMI remains the same throughout the loan tenure.

The online loan EMI calculator can be used to calculate loan EMIs with a fixed rate of interest. The different Interests Rates that can be implied in a Loan contract are Fixed Interest Rate and Floating Interest Rate.

Fixed Interest Rate means interest payment on loan will be in fixed equal installments over the entire period of the loan. The interest rate will not change regardless of any market fluctuations.

Benefits of Fixed Interest Rate:

• Interest Rate does not change as per the market fluctuations
• Having a fixed interest rate brings a sense of safety and security for the borrower
• Since it entails a fixed monthly repayment schedule, it helps in easy budgeting

Drawbacks of Fixed Interest Rate:

• Generally, Fixed Interest Rates are 1%-2.5% higher than Floating Interest Rate
• Fixed Interest Rates are subject to change as per the market fluctuations, hence if by chance the interest rate decreases, the fixed rate L & T Finance home loan won’t be benefited as the borrower will have to pay the same fixed amount every month.

Floating rate of interest changes depending on the market-lending rate. It is also known as variable rate of interest. If the lending rate increases, the floating interest rate will also increase. Due to the risk of fluctuation, the floating rate of interest is usually lower than the fixed rate of interest. With a floating rate of interest for a specified loan tenure, you can either expect your EMI to reduce or increase depending on the rise in the interest rate.

The online loan EMI calculator for L & T Finance home loan can be used to calculate loan EMIs with a Floating rate of interest.

Floating Interest Rate is the rate which changes as per the market conditions. Loans on floating interest rates are tied to a base rate PLUS a floating element thereof.

Benefits of Floating Interest Rate:

• Floating Interest Rates are cheaper than Fixed Interest Rate
• During the long term, even if the floating interest rate rises up the fixed interest rate, they will eventually fall. Hence ensuring a lot of savings.

Drawbacks of Floating Interest Rate:

Due to frequent fluctuations in interest rate, the nature of monthly installments is quite uneven.

Hence it is necessary that you conduct a proper cost and benefit analysis before choosing among Fixed and Floating Rate of Interests.

The simplest answer is that it’s fast and it’s convenient. This means that you can do multiple calculations in minutes where such calculations many take longer were you to sit down with a pen and paper. These calculators are also super accurate, so it eliminates the possibility of errors in calculations, provided you provide accurate data.

Yes. These days most, if not all, banks have L & T Finance home loan calculator, specific to various loans, available on their websites.

Monthly EMI for L & T Finance home loan depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35% to 45% of your net income so that you can pay your EMI without any burden or difficulty. You can calculate your EMI online which will help you to know your repayment capacity.

If you miss your EMI payment on your L & T Finance home loan or if there is an ECS bounce then bank may charge a penalty. In addition, it will also be reflected in your CIBIL report and your CIBIL score may get impacted.

Banks charges penalty for delaying EMI payment for L & T Finance home loan. The amount of penalty varies from bank to bank.

It is important to calculate your EMI in advance to maintain stability in future payments. When you avail loan for your house, you promise the bank to pay a fixed amount at fixed date every month. So, before availing theL & T Finance home loan you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.

L & T Finance home loan can be availed for maximum tenure of 20 years. Tenure affects your monthly EMI. Longer the tenure ofL & T Finance home loan, lower will be your EMI.