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HOUSING FINANCE AND TAX PLANNING
What is the maximum loan-to-value (LTV) ratio permitted by RBI for housing loans up to Rs. 30 lakh?
RBI permits a maximum LTV of 90% for housing loans up to Rs. 30 lakh, meaning the borrower must contribute at least 10% as a down payment.
What is the maximum LTV ratio allowed by RBI for housing loans above Rs. 75 lakh?
75% LTV ratio is permitted for loans above Rs. 75 lakh.
Which section of the Income Tax Act allows deduction on interest paid on a housing loan for a self-occupied property?
Section 24(b) of the Income Tax Act allows a deduction of up to Rs. 2 lakh per annum on interest paid on a housing loan for a self-occupied property.
What is the maximum deduction allowed under Section 24(b) for interest on a self-occupied property housing loan?
Maximum deduction is Rs. 2 lakh per annum under Section 24(b).
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