What should I remember when I am taking loan?

Posted on Posted in 80 C, Loan

There are a number of times when you have to take loans. The pecuniary difficulties cause pains a lot and the loans can be a good way out. There are many places where you can get loans. Generally the best places to get the loans are the banks. There are some details which you should check thoroughly before taking the loans. The loan details must be read very carefully. There are the common disputes regarding the repayment details. The loans often have the norms of increased premium rates for the defaulters. There are some common disputes about the amount. Some banks pay the loans in total some do not. The amount being paid depends on the type of loan. The total payable amount differs from the home loan to the educational loan. In cases of the loans taken from the individual people there is no safeguard. The hand loans taken from individuals (we do not mention friendly transactions here) have a lot of risk. If the individual asks for some stuff like a television or a mobile as a step to loan payment then do not take money from him. There are many frauds lurking around and one must stay safe. Remember, there is no safer place than a nationalized bank to take loans.Interest paid on self occupied Home loan is allowed as deduction from your total income subject to maximum of Rs.200000/- . The repapyment of principal of home loan is also coveredĀ  under section 80 C of the Income Tax, Act, 1961, subject to maximum upto Rs. 1.5 lacs.

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