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These expenses include processing and administrative fees, stamp duty, pre-payment charges & delayed payment charges, legal fees, technical fees and registration fees. How is interest calculated on the home loan?

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These expenses include processing and administrative fees, stamp duty, pre-payment charges & delayed payment charges, legal fees, technical fees and registration fees. How is interest calculated on the home loan?

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Banks usually follow the daily or monthly reducing balance method. What security does one have to provide? A first mortgage of the property to be financed. The title should be clear marketable. Some banks may collateral security like the assignment of life insurance policies, pledge of shares, NSCs, units or mutual funds, bank deposits or other investments. What is the Agreement for Sale and where can one register it? The agreement between the builder and the buyer is known as the Agreement for Sale. It can be registered at the office of the sub-registrar appointed by the State government. What tax benefits are available on a home loan? Under Section 88 of the Indian Income Tax Act, 1961, a rebate of 20% is allowed on the principal repayment of the loan up to Rs10,000. For self occupied houses, the income tax exemption limit for interest paid on housing loans is Rs 75,000. The Tax Certificate will be issued at the end of the financial year. Is it legal to sell the property on which the

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