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Your Dream Home May Become Cheaper from next month...

Yes, Your Dream Home May Become Cheaper from next month 

Currently, 12 per cent GST is levied on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale

Your dream home may become more affordable from next month as Goods and Services Tax (GST) council is considering to lower GST on houses. In a new year bonanza for home buyers, GST council may reduce the GST on under-construction flats and houses to 5 per cent in its meeting next month.

Currently, 12 per cent GST is levied on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale. However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale. 

GST council, in its 31st meeting last week, had announced GST rate cut on 23 items including TV, cinema tickets, video games etc. At the time of announcement, GST Council chairman, Finance Minster Arun Jaitley, had said that the GST Fitment Committee is looking into the matter of GST rate on real estate and the discussion on reduction of tax rate can be made in the next meeting slated next month in January.

"The homebuyers feel they are not getting benefited under GST. Certain proposals have come before the Council and the law and fitment committee will look into the matter and the matter will come up in the next council meeting. There was a total consensus that something needs to be done," Jaitley had said.

Government feels that builders and property developers are not passing on the input tax credit (ITC) benefit to consumers as the current 12 per cent GST rate gets reduced to around 5-6 per cent if ITC is computed on the amount.

According to Finance Ministry officials, currently builders are making payments for the input items for construction in cash and are not passing on benefits to consumers and hence, government feels that there is a need to bring them to the formal channel.

Major input construction material, capital goods and input services used for construction of flats and houses attract 18 per cent GST, while cement attracts 28 per cent tax.

Prior to GST, under-construction houses attracted 4.5 per cent service tax and a value added tax (VAT) of 1-5 per cent depending on the state. Also inputs used in construction attracted 12.5 per cent excise duty in addition to 12.5-14.5 per cent VAT. Besides, entry tax was also levied on the inputs.

After adjusting for credits on inputs used, the effective per-GST tax incidence on such housing property was 15-18 per cent.

The Finance Ministry has time and again asked real estate dealers to pass on GST rate cut benefits to buyers, but to no avail.

Government is making efforts to rationalise the GST rates. In a blog post, Finance minister Arun Jaitley today hinted that India could go for a single standard GST rate going into the future.

"A future road map could well be to work towards a single standard rate instead of two standard rates of 12% and 18%. It could be a rate at some mid-point between the two," Jaitley said today.

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Best Under Constructions Projects

Silver Treasure By Garve Group, Talegaon Dabhade (1 & 2 BHK Flats From 16 Lacs)

• Search More Under Constuctions Project in Pune

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CIBIL Score important when applying for a Home Loa...

CIBIL Score important when applying for a home loan?

Every person who needs a loan sanctioned must know that the CIBIL Score plays an important role in obtaining a positive approval.

When the applicant submits his form to the lender, the first thing the lender does is check the credit score and report of the applicant. If the credit score is low, the lender may even reject the loan application. If the credit score is high, the lender will look into the application and checks the applicant’s creditworthiness.

The credit score acts as the first impression of the applicant. CIBIL does not decide if the loan or credit card should be sanctioned nor can it delete any records reflection on the Credit Information Report. CIBIL is just here to help with the lenders and the applicants to take an informed decision. The CIBIL Score ranges from 300-900. It is noticed that the credit score above 750 is preferred by the loan providers.

The next obvious question is how to improve one’s credit score. The applicant can improve it by:

  • Never making late payments.
  • Not using too much credit.
  • Having a balance between both secured and unsecured loans.
  • Too many unsecured loans may negatively affect the score.
  • Applying for new credit with caution.
  • If you have joint accounts, monitoring them closely for late payments.
  • Keeping track of your credit history by buying the Credit Information Report.

How lenders make use of CIBIL Scores

Earlier, lenders had to make an internal assessment of the applicant before sanctioning the loan. Now with the availability of CIBIL scores and Credit Information Reports, lenders have easy access to information on the applicant.

  • CIBIL has a large database of customers and their credit scores.
  • Lower the credit score, higher the chances of loans being rejected.
  • The lower limit is 300 and the higher limit is 900. Higher the credit score, better the chances of loans being considered for approval.

Things the applicant must know:

The applicant needs to keep in mind the following while applying for loan:

  • If there is any incorrect information provided by CIBIL, the individual can report and submit valid proof to correct it.
  • If a person has two loans and if he defaults on a few payments on one of the loans but has no default on the other one, and if that person wishes to avail another loan from a different bank, this bank will get information from CIBIL about his default payment. Thus, increasing the chances of his loan at the other bank being rejected. He may even have to pay higher interest on the second loan due to this.
  • Banks check your payment history if there is any default and how much is overdue.
  • They check your company profile where you work.
  • They check the EMI to income ratio. That is if your monthly EMI is more than 50% of your monthly salary, the chances of getting a low is reduced.
    Realted More News...
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  • Check Home Loan Eligiblity (Home Loan Calulator)
  • Check list Before Buying Property

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HDFC Hikes Home Loan Rate...

MUMBAI: HDFC has increased its home loan rates by 10 basis points (100 basis points, or bps = 1 percentage point) with immediate effect. The country’s largest housing finance company is the last among big home loan providers to increase rates. 

Following the hike, The corporation’s home loan rates start from 8.80 per cent on loans o fup to Rs.30 lakh for salaried women. For loans between Rs. 30 Lakh and Rs 75 Lakh. it is 8.95 per cent, and 9 per cent on loans above Rs. 75 Lakh.

For borrowing where a woman (Biggest advantage of buying property in your wife’s name) is not part of the loan agreement, the rates are 50 bps higher. The move comes five day's ahead of the Reserve bank of India's (RBI's) monetary Policy announcement on October 5. The RBI is widely expected increase rates by 25 bps.

On Saturday, Punjab National Bank had increased its benchmark leading rates (marginal cost of Funds-based lending rate, or MCLR) for short-term loans by up to 0.2 per cent, effective Monday. With the revision, PNB's overnight MCRL now Stands at 8.0 per cent as against 7.9 per cent earlier.

Last month SBI and ICICI bank increased their benchmark rates against which all home loans are priced. While SBI announced a uniform increase of 20 bps on all its MCLRs, ICICI bank raised its benchmark rates By 15 bps.

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► Calculate Loan Eligibility & EMI

► Checklist before going to Buy Property

Why CIBIL Score important when applying for a home loan?

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Pune civic body gets right to fix property regular...

The state government issued the notification following demand from many local bodies to reduce the compounding fees.

PUNE: The state government on Tuesday issued a notification giving local self-government bodies the right to decide on the fee to be charged for regularizing unauthorized constructions in civic limits.

The state government issued the notification following demand from many local bodies to reduce the compounding fees. The notification said the decision was taken after “various planning authorities in the state communicated various issues that cropped up during implementation and requested the government to reduce the compounding charges required to be paid in such cases”.

The notification assumes significance because the elected members in the Pune Municipal Corporation (PMC) are contemplating to reduce the charges. A proposal to cut the charges by 80% was approved by the city improvement committee. The proposal is under consideration of the general body of the PMC and is expected to sail through after the state’s notification.

Corporators in PMC demanded the reduction, saying it would give relief to many citizens. Elected members claimed that the common citizens, duped by builders, were suffering because of heavy compounding charges.

The state government in 2017 had given approval to a scheme for compounding the unauthorized constructions. Constructions carried out before December 31, 2015, are eligible for the scheme.

The scheme did not get good response in Pune with owners of only around 40 properties approaching the civic body to get their constructions regularized in the past six months. Though the move would be a relief to those having unauthorized properties, the civic activists have termed it unjust.

“Only reduction of charges will not help much. If the property owners have not followed all the other norms, the properties should not be compounded,” said Vishwas Sahastrabuddhe of Sajag Nagrik Manch, a citizens’ forum.

He said major discounts for regularizing illegal properties would encourage more such unauthorized constructions. 

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