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What Are The Tax Benefits You Can Avail On Home Loans

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What Are The Tax Benefits You Can Avail On Home Loans

A home loan makes your dream of possessing a house a reality. But you must also know that a home loan can give you several tax benefits.

After all, don’t you want to save a few bucks on those tax payments?

If you have recently taken a loan against property, you are eligible for tax deductions under the old tax regime. You can claim deductions on your EMI payments. The new tax regime, however, offers you a lower rate without any deductions.

Here are the tax benefits you can get on your home loan EMI payments ( if you choose the older regime).

Tax Deductions On The Principal Repayment

Well, your home loan EMI consists of two parts- the principal amount and the interest. Section 80C of the Income Tax Act, 1969 allows you to claim a tax deduction on the principal repayment. It is valid for your self-occupied house.

What if you have a second house and it is empty? It will also get considered as a self-occupied house. If you have taken loans against two houses, you can avail of tax deductions on both. However, the maximum limit is Rs 1.5 lakhs.

Have you rented your house? Don’t worry. The 80C deduction is available on a rented property as well.

Moreover, you can also claim a deduction on the cost of stamp papers and other registration charges.

Deduction On Interest Payments

Your home loan interest payments are also eligible for an income tax deduction.

You can claim a maximum deduction of Rs 2 lakhs on your taxable income in a financial year. If your interest payments exceed Rs 2 lakhs, the extra amount will not be liable for tax deductions. Section 24B of the Income Tax Act allows this deduction for self-occupied properties.

So, the next time you feel sorry about the interest payments, remember that you can get tax benefits from them.

Extra Tax On Buying An Affordable House

Have you bought a house under the affordable housing category? If you have, then you can claim an additional tax deduction of up to Rs 1.5 lakhs on the interest payment in a financial year.

This deduction is available over and above the deduction under section 24B. So, you get a total deduction of Rs 3.5 lakhs on your taxable income.

Isn’t that great?

This additional deduction is available under section 80 EEA of the Income Tax Act.

Whatever the tax benefits, you need to check the loan against property interest rates before applying. It will help you save more.

Deduction Under Section Section 80 EE

Are you a first-time home buyer?

Then there is good news for you. You can claim an additional deduction of Rs. 50000 on your taxable income for the interest paid on your home loan. Well, you can claim this deduction over and above the one under Section 24.

However, you cannot claim tax deductions under sections 80 EE and 80 EEA simultaneously. Moreover, this deduction under section 80 EE is not applicable if you have taken your home loan after 1st April 2017.

Now that you know of the amazing tax benefits on your home loan repayment, you will not miss them.

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Who Leads the Blue World City Islamabad?

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Who Leads the Blue World City Islamabad

In Islamabad’s real estate sector, Blue World City Islamabad is regarded as a symbol of trust and innovation. That is something we can confidently declare due to the recent developments and success that Blue World City has continued to demonstrate, proving that it is the best real estate project ever presented.

Blue World City is one of those real estate developments in Islamabad that will bring world standards to the table in terms of amenities. Blue World City is owned and developed by the Blue Group of Companies (BWC). The society’s owner and leader are Saad Nazir, the son of Chaudhry Nazeer, a former Deputy Commissioner of Lahore. 

Project Details

While the RDA has yet to approve the housing society’s NOC, we believe it will be only a matter of time before receiving the document. The importance of the NOC certificate is that it guarantees a consistent supply of amenities that Blue World City Islamabad intends to provide to its residents. Water, electricity, and gas are some of them. The project’s personnel is believed to be working nonstop to ensure that these basic facilities are always available.

Blue World City, a real estate project in Islamabad, is constructing an elaborate and well-connected infrastructure. The roads are wide—40, 60, 80, and even 129 feet wide—and set out precisely so that drivers feel like they are gliding down the road. The project is well-lit throughout.

One of our favorite aspects of the project is that it has underground electrical systems, which eliminates the need for bothersome overhead wires. Such an option will enhance the overall beauty of the project, but it will also reduce the number of instances of broken electrical lines. The gated community’s safety measures are the next key feature.

All entrances to the Islamabad real estate project are closely monitored to protect the residents and their precious belongings. Facial recognition and key cards are being introduced as additional security features, which are not yet common in Pakistan. It is based on the concept of a more customised project.

While many housing projects in Pakistan halt delivering basic facilities, Blue World City Islamabad goes above and beyond to serve its residents with various leisure opportunities. The list includes theme parks, sports complexes, cultural complexes, lakes, an IMAX cinema, an adventure club, a safari zoo, and so on.

If the affordable cost of living in Blue World City in Islamabad weren’t enough to persuade you to invest, then these interesting features would. In addition, the housing project has several resourceful business complexes with stores where you may fill up on anything you require. Apart from the recreational areas described here, Blue World City Islamabad also has places of worship for its residents. These are large facilities where members of all faiths can worship together. In addition, Jamia mosques are constructed across society for the convenience of the people who live there.

The real estate project in Islamabad is also helping to turn the city into a tourism destination. Blue World’s developers plan to build many tourist attractions, including replicas of world-famous landmarks such as the Burj Al Arab and the Blue Mosque in Turkey. Additionally, the housing society is constructing the world’s largest horse mascot.

Conclusion 

Blue World City Islamabad is predicted to become one of the city’s top housing societies in the future, and investors are heavily involved in selling and acquiring plots there. The housing society will produce residences for the country’s low-income citizens, and they will be able to build their own homes for a fraction of the existing real estate market’s high prices. As a result, society is making significant contributions to the economy, helping the needs of the underprivileged, giving a futuristic investment destination for Pakistanis, and developing tourism attractions for people from all across the country. Therefore, Sigma Properties highly suggests that you invest in Blue World City. 

Author Bio

Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Taj Residencia. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.

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4 Ways to the Best ITIL Framework

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When it comes to running the best IT business you can, following the ITIL framework is the way to go.

Today, we’re here to help you understand what this framework is, and we’re going to go over a few ways you can use it. Read on to learn everything you need to know, and to start advancing your business today.

What Is ITIL Framework?

So, what is ITIL framework? ITIL stands for Information Technology Infrastructure Library. It defines the organizational structure for a company, and it lays out any necessary skills.

It’s a compilation of 30 books filled with outlines that can help you build your own frame of reference.

1. Change Management

Change management is essentially a balancing act between moving forward and assessing the risks associated with doing so.

The change management process in the ITIL framework is brought about for big, scheduled changes, and also small routine ones. Both are needed to help a company thrive, and knowing how to balance it all is essential.

2. Incident Management

An incident is simply an unplanned interruption in service. This could mean a full stop or a reduction in quality, but the ITIL framework can help you learn to handle it with ease.

These incidents usually affect more than one party in a company, but management focuses on the downtime caused by them.

Whether it’s a faulty laptop or an inability to access a certain application, it’s important to know the effect that can have on an IT business, but also how to minimize the damage it does to the company as a whole.

3. Problem Management

Incident and problem management do actually differ from one another. Accidents are the cause of the incidents — no matter the size.

Problems come from incidents, but they’re also what creates the solution for an ongoing or recurring one. They’re typically identified through reports records, and they help to get to the bottom of any issue at hand.

These typically take longer to resolve than incidents do, but they also come with longer-term solutions that ensure it won’t happen again.

4. Time Management

This one is a given, but it’s going to continuously help you run the best IT business you can.

Time management is all about staying organized and focused on your end goals, and learning about different ways to do that is going to help you a lot in the long run.

It can also help you and your business learn how to manage all of the other principles we just talked about. Running any business like a well-oiled machine is important, and it’s easy to do with a framework.

ITIL Best Practice Framework

Once you have the basic ideas down, it’s time to move to the other principles covered in the ITIL framework. The great thing about these four, however, is that they can be used outside of this reference as well, and you can carry them anywhere you go.

For more on the latest in technology, check out the rest of our website.

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7 Things to Consider When Hiring a Waterproofing Service

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Hiring a Waterproofing Service

Are you looking for someone to fix your leaking walls, bathroom, basements, and balcony? If you suspect a water leak in your house, you should promptly address the problem and call a team to repair it.

As you know, delaying may aggravate the situation by creating structural damage to your home, and thus raising the cost of addressing those problems altogether. In addition, your property’s total value may suffer as a result. So, it would be best if you looked for reputable waterproofing services to address that.

If you scan the Internet, you may find yourself confused with the many companies on the table. The overwhelming options may lead to choosing less than what you desire. So, before you select a team randomly, there are several things to think about.

  1. Experience

Well, it should be your priority to choose someone with enough or significant experience in the field. As you know, waterproofing requires a skilled and experienced crew who understands how to pinpoint the source of the leak and then use the necessary tools to repair it. So, don’t give it to someone you don’t trust and if you’re considering hiring a beginner in this industry, think twice.

  • Modern Techniques

Waterproofing techniques have advanced in recent years. But, of course, it’s always good to opt for services that use current approaches to fix leaks to ensure that the work is long-lasting and of high quality.

So, look for a company that provides the widest range of waterproofing services, as well as industry experts who can advise you on the best path to take to get the results you want. And yes, that includes using the proper tools to achieve optimum results.

  • Services

You also want to ensure that the service provider is a specialist in all relevant services, as the scope of their services will give you an indication of their expertise. So, choose a business that offers waterproofing services for all of your needs, both now and in the future.

  • Promptness

It would help if you chose a staff that gives fast service. As you know, water leaks can be terrifying for homeowners, and in many cases, they result in a major emergency issue that requires rapid treatment.

Fortunately, some companies give prompt services, and all you have to do is search for them. But remember, even though your contractors are skilled and experienced, they can’t tackle all of these crisis concerns if they have a laid-back mindset.

  • Warranty

Any reputable business will, in most cases, offer a warranty on its services. So, before you get into hiring them, make sure to ask this first. Check the terms and conditions as well, so you don’t run into any problems later.

  • Credentials

Many people overlook this point, only to come to regret it later. So, what you can do is to examine the company’s website extensively to verify their credentials. A license and insurance should be presented properly and if conditions aren’t met, move on to the next.

  • Feedback

Last but not least, make sure to read what previous clients have said about their job. And if there is a lot of bad feedback, you should move on to the next company. You need to at least hold your standards to reputable top-tier waterproofing companies.

While it may be tempting to opt for a less expensive service, you’ll wake up only to find out that you must not have taken a bargain in the long run. So, make sure that you do your homework extensively.

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