Monthly Archives: March 2013

Understanding Home Loan Prepayment

When one increases the tenure of their home loan, the amount of money that goes into payment of interest also increases. This interest payment you make to the bank is your burden that one shall strive to reduce it as much as possible. When one is prepaying the home loan it means he is paying extra principal component of home loan. Prepayment does not reduce your EMI but it will allow you to close your home loan much earlier. By paying early you are actually...

New terminal at Bhubaneswar airport starts operations from March 14

The swanky new domestic terminal at the Bhubaneswar airport formally started operations with the landing of an Air India flight from New Delhi on March 14, 2013.“All domestic operations at the Biju Patnaik international airport have been shifted to the new terminal from today. The new terminal will exclusively cater to domestic air services,” said Sharad Kumar, director - Airports Authority of India (AAI) - Bhubaneswar.The existing terminal at the airport will soon be upgraded for international operations, he said.The state-of-the-art terminal inaugurated on March...

Home loan tax exemption limit hiked from 1.5 lakhs to 2.5 lakhs

Finance Minister P Chidambaram on Thursday (Feb 28) raised tax deduction limit by Rs 1 lakh for the first time home buyers to promote the housing sector. “A person taking a loan for his first home from a bank or a housing finance corporation up to Rs 25 lakh during the period April 1, 2013 to March 31, 2014 will be entitled to an additional deduction of interest of up to Rs 1 lakh,” he announced while presenting Budget 2013-14 in Parliament.

NRIs  can  take  home  loans  but  conditions  apply

Anyone who comes under the definition of the Foreign Exchange Management Act, 1999 (FEMA) can avail a home loan in India. FEMA defines an NRI as someone who resides outside India for “employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period”. It also says that an individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.

Odisha’s GDP projected to grow at 9.14% versus India’s 7%

Even as the national economy has recorded a sluggish growth of 5.5 per cent in the current fiscal and the mandarins in the Planning Commission have projected a growth rate of 7 per cent in 2013-14, the State Government has projected a growth of 9.14 per cent for the current financial year. “As per advance estimates, the State economy is expected to grow in real terms at 2004-05 prices at a rate of 9.14 per cent in 2012-13,” the Economic Survey report 2012-13 presented in the Assembly said.