Puravankara 6.99% interest on home loan offer

Puravankara has come up with an innovative offer of discounted rate of interest on home loans availed to buy Puravankara homes. Under this offer Puravankara will reimburse the home loan interest above 6.99% up to 10.5% for 24 months. If the interest rate is more than 10.5%, Puravankara will reimburse only the difference between 10.5% and 6.99% which means the maximum interest reimbursement is limited to 3.51%. However if the rate of interest reduces in future, Puravankara will reimburse only the difference between reduced interest rate and 6.99%.

Puravnkara is not responsible for your home loan or home loan EMI payments, you need to pay your EMI with full interest and you can claim the interest rate discount amount from Puravankara.

Let us analyze benefit with the help of an example, let us assume you have taken a home loan of 40 lac rupees at the Interest rate of 10.5% and the interest per month comes to Rs.35,000 (40,00,000*10.5%/12), so you can potentially save Rs 8,40,000 (Rs 35,000*24 months) in home loan interest. Alternatively you can avail an upfront discount on purchase price in lieu of discounted home loan interest rate, however the discount amount will be smaller compared to the interest reimbursement as the discount will be applicable upfront where the interest rate discount amount will be paid through the tenure of 24 months. There are other combo offers such as Purva Steaks Gift Vouchers for Home Interiors and Floor rise charges also available in addition to this offer.

Lets hope more realtors would start offering these kind of discounts on home loan interest make the home loans more affordable.

Please note that only limited units are available for sale under this offer and the offer terms and conditions may change. Please contact Puravankara for complete details.

Disclaimer: The above post is not an advertisement nor a paid post. The above information and illustrations were written based on my understanding of the offer email received from Puravankara. The terms and conditions of the actual offer may differ.

Missed to file Income tax return before July 31st? Don't worry you can still file your tax return

Did you miss to file your income tax return before due date?? July 31

Its OK relax...not a reason to worry unless you have any taxes due. Let see how it would be treated by IT department and what you can do..

1. You can file you tax return after July 31st which is called a belated return (just like belated birthday wishes :)).
2. Belated return can be filed within 1 year from the end of the assessment year without any penalty. For example, assessment year for the financial year April 2012 to March 2013 would be April 2013 to March 2014, which means you can file the belated return by March 2014 without any penalty.
3. You are also allowed to file the belated return till one year from the end of assessment year, which is March 2015 in the above example, so you can file the belated return on or before March 31, 2015, however the Assessment office may levy a penalty of Rs.5,000.
4. In case if you have taxes due on your tax return (net liability after deducting the TDS) you need to pay that amount along with 1% interest per month.
5. You can revise the belated return once filed
6. You cannot carry forward the losses if you file belated return.

In case of any questions, use the comment form to post them.