Q:My Hometown is Bhopal,MP and I am working for one of Top 4 bank in Chennai for past 4 years..Planning to take a plunge and buy a house.My job is stable here and might stay in Chennai for 3-4 years more until my kid is school going age.I stay in velachery a rented flat paying rs 21k per month.My budget is 30-50 lac. Should i Buy a property in OMR for 40-50 Lac OR continue renting and Buy in Bhopal at a lesser Budget say 30-35 Lac?Seek your pointers on what make more sense in terms of property valuation and asset generation along with current expenses(tax) management. Guys Please help me solve my dilemma?PS: My age 34, Income around 17 lac
Latest Answer: I don’t have much idea about Bhopal as a city but I definitely know that the real estate market in Bhopal has a setback of 1.3% in price value since last few years. So it is next to impossible to assume good returns from any investment made here. Like you I too was very eager to invest in Chennai for quite a long time and my search ended in OMR with making Radiance Mandarin as my new acquired property. The reason I choose Radiance Mandarin it has good connectivity with all the parts of the city. Important avenues like airport, schools, Hospital are flanked across my property. The area, the structure of home etc. everything was perfect. Last but not the least the builder Radiance Developers are class apart. There are so many upcoming properties available in OMR but only few are worth the investment. You can consider OMR as one of the highly preferred location for investment as it is the only location which has witnessed the maximum property rate appraisal in last 5 years in Chennai with
Q:I have recently bought a flat which is under construction. I have taken home loan also for that property. Is it possible for any tax exemption on the EMIs which I will pay?
Latest Answer: Hi Kamal, Yes, you can avail tax benefit on the principal component of the EMI till you possess the property. After the possession of the property you can avail for complete tax benefit on the amount (principal & interest).Principal component is limited to Rs 1 lakh and interest component is limited to Rs 1.5 lakhs for financial year 2011-12.
