Taxation and Home Loan Eligibility Quiz

A temporary suspension of a requirement for construction/acquiring a new house, flat, or extending an existing house/flat, or purchasing/constructing a second house. It is for self-occupation only.

Maximum 15% of the house/flat cost (or Rs. 50 lakh) can be included for furnishing and interior design as part of the project cost.

A scheme intended to facilitate construction or acquirement of property.

Non-salary income components, like bonuses, overtime, incentives, or reimbursements, appearing in salary slips, Form 16, or tax returns. These are calculated using the average of the last two years' income, excluding taxes and deductions.

Calculating salary income by averaging income over the previous two years, after removing tax and statutory deductions.

Income that changes depending on factors like performance or production.

Compensation tied to an employee's performance or productivity.

Amounts subtracted from earned income for taxes and mandatory deductions like social security.

The cost of a rooftop solar photovoltaic system.

Factors determining if a potential buyer can secure a mortgage to buy a property.

The total expenses incurred to acquire or construct a house, including the solar PV cost if relevant.

Existing home loans can be transferred to a new lender, adhering to applicable regulations.

Rules or regulations that need to be followed during a loan takeover

Small expenses like furnishing or woodwork are not covered by loan reimbursements.

Loan reimbursement won't cover investments in plots or land.

The property being financed must not have any legal claims or burdens against it.

A document confirming the completion of construction as per approved plans, verifying the investment.

The amount of reimbursement calculated based on the property's realizable value, minus a margin, or the investment value minus a margin, whichever is lower.

The current market worth of the property.

A document from a valuer, showing the current market value of a property.

A percentage difference in property value or investment amount, determined by maximum Loan To Value limits.

Documents showing expenses, including architect's certificate, that need record-keeping for home loans.

Loan-to-Value ratio; a home loan's maximum percentage compared to the property's value.

A sworn statement promising adherence to the sanctioned building plan for a loan.

The approved design for a construction project.

Official document verifying a building's completion.

Bank's right to demand the full loan repayment if the project doesn't finish on time.