State Bank and Project Tatkal for Home Loans

State Bank and Project Tatkal for Home Loans

The largest bank – State Bank of India has its wide scale operations spread all over the country. With the largest networks of branches, the bank holds a high responsibility towards its customers in the delivery of the best services related to all spheres of the banking.

With this purpose, the state bank of India has launched a project named ‘Project Tatkal’, which is an initiative to provide the services at the doorsteps and accelerate the process of home loans for the people.

Benefits of the Project Tatkal

Under the Project Tatkal, the process of the Home loans will be facilitated within time gap of 10 days. As soon as the bank is in receipt of the application form and the complete documents, the process of the Tatkal loan is initiated and all efforts for the urgent disbursement of the loan amount is done. Thus, bringing the complete process to the maximum of 10 days under the ‘Project Tatkal’ is an ultimate reality. However, the implementation of this scheme is done at important centers and with the sizable home loan amount.

The State Bank of India launched this initiative on 3rd July, 2015 and with the scheme to be launched in a phased manner, the project will be rolled out across the bank branches.

Online customer acquisition solution by the State Bank of India

With the State Bank of India also introduced an online customer acquisition solution, which is famously known as OCAS. The process of an instant e-approval of home loan applications is also an option. It was launched on 28th May, 2015 prior to Project Tatkal.

The major cities of India will be the first to get the lovely benefits of the Project Tatkal. The State Bank of India is looking to facilitate a huge number of people. Thus, the State Bank of India has launched this project with the novel concept of providing Home loans to the people in the minimum time.

How to avail the scheme

Just go to the nearest branch of SBI. Make an inquiry about the Tatkal Scheme. In case, the scheme has been launched for the particular branch, submit the application through the Tatkal Scheme. Submit all the required information and documents. Wait for 10 days and you will surely get an approval and will get your loan process done within the stipulated time. Now, you can easily get the Home loans within 10 days!

The State Bank of India always stands at the forefront in introducing new initiatives for the benefits of the customers.  This scheme is surely going to add more prospective customers to it and will surely be a brand booster and will be a milestone in the Home Loans.

Home Loan Tax Exemption – Salaried & Self Employed

Home Loan exemption is available for salaried & self employed customers for income tax benefits. This is happened because of the third generation technology. Online markets are growing drastically. Daily updates news spokesperson Mrs. Sadhana Tomar said, everything about the current market trends. She told that financial market is very aggressive and volatile in unsecured and secured funds base loans from banks and other prime financial institutional sales.

Housing loan is the most trusted lending program in India. Sadhana Tomar says,  banks prefers housing loan as compared to the personal loan, Business Loan and other financial products. Sadhana says most of the customers prefers home loan as investment cum income tax saving products. It is best because of the compulsory requirement once in a life for most of Indians. The biggest dream of maximum of people is buying his own house once in a life.  In the current time, buying a home is not a easy task. To enable the issue, banks in India and other NBFC started funding for buying a new home for all types of profiles, it may be salaried or self employed customers anywhere in India.

In my opinion for saving hard earned money,  it is the most common investment way which preferred by maximum of employees in India. Generally  self employed class have lots of ways to save their tax and for doing this they shows the many kinds of expenses & expenditures in their balance sheets and saves huge tax every years. However salaried class have some fixed ways to save their income taxes. Firstly when the employees get their salary, deductions are already in their salary sheets like professional tax, Income tax, after the deduction they start investing in some home loan EMI as interest and principle part.

Normally 75% Indian home loan buyers paid average 50% amount of their salary in to the EMI of home loans and the remain 50% are not enough for surviving in the metro cities like Delhi, Mumbai, Pune or other cities in India. Salaried class pays complete income tax on their salary as per the income tax bracket what so ever. After the taxation, remaining salary amount is purely white and the same amount again comes for new taxes like service tax, entertainment tax, VAT etc. This is financial harassment of the people. The government must think about it. Why common man is suffering from taxation in India & not able to get the flexibility on tax. This should be corrected by the Government.

Saving of Income Tax-Salaried Vs Self Employed

In my opinion for saving of hard money especially for salaried class, it is the most common investment way which is preferred by maximum of employees in India. Generally  self employed class have lots of ways to save their tax and for doing this they show many kinds of expenses & expenditures in their balance sheets and saves huge tax every year. but the salaried class have fixed ways to save their income taxes. Firstly when the employees get their salary, lots of deductions are already done like professional tax. After the deduction, they invest in some home loan EMI as interest and principle part.

Normally 75% Indians home loan buyers pay average 50% amount of their salary in to the EMI of home loans and the remaining 50% is not enough for surviving in the metro cities like Delhi, Mumbai, Pune. Salaried class pays complete income tax on their salary as per the income tax bracket what so ever. After the taxation, remaining salary amount is purely white and goes in the form of new taxes like service tax, entertainment tax, VAT etc. This is simply very harassing for the people.

Salaried Vs Self Employed a Complete Comparison 

Salaried Class:  It is most common class after the farmers in India. 60% of total population from the employment belongs to salaried class customers. Even the maximum people belong to middle class base. Inflation is going to on the top of the pole and no one can remain untouched from this biggest problem. Government of India announced many of income tax saving programs for this salaried class as well senior citizens of our country. Availing home loans is easier than a self employed customers for salaried class customers in India.

Self Employed Class:  This segment is far better from the salaried because they got huge benefits for income tax and they save their huge income tax as the business expense. A self employed customer can show their phone bills, MSEB bills, and other expenses in their balance sheets and use them as savings of the taxes. Furniture and other cars and vehicles expense takes under depreciation and use it as tax benefits in their balance sheets and saves lots of income tax. Instead of getting housing loan to the self employed customers all other benefits are more than that.

Income Tax Benefit – Home Loan

Income Tax benefit Home Loan. As we all know Government of India announced the most beneficial scheme for all Indians. To save the income tax, any of salaried and self employed persons are allowed to invest some defined part of the money on yearly basis as home purchase and it will be exempted for a fixed bracket for Income tax benefits. Investment will be considered in the  yearly interest paid to the lender of home loan and addition of the fixed principle amount paid to the housing loan providers with the fix bracket of the maximum amount of the principle amount, it will be covered under the rule of home loan exemption category.

Here are some helpful details of the Income Tax Law & Tax Saving for the Home Loan Buyers.

Income tax benefit home loan:

Home Loan interest & principle exemption limit as per the income tax law. It entitles the applicant for income tax benefits of up to Rs 1 Lac against interest repayment under section of Income tax 24 & up to Rs 1 Lac for repayment of principal during the financial year. To avail the features of saving tax from the investments in home loan, customers must have to file income tax returns and submit the correct proof of the investment as the interest certificate from the lender institute and the same has to be verified by the company. If you are salaried customer and want to take the tax benefit each month, it is very simple. Just need to declare about your all investment to your current employer and send the scan copy of the investment proof to the company and the same to be updated on your system as well as per the current company HR process and after that you will save your monthly deduction of the tax from the monthly salary from the employer.

Income tax home loan:  We buy any of the residential flat, bungalow in any of the state territory, city, town or any of the village places in India. Customers can take the home loan services from any of the registered PSU banks or private sector bankers. NBFCs or other RBI affiliated organizations in India. All the customers are eligible for home loan in India as per the income and eligibility parameter. Normally housing loans are availed for maximum loan tenure of 25 years and it helps to enhance the borrowers loan eligibility and it reduces the EMI burden of the customers. PSU banks are offering the large tenure on housing finance with the lowest interest rates. Banks are providing the facility for all Indians and lending the home loan services very close to their base rate of the lending cost and a little of fixed margin cost is added in to the base rate. Margin rate will remain fixed and base rate is floating and it can be changed by the banks time to time.  When RBI increase their rates of lending to the PSU banks or any other financial institutions also increase the rates.  To enable the best features of the products, banks are also offering fixed interest rates for limited periods on the compete tenure of the home loans.