#how to claim tax benefit on joint home loan

[geekylucy]

How to Claim Home Loan Tax Benefits in India

Buying a home in India comes with several tax benefits, especially if you have taken a home loan. These benefits can reduce your taxable income and make your home loan more affordable. Here’s how you can claim home loan tax benefits in 2024:

1. Deduction on Interest Paid (Section 24(b))

You can claim a deduction on the interest paid on your home loan under Section 24(b) of the Income Tax Act. For a self-occupied house, you can get a deduction of up to ₹2 lakh per year on the interest paid. If the house is rented out, there’s no maximum limit for the interest deduction, but the overall loss that can be adjusted against other income is capped at ₹2 lakh.

The loan must be taken for buying or constructing the house.

The construction must be completed within five years from the end of the financial year in which the loan was taken.

2. Deduction on Principal Repayment (Section 80C)

The principal amount of your home loan is eligible for a tax deduction under Section 80C. You can claim up to ₹1.5 lakh on the principal repayment, along with other eligible investments like life insurance, PPF, etc., under the same section.

The loan should be for buying or building a new house.

The property must not be sold within five years of taking possession; otherwise, the deduction will be reversed.

3. Additional Deduction for First-Time Homebuyers (Section 80EEA)

If you are a first-time homebuyer, you can claim an extra deduction of up to ₹1.5 lakh on the interest paid under Section 80EEA. This is over and above the deduction available under Section 24(b).

The loan must be sanctioned between April 1, 2019, and March 31, 2024.

The property’s stamp duty value should not exceed ₹45 lakh.

4. Joint Loan Benefits

In the case of a joint home loan, both borrowers can claim tax benefits separately, as long as they are co-owners. Each borrower can claim up to ₹2 lakh on interest and ₹1.5 lakh on principal repayment, potentially doubling the tax savings.

Conclusion

Claiming home loan tax benefits in India can significantly reduce your tax liability while helping you achieve homeownership. Ensure you meet the eligibility criteria under the respective sections, maintain proper documentation, and claim these benefits while filing your Income Tax Return (ITR) to maximize your savings.

[seoplassy]

How to Finance Your Dream Duplex Villa in Uttarakhand - Hillscapes Infra

Purchasing a duplex villa in Uttarakhand can be an exciting yet challenging endeavor. Whether you're looking for a peaceful getaway or an investment opportunity, securing the right financing is crucial. Let’s explore some key steps to make your dream of owning a luxury villa for sale in India a reality.

1. Understanding the Market in Uttarakhand

The real estate market in Uttarakhand is booming, especially for duplex villas for sale in popular areas like Dehradun, Nainital, and Mussoorie. Prices vary based on location, size, and amenities, but it’s essential to have a clear understanding of current market trends. Typically, luxury villas for sale in India in prime Uttarakhand locations can command premium prices.

2. Determine Your Budget

Before you start looking for your dream duplex villa in Uttarakhand, assess your financial situation. Your budget should account not only for the purchase price but also for additional costs like stamp duty, registration fees, and ongoing maintenance expenses. Having a clear budget will help you narrow down the list of duplex villas for sale that fit your financial plan.

3. Explore Home Loan Options

Securing a home loan is one of the most common ways to finance a duplex villa in Uttarakhand. Various banks and financial institutions offer loans tailored to real estate purchases. Some popular options include fixed and floating interest rate loans. Government schemes like Pradhan Mantri Awas Yojana (PMAY) can also benefit first-time buyers. Always ensure that you have a strong credit score and all required documentation before applying.

4. Private Financing and Mortgage Alternatives

If traditional bank loans don’t fit your needs, private financing options are worth considering. Non-Banking Financial Companies (NBFCs) may offer flexible terms for financing luxury villas for sale in India. However, it’s important to understand the risks associated with private lenders compared to banks. A professional financial planner can help you evaluate whether this is a suitable option.

5. Down Payment and Loan-to-Value (LTV) Ratio

Banks typically require a down payment of 10-25% of the property’s value. For a duplex villa in Uttarakhand, a larger down payment can reduce your loan amount and improve your interest rates. Plan ahead to save or generate funds for this initial payment, which can significantly affect your financing terms.

6. Tax Benefits on Home Loans

Investing in a duplex villa for sale comes with multiple tax benefits. Under Sections 80C and 24(b) of the Income Tax Act, you can claim deductions on both principal and interest repayment. This not only lowers your tax burden but makes financing the villa more manageable over time.

7. Joint Ownership and Co-Borrowing

Consider joint ownership if you’re purchasing with a spouse or partner. A joint home loan can increase your eligibility and help you share the financial burden. Additionally, joint owners can avail themselves of separate tax benefits, making the overall financing process smoother.

8. Consult with Experts

It’s highly advisable to work with professionals like real estate agents, financial planners, and legal advisors when buying a duplex villa in Uttarakhand. They can guide you through the financing process and ensure that your investment is sound. Companies like Hillscapes Infra specialize in luxurious real estate options in the region, offering various solutions for buyers.

9. Final Thoughts

Purchasing a luxury villa for sale in India, especially in a picturesque location like Uttarakhand, can be both an exciting and financially rewarding decision. By understanding your budget, exploring financing options, and leveraging tax benefits, you can make your dream home a reality. With the right preparation and expert guidance, financing your villa will be a smooth process.

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How to Maximize Tax Benefits When Buying Your First Home in India

Buying your first home in India is a significant milestone and a major financial commitment. For first home buyers in India, while this step brings numerous long-term benefits, it also opens doors to various tax advantages that can ease the financial burden. Here’s how you can maximize these benefits and make the most out of your home purchase.

1. Principal Repayment Deduction

Under Section 80C of the Income Tax Act, you can claim a deduction of up to ₹1.5 lakh on the principal repayment of your home loan. This deduction reduces your taxable income, effectively lowering your overall tax liability. Ensure that you keep track of your home loan payments and maintain the necessary documentation to claim this benefit.

2. Interest Deduction

Section 24(b) provides a deduction of up to ₹2 lakh on the interest paid on your home loan. This deduction applies to both self-occupied and rented properties, making it a valuable benefit for first-time home buyers. If you are renting out the property, the entire interest amount can be claimed as a deduction without any upper limit.

3. Claiming Stamp Duty and Registration Charges

The costs associated with stamp duty and registration charges are also eligible for tax deductions under Section 80C. These expenses, which can be substantial, are deductible up to the limit of ₹1.5 lakh, further reducing your taxable income.

4. Home Loan Prepayment

Prepaying your home loan can be beneficial, but it's essential to understand how it affects your tax benefits. While prepayment can help reduce your interest burden and loan tenure, the tax benefits on interest deductions are applicable only to the financial year in which the payment is made. Ensure that you account for the tax implications of prepayments and plan accordingly.

5. Joint Home Loans

If you are applying for a joint home loan with a spouse or family member, each co-borrower can individually claim the tax benefits on the principal and interest repayments. This can effectively double the deductions available, providing significant tax savings. Ensure that each co-borrower is a co-owner of the property to avail of this benefit.

6. Tax Benefits on Second Home

If you purchase a second home, it can also offer tax benefits. While the principal repayment and interest deductions apply similarly to the second home, the tax treatment for rental income from the second property needs careful planning. The rental income is taxable, but you can claim deductions on the interest of the home loan and repairs or maintenance costs.

7. Consult a Tax Advisor

Maximizing tax benefits requires a thorough understanding of the Income Tax Act and its provisions. Consulting a tax advisor can provide personalized guidance tailored to your financial situation, ensuring that you make the most of the available deductions and benefits.

Conclusion

Investing in a home is not only about finding the perfect property but also about making the most of the financial benefits available to you. By understanding and utilizing the tax deductions on principal repayment, interest payments, and additional costs, you can significantly reduce your tax burden and enhance your investment’s value. Keep these tips in mind, and consult with professionals to ensure that your home purchase is both financially and tax-wise advantageous.

[balilifeinsurance]

Why You Need the Best Life Insurance Policy in India

Life insurance is a crucial aspect of financial planning that provides security and peace of mind. In a country like India, where family responsibilities and financial obligations are significant, choosing the best life insurance policy can ensure that your loved ones are protected even in your absence. This article explores why you need the best life insurance policy in India and how to select one that meets your needs.

Understanding Life Insurance

Life insurance is a contract between an individual and an insurance company where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. The primary purpose of life insurance is to provide financial protection to dependents in case of the policyholder's untimely demise. There are various types of life insurance policies available, including term life insurance, whole life insurance, and endowment plans.

Importance of Having the Best Life Insurance Policy

Financial Security for Your Family

The primary reason to invest in the best life insurance policy in India is to provide financial security for your family. In the event of your sudden demise, the insurance payout can help cover daily living expenses, education costs, and outstanding debts, ensuring that your family can maintain their standard of living.

Debt Repayment

Many individuals have various forms of debt, such as home loans, personal loans, or credit card debt. The best life insurance policy can help your family repay these debts, preventing them from facing financial hardships. This is particularly important in India, where joint family structures often mean multiple members rely on the primary breadwinner.

Wealth Creation and Savings

Some life insurance policies not only provide a death benefit but also serve as a savings tool. Policies like endowment plans and money-back policies offer returns on investment, helping you build a corpus for future financial goals. Choosing the best life insurance policy in India can thus also contribute to your long-term financial planning.

How to Choose the Best Life Insurance Policy in India

Assess Your Needs

The first step in choosing the best life insurance policy is to assess your financial needs and goals. Consider factors such as the number of dependents, their future financial requirements, and any outstanding debts. This will help you determine the amount of coverage you need.

Compare Different Policies

With numerous insurance providers in the market, it is essential to compare different policies. Look for policies that offer comprehensive coverage, flexible premium payment options, and additional benefits like critical illness cover or accidental death benefit. Online comparison tools can be handy in this regard.

Check the Claim Settlement Ratio

The claim settlement ratio indicates the percentage of claims the insurer has settled compared to the total claims received. A high claim settlement ratio is a good indicator of the insurer's reliability. Opt for insurers with a high claim settlement ratio to ensure that your beneficiaries receive the claim amount without hassle.

Read the Policy Document Carefully

Before finalizing any policy, read the terms and conditions carefully. Understand the inclusions, exclusions, and the process for filing claims. This will help avoid any surprises in the future and ensure that you have chosen the best life insurance policy for your needs.

Benefits of the Best Life Insurance Policy in India

Tax Benefits

Investing in the best life insurance policy in India offers significant tax benefits. Premiums paid towards life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakh. Additionally, the death benefit received by the beneficiaries is tax-exempt under Section 10(10D).

Peace of Mind

Knowing that you have secured the financial future of your loved ones brings immense peace of mind. The best life insurance policy ensures that your family will be taken care of financially, allowing you to focus on other aspects of life without worry.

Customizable Options

The best life insurance policies offer customizable options to suit individual needs. You can choose riders like critical illness cover, disability rider, or waiver of premium rider to enhance your policy's coverage. These add-ons provide additional protection and cater to specific requirements.

Conclusion

Choosing the best life insurance policy in India is a critical decision that can significantly impact your family's financial future. By providing financial security, helping with debt repayment, and offering savings options, the best life insurance policy ensures that your loved ones are protected in your absence. When selecting a policy, assess your needs, compare different options, check the claim settlement ratio, and read the policy document carefully. By doing so, you can secure the best life insurance policy in India, offering peace of mind and financial stability to your family.

Invest in the best life insurance policy today to safeguard your family's future and enjoy the numerous benefits it provides. Your proactive steps today will ensure a secure and financially stable tomorrow for your loved ones.

[divorcelawyergunnisonutah]

How Long Does it Take to Receive Inheritance from a Will After Probate is Granted

How Long After Probate Is Granted Does It Take To Receive Inheritance

One common question we often encounter is: ‘how long does it take to receive inheritance from a will?’ The answer largely depends on the probate process. It’s not uncommon for the beneficiaries of a will to become impatient with estates’ executors as the probate process drags on and on. However, the executor may not be moving slowly. She must complete several tasks before she can make the decedent’s bequests to his beneficiaries. If she jumps the gun and distributes bequests too soon, the court holds her personally responsible if she runs out of money to pay the decedent’s taxes and debts. You’ll usually get the grant of probate (or letters of administration) within 8 weeks of sending in your original documents. You should not make any financial plans based on the date you expect to receive it, as it may take longer.

Get access to financial assets

You can ask for financial assets to be transferred to an agreed ‘executorships account’. This can be either: • an executor’s bank account • an account that’s been set up only for dealing with the estate Every executor named on the grant of probate may need to be present when you withdraw assets. Different asset holders have different rules, so check with them first.

Pay debts

As the executor or administrator you must pay off any debts or outstanding payments before distributing the estate. This could include: • outstanding bills • tax owed • benefit overpayments Place a notice in The Gazette to give creditors the chance to claim anything they’re owed. This will protect you from responsibility for any debts. You can use money from the estate to pay any solicitor’s fees as part of the probate process.

Money in a joint bank account automatically passes to the other owners. You still have to include this money as part of the estate when you work out Inheritance Tax. If the person who died owned the whole of the home with another person (‘joint tenancy’), ownership passes to the other owner. Otherwise, their share goes to the beneficiary named in the will.

Distribute the estate

Once all debts and taxes have been paid, you can distribute the estate as detailed: • in the will • by the law if there’s no will Beneficiaries may have to pay Income Tax if the assets they inherit generate income for them. After this you can prepare the estate accounts. These must be approved and signed by you and the main beneficiaries. Oftentimes, one of the first questions that a beneficiary of an estate or a trust asks is, “When will I get my inheritance?” Unfortunately for the beneficiary, handing out the inheritance cash or checks is the very last thing that the Personal Representative of the estate or Successor Trustee of the trust will do.

The Personal Representative or Successor Trustee has to take the following steps before the estate can be closed or the trust can be terminated:

• Inventory the decedent’s documents and assets. Before a Personal Representative can be appointed by the probate court or a Successor Trustee can take over the administration of a trust, all of the decedent’s estate planning documents and other important papers must be located. The decedent’s estate planning documents may include a Last Will and Testament, funeral, cremation, burial or memorial instructions, and/or a Revocable Living Trust. The decedent’s important papers may include bank and brokerage statements, stock and bond certificates, life insurance policies, corporate records, car and boat titles, and deeds; and information about the decedent’s debts, including utility bills, credit card bills, mortgages, personal loans, medical bills and the funeral bill. • Get appointed as Personal Representative of the probate estate or accept appointment as Successor Trustee. Once the decedent’s important documents are located, if probate is necessary then a Personal Representative will need to be appointed by the probate court, or if the decedent had a Revocable Living Trust, then the Successor Trustee will need to accept appointment. • Value the decedent’s assets. Once the Personal Representative or Successor Trustee is in place, then the date of death value of the decedent’s assets will need to be determined. This will be important information for the beneficiaries since capital gains will be calculated using the date of death value versus the value when the inherited property is sold (resulting in a step down or a step up in basis). In addition, the total value of the decedent’s assets reduced by outstanding debt will determine if the estate or trust will be subject to state estate taxes, state inheritance taxes, and/or federal estate taxes. • Pay the decedent’s final bills and ongoing administration expenses. Once the value of the deceased person’s assets has been established, the Personal Representative or Successor Trustee will need to pay the decedent’s final bills, such as cell phone bills, credit card bills and medical bills, as well as the ongoing expenses of administering the estate or trust, such as storage fees, utilities and attorney’s fees. • File applicable tax returns and pay applicable taxes. In addition to paying the decedent’s final bills and ongoing administration expenses, the Personal Representative or Successor Trustee will also need file all applicable estate tax returns and/or inheritance tax returns (state and/or federal: IRS Form 706), the decedent’s final income tax return (state and/or federal: IRS Form 1040), and initial and final estate or trust income tax returns (state and/or federal: IRS Form 1041). Of course, any taxes that are due must be paid in a timely manner to avoid interest and penalties.

• Distribute what’s left to the beneficiaries. And so we come to the very last step in the process of settling an estate or trust – write the inheritance checks to the beneficiaries. This is the very last step because if the Personal Representative or Successor Trustee fails to take care of all five of the prior steps and simply gives the beneficiaries their share of the estate or trust, then the Personal Representative or Successor Trustee will be held personally liable for all of the decedent’s unpaid bills, the administrative expenses, and all unpaid taxes. There is quite a bit involved in settling an estate or trust. But in general, how long does the settlement process take will depend on many factors, including the types of assets the decedent owned, the value of those assets, whether the estate is taxable at the state and/or federal level, how many beneficiaries are involved, whether the beneficiaries get along, and the skills and diligence of the Personal Representative or Successor Trustee. Taking these factors into consideration, a simple estate or trust may be settled within a few months, while a complicated estate or trust may take one or more years to settle. Wills and inheritance Dealing with a Will can be difficult, especially when you’re grieving your family member or friend. The main purpose of the Will is to: • appoint one or more people (called executors) to carry out the instructions in the Will and the other tasks involved with administering the person’s estate • set out instructions about passing on the estate of the person who’s died (any property, money and possessions). Finding a Will In most cases the Will should be easy to find, but sometimes it isn’t quite so straightforward. If you already know who the executor is, they may know where to find the Will. For example, it could be in the financial paperwork of the person who’s died, or it might be stored with a solicitor or bank. The executor will have responsibility for administering the estate and will often take a key role in arranging the funeral. If the person who died had a bank account, tell the bank that they have died. The bank will normally allow the executor to immediately pay funeral expenses from the account, providing the account has money in it and the executor can provide a copy of the death certificate and the original funeral invoice. Dying without making or leaving a valid Will is called dying intestate. The estate will still need to be sorted out and the person who takes on this task is called the administrator. Usually this will be the next of kin. If there’s no Will, a person’s estate will be distributed according to rules of intestacy set out in law. The intestacy laws don’t pass anything on to an unmarried partner, stepchildren, friends, charities or other organizations. However, if you were financially dependent on the person who died, you may be able to claim a share of their estate (this may include their home). This could also apply if you were co-dependent with them for example, if you shared household bills. But you’ll need to get advice from a solicitor about this. If a person leaves a Will but the instructions in it don’t cover the whole estate, then intestacy laws will apply to the bit that’s not covered. This situation is called partial intestacy. Partial intestacy can also apply if the Will appoints executors who have already died or don’t wish to take on the role, and an administrator needs to take over.

Receiving an inheritance

You may have been left money, property, investments or other things by the person who died. The inheritance tax on the person’s estate is paid before you get this money or other items. The executor or administrator (the person in charge of distributing the estate of the person who’s died) has to pay off any debts before they can pass over money and items to the people inheriting them. If you’ve been left an asset (e.g. a property) in the Will, but there isn’t enough money in the estate to pay the person’s debts, the item you’re due to inherit may need to be sold. You can get advice from a solicitor on this. Sometimes, when you’ve been left money, the executor or administrator may ask if you’d like to accept some assets instead. It could be jewellery, or some antiques, depending on what’s in the estate. You don’t have to agree to this. You don’t have to accept an inheritance at all if you don’t want to. If you refuse it, the executor or administrator decides who gets it instead. It’s possible to change the Will of a person after they’ve died as long as anyone who’s inheriting and would be made worse off by the changes agrees to it. To do this, you need a deed of variation. This can be complex, so it’s best to get advice from a solicitor. The variation must be made within two years of the death. All probates open with submission of the will to the court. Generally, the executor named in the decedent’s will takes care of this, and she applies for official appointment at the same time. Depending on your state, court appointment can take anywhere from a few days to a few weeks. Therefore, if you’re trying to gauge when your inheritance might become available, you can reasonably expect that the probate process won’t even begin for about two weeks. Some states, have statutory delays built into the probate process for heirs and beneficiaries to contest the will. A will is not even accepted for probate in Utah until 10 days have passed from the date of death, allowing anyone who wants to object to the will to do so during this time. If your state’s code has such a provision, add at least an additional week, or about a month overall.

Inventory and Valuations

After an executor takes office, she has a period of time in which to prepare an inventory of the decedent’s assets for the court. This includes a list of all his property, as well as values. Values of significant assets, such as real estate, require appraisals, and a professional appraisal can take more than a month to complete. In Utah, an executor’s deadline for accomplishing all this is three months, but she can ask for an extension. Three months is a typical time frame for this step. Therefore, you can expect that probate of the will won’t reach this point until approximately four months have passed. After the oath swearing, the grant of probate usually takes between 3-4 weeks to be received. The remaining probate process usually takes up to 6 months to complete but can easily go past 12 months. The revenue and customs authority can take up to five months to process capital gains tax and the inheritance tax. You should pay inheritance tax to make sure the process takes the shortest time possible to complete. Therefore the probate cost will vary depending on the deceased person’s assets and property value. Generally, as you can see, the higher the value of the asset, the more the probate costs. A grant of representation is a legal document that an individual should acquire to deal with the deceased person’s estate. This document confirms your legal status and your ability to deal with all things related to the Estate of the person that has died. You should also note that the grant of representation may still be needed irrespective of whether the person that died left a Will. The testator usually appoints the person who should serve as the executor. If the will of the testator doesn’t nominate such a person, it won’t be possible for one party to apply for probate. In such instances, one of the beneficiaries is allowed to apply for legal documents allowing them to act as administrators. If the deceased’s will (or a later will) is discovered after the grant of probate has already been issued, the original grant can be revoked by a district judge or registrar. On the late discovery of a will the grant can be revoked: • if a will has been discovered where there was thought to be no will, after the grant of the letters of administration; or • if a later will is discovered, after the grant of probate. If a codicil to the deceased’s will is discovered after the grant of probate has been already issued, it can be sent to the Probate Registry on its own (without the need for revoking the grant of probate) providing it does not change the deceased person’s executors. If the codicil does change the executors, the original grant of probate must be revoked. Other instances where the grant may be revoked include: • if the grant has been made through a lack of care (this may be referred to as per incuriam); or • if the name of the deceased as stated on the grant is incorrect.

Consequences of revocation

If the grant is revoked, a new grant of probate should be applied for according to the terms of the new will. If the estate has been distributed already the new personal representatives should seek specialist professional advice on recovering the incorrectly distributed parts of the estate in order to correctly distribute the assets. The recipient of any cash gifts (who would not be entitled to the legacy under the new will) may be liable for the full sum. If the existing grant of probate or letters of administration is revoked, the personal representatives may be concerned about their liability for incorrectly distributing the deceased’s estate. The personal representatives may be protected from liability provided the court is satisfied that they acted in good faith and believed there was no will or the original will was valid at the time of making the distribution. Provided the court is satisfied, the personal representatives may retain or reimburse themselves in respect of any payments and/or dispositions made under the original grant.

Probate Lawyer in Utah Free Consultation

When you need to receive your inheritance, please call Ascent Law LLC for your free consultation (801) 676-5506. We can help you with: Estate Planning. Probates. Intestacy. Will Administration. Trust Administration. Trust Preparation. Trust Accounting. Reading of the Will. Drafting Powers of Attorney. And much more. We want to help you.

  Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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The post How Long Does it Take to Receive Inheritance from a Will After Probate is Granted appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/how-long-after-probate-is-granted-does-it-take-to-receive-inheritance/

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A to Z of Reverse Mortgage in Mississauga: What is it and how to claim it?

With decreasing income and increasing inflation most senior citizens find it difficult to make ends meet. To increase their income while staying in their homes reverse mortgage is the best way.

Typically speaking reverse mortgages are like earning through your home without letting it, selling it, or taking loans against it. In this way, seniors can leverage their homes and increase their income just by having a home that they fully own. Reverse mortgage in Mississauga is getting more popular day by day. And everyone should know about this. If this interests you then keep reading below to explore everything about it.

What exactly is Reverse Mortgage in Mississauga?

A reverse mortgage in Mississauga is something that allows you to earn money by borrowing the equity of your own home. However, the catch here is that, unlike regular loans or mortgages, you don't pay any money to the lender or anyone. The lender who you are borrowing the equity from gives you money against your home. On top of that this income is also tax-free which makes it extra profitable.

But to avail of this mortgage the beneficiary must be a senior citizen ( aged 60 or above) and also have to have ownership of the home. If you have these two then congratulations! You are eligible for the reverse mortgage in Mississauga. But before you take any decision, you must gather more information on the same. So, to learn more about it. Keep reading this blog.

How much is the purchase refinance interest rate in Mississauga?

The purchase refinance rate or reverse mortgage interest rate is slightly higher than that of a typical home loan. In a reverse mortgage, unlike regular home loans you get paid by the lenders, and you don't have to directly pay off any interest. The interest rate will be deducted from the monthly payment you receive.

The interest rates will be different for every bank or every lender. So before you settle with a reverse mortgage loan in Mississauga make sure to compare a few and choose the one with the minimum interest rate. Any professional and experienced mortgage broker in Mississauga such as Richard Allatt Mortgage Broker can help you decide that by comparing multiple lenders.

What are the criteria for a reverse mortgage loan in Mississauga?

To be eligible for this reverse mortgage in Mississauga you must fulfill some criteria. For different lenders, the criteria will be different. However, some of them are as follows,

You must be of 60 years or older to avail of this mortgage. In the case of joint accounts, your spouse must be at least 55 years of age. However, there is no upper limit to the age.

The property you are taking the mortgage against must be fully owned by you with no running loans at the time.

The property must also be self-occupied by you for at least one year or more than that.

Some other criteria can include the condition of the house, the maximum loan amount, and things like that.

Before you sign the paper make sure to properly read all the criteria and only then proceed. Having a mortgage agent can benefit you in that aspect. They can help you navigate those criteria easily.

Let’s talk about the benefits of a reverse mortgage in Mississauga or a purchase refinance in Mississauga

There must be some benefits of reverse mortgages that everyone is dying to get. So let’s discuss the benefits o fit,

Unless you decide to sell the property or move out of it you don’t need to repay the loan taken against the property.

After the tenure of the mortgage or loan is over you can keep living in the property regardless.

No tax is applicable on the lump sum amount you receive from the bank or the lender.

You can utilize the money received from your lender for whichever purpose you want. Be it home renovation, extension, medical expenses, living expenses, and all things covered.

If the owner dies within the tenure of the loan the bank can decide to sell the property to adjust the loan amount. However, if someone from the family wants to train the ownership of the home they can dos so by paying the loan amount to the lender or the bank.

What are the regulations for it?

The grass surely looks greener on the other side. However, among all these benefits there are also some regulations regarding the reverse mortgage in Mississauga. Let’s look at them below,

There are some limitations on the biggest amount you can take. So if you are opting for a reverse mortgage for some purpose this might not be the perfect option.

As the owner of the property remains with you, you are responsible to pay any taxes for the property.

If you want to make changes to the property you need prior permission for that from the borrower.

Conclusion

Reverse mortgage in Mississauga or purchase refinance in Mississauga is very beneficial for property owners who are over 60 years of age. As you already got to know everything from the blog above we hope the concept of it is crystal clear of it. Otherwise, it is best to take help from Richard Allatt Mortgage Broker in Mississauga. Being in the industry for several years, he can help you out effectively in the process.

[pragyanegi18]

Home Loan Tax Benefit - Know how to claim tax benefits on a home loan and the sections under which you can claim tax benefits for the fiscal year 2022-23.

[indiahomesestateproperties]

While many home buyers choose joint home loans to improve their qualification, the repayment of the credit and claiming of tax benefits on such loans must be done in a specific proportion.

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Is investing in Real Estate during the Lockdown/Post Lockdown period the best move now?

Real estate has always been a steady investment that is synonymous with security and prestige and this trend would continue during these unprecedented times. Other asset classes such as equity markets, which are poised to see a downward trend over the next two years (atleast!) due to muted corporate earnings over the next several quarters, are much less reliable and extremely volatile.

With the Repo rate being reduced by 75 bps and the new base rate being 4.4%, home loan interest rates are only going to get further lower. This makes it all the more worthwhile for an investor or an end user to make a real estate investment such as buying an apartment. The inflation hedging capabilities of real estate adds to the fact that no time is better than now to ensure the 3 S’s in your investment criteria: Safety. Security and Stability!

The post pandemic world will be good for the real estate sector, the one sector that will emerge as the silver lining in such bleak scenario.

I have decided to invest in an apartment during/ immediately after the Lockdown . Should I book an under-construction / completed project?

Definitely, go for a completed project like Chowriappa Constellation! Since you have made up your mind to buy an apartment, you should consider the following, to make your decision more balanced:

1. Further delays in under-construction projects are imminent

With India under a complete lockdown and construction workers returning home, project delays are unavoidable. The real sector, especially the residential segment, has already been struggling with project delays, regulatory changes and low sales for the last few years. Given the Coronavirus pandemic, construction in incomplete projects has come to a complete standstill across the country. We foresee a delay in delivery of projects on account of supply disruption, due to the virus outbreak and liquidity crunch. This makes it all the more paramount to invest in a completed project like Chowriappa Constellation.

2. Liquidity will become an issue for Developers in completing under-construction projects.

With almost no sales happening and no foreign funds at hand, developers will struggle to pick up the pace, once the lockdown ends. The investment will start flowing in gradually and so far, the government has not announced any bailout package for the sector, which is a concerning issue

Due to volatility in liquidity, existing under construction projects will bear the brunt of these adverse effects.

Therefore, in our humble opinion, it is advised to go for an extra layer of certainty and book an apartment in a completed project.

3. Demand-supply slowdown

Demand has dried down completely and very little supply in terms of completed projects are now available due to the lockdown and its after effects. Once everything gets back to normal, it will take at least three months for real estate construction to gain pace as well as developers to resume construction work, as most of the labourers have left for their home towns.

That means supply will take a little more time to pick up than demand. This will bring an upward trend in the property prices in the post-COVID-19 world, which means you may have to pay more than what you have to pay today, for the same property. Therefore, it makes sense in buying an apartment in a completed project as soon as possible before prices go up.

Now, you have really convinced me! But I am a numbers man... Tell me more on this aspect and how the prevailing home loan rates are to my advantage… Maybe I may even think of renting the apartment out…

Home loans at prevalent interest rates allow for considerable savings while creating an asset for end-use or investment purpose. Furthermore, the borrower gets to use the savings resulting from a reduced equated monthly instalment (EMI) to avail a top-up loan, also available at lower interest rates.

The additional funds can be used for undertaking interiors related work for the apartment being purchased. Alternatively, a lower interest rate also gives borrowers an option to raise a higher amount of loan. This helps widen the choice in terms of a bigger home with better amenities and lifestyle facilities in a prominent neighbourhood like Hennur Main Road.

A back-of-the-envelope comparison of a 25-year home loan of Rs 1.5 crore at interest rates of 8.5% and 7.75% results in an equated monthly instalment of Rs 1,20,784 and Rs 1,13,299 respectively. The reduced rate of interest gives the borrower an upfront monthly savings of Rs 7,492. If need be, this money can get the borrower a top-up loan of up to Rs 9.9 lakh for enhancing the apartment’s look and feel.

By claiming tax benefits on principal and interest payments under various sections of the Income Tax Act, the borrower is able to further save Rs 9,722 every month or Rs 1,16,666 annually. The effective EMI for the borrower thus comes down to Rs 1,03,577 (including tax benefits) with an effective rate of interest at 6.74%. That’s almost 1% lower rate of interest on the home loan being availed. The overall proposition sweetens further when combined with tax benefits in the case of a joint home loan.

Interestingly, if one compares the present scenario with home loans being offered in the year 2002–03, the interest rates pretty much hovered at similar levels. In fact, lower home loan interest rates coupled with affordable prices acted as catalysts back then leading to a consistent growth in property prices across markets in the ensuing years.

Another benefit of the current home loan interest rate scenario is that a borrower can look at the possibility of going for a fixed rate over a floating one. The latter tends to get volatile and can go north based on monetary policy decisions by the Indian Central Bank.

Banks and other financial institutions typically charge a premium for home loans at fixed rates. So, this option is best availed when overall interest rates are at their lowest. The home loan borrower is able to lock the fixed-rate at a lower level and get rid of the stress arising out of the interest reset practices followed by various lending institutions.

Those looking to acquire a property for investment purposes and earning rental income have their own set of benefits. Rental yields are currently pegged at 2.5%. And with effective interest rates at 6.75%, the net effect, if a home is purchased for letting out, comes to 4.25%. This beats long term inflation figures of India hands down, thus presenting another win-win situation.

An opportunity, in the form of lowest home loan interest rates, is now available. Go ahead, make its best use and fulfill your life dream.

[script-a-world]

If a whole ethnic group were to be driven from their home and trapped in a cave, would it be plausible for them to regain sovereignty status once they were freed? An entire kingdom was banished, and then sealed away. Their former holdings are all taken. I looked it up with micro-nations and the cheapest way for them to get land on which to stake a kingdom would be to actually Build it like the Palm Deira. Would it be possible to instead retain sovereignty while integrating with society?

Lurelay: Possible? Yes. Plausible? Not really, unless they have some powerful and influential outside help on their side. Most of all it would just be incredibly difficult.

Let's start with some definitions first, both from Wikipedia:Sovereignty defines itself as “the authority of a state to govern itself or another state." / "supreme power or authority."

Now what is a state? “A state is a compulsory political organization with a centralized government that maintains a monopoly on the legitimate use of force within a certain geographical territory.”

The point "geographical territory“ is of real importance here. Unless a very kind outside power with an affluence of land decides to grant them their own territory in their own right, they would have to either stay in their cave or reside in a foreign land which may or may not grant them the right to self-govern to at least some extent but with no hint of sovereignty. Or they would have to take territory by force, which seems unlikely in this scenario.The other issue is that one of the key factors that make a state a state is the acknowledgement of other nations. A real life example to look into here would be Taiwan. Taiwan fulfills pretty much every single textbook requirement for a state – if it weren't for the fact that most other nations simply don't acknowledge it as a sovereign state and instead group it in with the territory of the peoples republic of China. 

All questions about building an island aside – most countries still claim some part of the sea along a certain radius of their coasts as their own territory. No one would be too happy if a random group of forgotten cavemen suddenly started building their land right behind their harbors.  

Where would they get the resources to build an island from in the first place?  

These are all questions you would have to consider in order to make this scenario plausible. 

Saphira: The answer isn't No. There is a way to do it, but not because any of us know of a way.

The answer can't be No because there has to be a way. From there, it stops being world building and starts being Character Growth, Plot and Moral Expression.

Feral: So the closest thing to why you are describing from history, as far as I can think, is the establishment of the State of Israel after WWII and some North American indigenous tribes.

In general throughout history when invaders come in and exile a people, the exiled have not been able to reestablish sovereignty there or elsewhere.

The establishment of Israel in 1948 was complicated and controversial and still is. Major factors in the founding of the state were the British Mandate following WWI and the attempt by the British, with the support of the US, to maintain control in the region after WWII. I recommend  learning more about Mandatory Palestine and the State of Israel.

You might hear that some Native American tribes are "sovereign" from the United States government and that they are also fully enfranchised citizens of the United States. According to various treaties, this is generally the law, giving "sovereignty" to reservations, which really means joint jurisdiction between the tribal government and federal government. (Of course it's important to remember that the tribes did not choose to live on reservations; it is a form segregation and oppression). In practice, Native American communities tend to be the most impoverished and disenfranchised communities in the country. See recent news on Standing Rock and the suppression of Native American voters in North Dakota during the 2018 election.

So, yeah, if you're looking for historical examples of this happening successfully, you're not gonna find a lot. As for whether you can write a people taking back their native land and reestablishing their sovereignty as a plot... that depends wholly on you.

Tex: Something this big is rarely able to be accomplished without outside help, especially if they're cut off from their physical resources such as land. However, that level of action is usually political in nature and has a social cost - there is rarely, if ever, genuine, random kindness from political powers, especially in situations where an entire nation is forced out of their home.

The scenario you're giving us looks to be near the end of a dispute between... I'm assuming only two entities? What led up to this situation? Was this completely out of the blue? How quickly did this conflict escalate? What are the primary factors that led up to this scenario? Are other entities (governments, mercenaries, provocateurs, etc) involved in this conflict? To what degree? This kind of large-scale, physical reaction doesn't happen randomly or abruptly, and the lead-up is the majority of the context that determines how the rest of this situation plays out.

I'm going to err on the side of caution and assume this was an act that occurred during a war campaign, and that this might or might not have been one campaign during the course of an entire war, which might have been preceded by an escalation of conflict that presumably stemmed from some disagreement that was attempted by at least one side to resolve diplomatically. Because... diplomacy is way cheaper than war, and a popular option between feuding governments because war means raising taxes and it takes a lot of effort to convince your taxable population to empty the coffers and send people outside their home. (The topics of standing armies, ally formation/maintenance, and organization of campaigns with multiple entities are pertinent but too long to discuss for this question.) 

Is the cave on their land? Someone else's? If someone else's, are they neighbors? Allies? Or enemies? Was anyone else a witness to this act? How does the conquering of these people - and I'm assuming their corresponding lands - affect international relations? Because you can't just up and shove people out of their home (which... must be a tremendously coordinated and expensive effort, by default) without somebody noticing. There's going to be a huge economic shift that, depending on who did this conquering and how influential these conquerees were, can have a ripple effect to people that have barely interacted with the conquered group on any level. And realistically speaking, it's cheaper for the conquerors to kill the population off, enslave them, sell them, let them retain a degree of autonomy but raise taxes that benefit the conquering nation, or some combination thereof in order to sufficiently recuperate the costs of such a large-scale invasion and make the venture profitable for their own people. 

Speaking of somebody noticing this, the ethnic group might or might not be able to rally others to their cause. Unless these others are solidly allies - with no blemishes upon the ethnic group's record that might be brought up - they would need to convince others that this cause is a profitable idea somehow. If they can talk fast enough and make enough promises (negotiation of new trade policies, the marriage of some daughters in the royal family, taxes, etc), then the idea of loaning out an army, a diplomatic envoy, or something even cheaper like weapons/other supplies is possible. The amount of preexisting goodwill, combined with what the ethnic group can promise in recompense - as well as how well their potential allies might believe they can carry through on them - is an important context to consider.  

I mention the above for several reasons. For one, those are the traditional methods for both conflict and conflict resolution (of a sort) on large scales such as the one you're mentioning. For two, micronations are generally unstable due to lack of global recognization and are economically dependent on their neighbors/host nations. For three, Palm Deira is physically connected to a preexisting kingdom, to which it is legally the property of that kingdom - it's not just floating out there in the middle of some body of water that's up for the taking. For four, unless you're willing to upend nature to create brand new landmasses, it would take way more technology and other resources than is available to most people - something that has the potential for causing major ecological damage that will make a lot of people very, very angry with you. It's a lot easier to take less destructive political routes to retake one's lands - in almost any era of human history - than it is to just... make new land. 

As for retaining sovereignty while integrating with (another's) society - while possible, it's usually politically counter-productive and will cause friction with the host nation(s), which will sour relations between the two groups and if left unmitigated will result in another conflict that will push your ethnic group out. Some integration is expected, and as many nations are also built and bound by their own cultures, similar cultures mesh better than non-similar ones. The more commonalities there are between the two groups, the better it is for everybody involved. Historically speaking, integrations between significantly different ethnic groups are difficult to succeed at unless sacrifices of some cultural nuances are made on both ends, and if there are frictions between major cultural norms, resentment eventually builds into a conflict that may escalate into a war. 

[propertyexperttips]

JOINT HOME LOAN – ADVANTAGES AND DISADVANTAGES

Owning a home is a great accomplishment and a significant milestone in one's life. At times, not having enough money or the increased cost of the property may be a barrier to attaining your desire. At such times, Home Loans can come in handy. In today's world, where double income in households is becoming more common, having a co-borrower is a viable choice. Joint Home Loans are loans taken out by two people. The repayment potential increases when you take up a Home Loan jointly. While there are numerous benefits to obtaining a Joint Home Loan, there are a few drawbacks.

The Benefits of a Joint Home Loan

Repayment options –

When you apply for a Home Loan with another person, you become eligible for a greater loan sanctioned amount. Both co-applicants don't need to contribute equally to the Home Loan's principal and interest components. As a result, every one of you will be able to choose who will contribute how much to the repayment.

 Increase in Loan Amount–

When you apply for a Joint Home Loan with your spouse, parents, or kid as a co-borrower, your total income rises. If you apply for an SBI Home Loan, for example, the bank will compute the loan EMI as a proportion of your overall income. You are more likely to fail on your house loan if your EMI to monthly earnings ratio is high. This raises the stakes for banks. As a result, they usually favor collaborative borrowing to mitigate risk.

Special interest rates for women co-owners –

Some lenders offer female customers a customized home loan interest rate that is frequently a few basis points lower than conventional home loan rates. A woman must be the single or joint owner of the property, as well as an applicant or co-application for the home loan, to qualify for the lower interest rate.

Discounted interest rates –

Female co-applicants are given additional flexibility and lower lending rates by some financial institutions. Women in such cases are required to be co-owners of the property. To take advantage of these benefits, you must submit the KYC documents together with the title deed.

Deductions of taxes – 

When you apply for a home loan jointly, both applicants are entitled to tax exemption. In shared home loans, the total tax deduction is always greater.

Both applicants (also co-owners) are eligible for a tax deduction of up to Rs. 1 lakh on the principle amount paid under section 80C of the Income Tax Act. If you have rented out your property, you can claim a tax deduction for the entire amount of your home loan interest.

Disadvantages of a Joint Home Loan 

Delays in documentation –

Because there are two applicants, the banks will take longer to complete processing and document verification. The authorities' due diligence takes longer since they must confirm that the documents submitted by both (or several) applicants are valid and not fabricated. The applicants' credit histories must also be verified.

This entire cross-verification process is repeated two or three times, depending on the number of applicants who have jointly applied for the Home Loan.

Influence on Credit Score –

As you are aware, joint home loans provide both applicants the opportunity to decide on payments; however, there is a disadvantage to this benefit as well. If either of the two applicants fails to make a payment, the credit history of both of you will suffer.

Exceptions – 

If you and your spouse are both working, you may want to explore purchasing another house in the future. According to income tax laws, if you have more than one house in your name, one of them is considered and the other is assumed to be rented out.

If you rent out your second home, you must pay income tax on the rent you get. However, if you have not rented out your second property, it is considered rented. As a result, you would still be required to pay income tax on the amount that would have been your rent at current market rates. Essentially, you end up paying tax on income that you do not have.

Divorce proceedings – 

If a divorce occurs between two co-borrowers and one of the spouses decides to leave the loan. The initial applicant is then responsible for repaying the entire amount. If the applicant fails to repay, all joint borrowers will face legal action.

Another possibility is when one of the co-borrowers dies or declares bankruptcy. In this case, the surviving spouse must assume responsibility for the loan. It is thus advised to obtain separate term plans or life insurance to reduce the financial burden on one applicant in the event of the other's death.

While a combined house loan is beneficial in most cases, there are a few scenarios in which you should avoid applying for one:

Your loan eligibility as a single application is sufficient.

You have a low credit score as a result of poor credit history.

You are repaying an ongoing loan that you obtained based on your maximum loan eligibility.

You are now purchasing a lower-value property (perhaps for investment purposes) to purchase a larger property for self-occupation in the future.

You will be retiring soon.

Written By

Property Expert Channel

Anurodh Jalan

Jalan Property Consultant 

8801003684

[financialladvisor]

How To Claim Tax Benefits on Joint Home Loan

How To Claim Tax Benefits on Joint Home Loan

Do you intend to take a home loan? It comes with great benefits in interest deductions and tax benefits if you apply for the loan jointly. Your loan will also get approved more quickly when you go for it with a co-applicant. Many lenders offer low-interest rate loans to women borrowers, and you can apply for a mortgage loan with your wife to enjoy such a benefit. To qualify for the Joint home…

[sandeeprahejafamily]

Key things to be aware of Home Loan - Sandeep Raheja

Home advance, a word that involves your fantasy and obligation both, while claiming a "house" is an inestimable cheerful inclination, word 'advance' brings every one of the fears along. Nonetheless, simple home advances given by different public and global banks have improved on the most common way of applying for home advances and with expanded rivalry backs are offering home-advances on exceptionally appealing financing costs. Banks as well as gives you motivation to purchase your home by offering tax breaks home advances. On the off chance that you are additionally wanting to purchase your home and wish to find out about home credits, here we are with the Key things to be aware of Home Loans, we should peruse.

Central issues to know prior to consenting to a Home Loan Arrangement

·         Painstakingly read each proviso referenced in the home credit understanding report before you apply for the home advance.

·         Never trust any verbal correspondence or responsibility. The business expert of the bank or establishment wherein you are applying credit might delude you on verbal affirmations so it is protected all of the time to keep records recorded as a hard copy in the advance understanding archive.

·         On the off chance that you notice any baseless monetary derivation in any statement of your home advance understanding you ought to straightforwardly contact your bank. In the event of any disappointment, you can way to deal with shopper court for redressal.

·         Prior to taking choice to apply for home credit you should take note of that banks maintain all authority to change loan fees, according to change in their interior arrangement or under any unexpected conditions.

Key things to be familiar with segments under which you can profit tax cut on home credit

Key things to be familiar with areas under which you can profit tax reduction on home advances. In India Taxpayer can profit tax cuts under after areas:

·         Segment 80C: Under Section 80C of the Income Tax Act, tax reductions can be profited on the chief measure of the home credit. The most extreme expense derivation permitted under segment 80C is Rs.1,50,000.

·         Segment 24: Under Section 24 tax reduction can be benefited on the interest that is paid by advance borrower/s. Under this, the assessment derivation is done on accumulation premise. The most extreme breaking point for charge allowance under this part is Rs.2 lakh.

·         Segment 80EE: This segment accommodates extra allowance of Rs. 50,000 for Interest on Home Loan. Tax breaks under this segment can be profited by first-time purchasers on how much interest paid. The credit add up to profit tax reduction under this segment can't surpass Rs.35 lakh. The worth of private house property ought not surpass 50 Lakh to profit benefit under segment 80EE.

Key things about Tax Benefits on Home Loan:

·         The advantage of duty on home credit can be profited exclusively by the home advance borrower and just land owner can guarantee the tax breaks.

·         If there should arise an occurrence of joint proprietorship, the constraint of tax reduction applies to every co-proprietor of the property.

·         In the event that the co-proprietor of property is certifiably not a co-borrower for home advance, all things considered, co-proprietor would not be qualified for any tax reductions.

·         In the event that co-borrower of home credit is certainly not a co-proprietor of the property then co-borrower would not have the option to profit any tax break on home advance.

·         The portion of every co-borrower must be plainly settled as the advantage of assessment on home credit can be profited just in a similar extent. Each joint proprietor gets tax breaks in a similar extent as he/she shares as a co-borrower.

·         To guarantee your tax breaks on home advance, you would be needed to give an endorsement that obviously clarifies the division between chief sum and the interest which you have paid for EMIs. The lodging advance organization can give this endorsement.

·         In certain conditions, the Tax Benefits can be turned around too. Assuming house is sold inside a long time from the finish of the monetary year wherein ownership of the house was given, the credit borrower would be in misfortune as the tax cuts can be turned around. It will be treated as capital increases and as needs be, duties would be charged. Nonetheless, on the off chance that interest installment is made under Section 24 of the IT Ac, tax cut can't be turned around.

Key archives to guarantee charge derivation against Home Loan:

·         Archives to show proprietorship subtleties of the property.

·         Credit record authentication which shows the split between the chief sum and the interest paid for EMIs.

·         Archive to demonstrate the fruition of the development of the property or the date of property buy.

·         Archive of an advance for the sake of the individual making good on charge

·         Confirmations of the metropolitan charges that have been paid by advance borrower during the year.

So you are presently set with every one of the things you should know prior to applying for home credits in India. Like some other monetary item, home advances are likewise brimming with advantages and dangers. So like a savvy property purchaser read, exploration and look at home credits presenting by different monetary foundations and pick the best. For more details https://sandeeprahejafamily.blogspot.com/

[keyonefinancial]

Questions Unmarried Couples Should Ask before Buying a Home

Roughly 9% of all U.S. homebuyers in 2020 were unmarried couples. If you and your partner are considering a house purchase before tying the knot, there are some important questions you should ask yourself to see if it makes sense.

How does the law see our purchase?

In a few states, you are considered to be in a common law marriage by living together, but in the majority of the country, you are simply viewed as individuals when it comes to your assets.  That means you’ll need to decide together what clauses and protections to put into your property agreement.

Should we both be on the mortgage?

If one of you can qualify on your own for the mortgage, you do not have to put both names on it. This might be more helpful if one of you has poor credit that might make it harder to be approved or would increase the interest rate on the loan. However, if there are disputes down the road, the partner not on the mortgage would lose all claim on the house, even if they have been contributing to the monthly payments all along. It is possible to put just one partner on the mortgage, but both names on the title. The risk is greater to the one on the mortgage though, as in a dispute they will have to legally split the home’s value with the partner who has had no technical financial responsibility for the home loan.

What happens if we break up?

Of course, you never plan to break up, but things change. If there is no property agreement when you two split, the home must either be sold or one of you can buy the other out. It is much better to specify the details of such a situation while you are both amicable; otherwise, it could end up being a disastrous financial battle.

If you break up and one of you wants to keep the house, you’ll have to refinance the mortgage to get the other person’s name off the loan. If you have to buy the other person out, you might be able to use a cash-out refinance to pay them their portion from the saved-up equity.

What happens if one of us dies?

If you were married and without children, the house would legally pass to the surviving partner, but that will not necessarily apply to you if you have not left a will or specified such circumstances in the original purchase agreement. Before you sign on to the mortgage, you’ll need to decide the type of ownership you’ll have on the property deed. It can be “joint tenancy with rights of survivorship,” which means the survivor inherits the deceased person’s share of the home. The other option is tenancy in common, where each person owns a percentage of the house and when they die their share goes to their estate or trust.

Who gets the tax benefits?

If there are any mortgage interest deductions available for your house, only one of you will be able to claim them on your taxes as you are filing separately. You should decide who gets to take advantage of this and put it in writing to prevent any future disputes.

Buying a home with an unmarried partner can require extra caution and steps, so be sure you understand the implications before making your purchase. Call us today if you have any questions.

[taylorblustyan]

Sample Work: Policy Paper on H.R 1319

This paper intends to explain the H.R 1319 bill and describe how it has the potential to benefit hundreds of thousands of Americans while others argue it could be permanently detrimental to American culture and society. It discusses the pros and cons that our two-party system claims coincide with the bill, while explaining why this controversy over the bill is historic. 

Policy Paper:

As we are finally seeing the light at the end of the tunnel from our first global pandemic since 1918, COVID-19 has further polarized the United States political unrest that has been accumulating for the last decade. For this reason, developing a COVID Relief Package on the federal level has been far from graceful due to extreme partisan disagreements. Tragically, the pandemic became our third leading cause of death, right behind heart disease and cancer in 2020. Many U.S citizens have been kept up to date daily since the pandemic began on the number of cases and fatalities we have seen from this infectious disease. What has been more difficult for society to see is the financial, social, and mental implications it has had on millions of lives. In one way or another every single person has been affected by the pandemic. Many have had to adjust having to homeschool children, losing a job, grieving a loved one, downsizing a home, and more just to adapt to a new normal. With that being said, there is involvement that is necessary from our federal, local, and state governments to aid their tax-paying citizens during what is arguably the greatest economic hardship many Americans will ever face in their lifetimes. The most recent bill: H.R 1319, The American Rescue Plan Act of 2021 (ARPA), was signed into law on March 11, 2021 to provide about $1.9 trillion in relief.

This bill is the third round of relief that has been signed into law since the pandemic began. The focus of the bill is to address the economic and health disparities that have been exacerbated by the pandemic. Some of the major key revisions listed in this bill are $1400 stimulus checks for individuals making less than $80,000 after taxes or a joint tax return less than $160,000 and even extended unemployment benefits to ensure an individual could receive $10,200 of non-taxable money. They also increased child tax credits from $2,000 per child to $3,000 per child under 18-years-old. The plan also includes $170 billion of funding to go towards schools all over the country to fully reopen and implement new health-safety measures. Another $7.25 billion will be allotted to the Paycheck Protection Program (PPP) which extends loans and benefits to small businesses nationally. About $12 billion is going towards food assistance programs which is expected to increase the supplemental nutrition assistance program (SNAP) by 15%. Another $85 billion is expected to go towards COVID-19 efforts by funding testing and vaccines as the country goes back to their daily lives. Another $90 billion is expected to go towards infrastructure and transportation. (H.R 1319). While all of these revisions seem to address a variety of hardships, many are still unsatisfied with proposals that did not end up in ARPA. A few of these controversial proposals included, no increase to the federal minimum wage, no elimination of a tip credit, and no entitlement to a paid leave from employers. Although many would agree these proposals sound reasonable, the states typically have their own legislation on all three of those issues already.

The American Rescue Plan Act aims to address nearly all of the Americans most impacted by the pandemic by providing funding, guidance, and support to a variety of businesses, families, schools, and assistance programs. Despite what seems like a perfect bill, there had been compelling resistance from the senate to pass it. Once again our federal government was polarized by its partisan views which led Democrats to single-handedly get the bill signed into law. The resistance by republicans was supported by a number of reasons. The first reason being that the majority of the citizens who are receiving unemployment benefits are actually receiving about twice of what their normal salary is. They argued that this scenario was attempted in Seattle, WA and actually drove unemployment up because citizens were incentivised by how much more they could make by not working. Although many republicans do believe that unemployment benefits should be expanded, they want it to only cover 100% of what citizens would have made before becoming unemployed. Although Americans need aid urgently, there is a risk of perpetrating a reliance on unemployment benefits if they are making significantly more than they ever have before.

After living through a year and a half in a pandemic, the most we can do as a country is learn what we have done right and what we have done wrong. From a policy standpoint, lawmakers should begin focusing on legislation that promotes prevention of issues such as food insecurity, child care costs, and job insecurity, all issues which were exponentially heightened by the pandemic. The people who are living at or near the poverty line suffer disproportionately when our economy plummets the way it had in the last year, despite making up the majority of the “essential workforce.” It has never been more clear that we need to invest more in our citizens that are living at or near the poverty line in order to improve their social determinants of health by having a living wage, food to put on the table, quality education, healthy living space, and adequate healthcare. This COVID-19 relief bill is long overdue but it will hopefully alleviate a bit of economic, mental, and emotional stress the citizens of the United States have been battling since 2020.

References:

H.R. 1319: AMERICAN rescue PLAN act of 2021. (2021, March 6). Retrieved April 27,

2021, from https://www.govtrack.us/congress/bills/117/hr1319/summary

H.R.1319 – AMERICAN rescue PLAN act of 2021 – final text. (2021, March 10). Retrieved April 27, 2021, from https://www.rpc.senate.gov/policy-papers/hr1319_american-rescue-plan-act-of-2021_final-text

GovTrack.us. (2021). H.R. 1319 — 117th Congress: American Rescue Plan Act of 2021.

Retrieved from https://www.govtrack.us/congress/bills/117/hr1319

Yarmuth, J. (2021, March 11). All info - H.R.1319 - 117th CONGRESS (2021-2022): AMERICAN rescue PLAN act of 2021. Retrieved April 27, 2021, from https://www.congress.gov/bill/117th-congress/house-bill/1319/all-info

By Dottie Rosenbaum, More from the Authors Dottie Rosenbaum Areas of Expertise,

Dottie Rosenbaum Areas of Expertise Food Assistance Recent Work: Reversing Trump Policy,

Recent Work: Reversing Trump Policy, Policy, R., Zoë Neuberger Areas of Expertise Food

Assistance Recent Work: Food Assistance in American Rescue Plan Act Will Reduce Hardship, .

. . Catlin Nchako Areas of Expertise Food Assistance SNAP Basics Child Nutrition and WIC

Recent Work: Food. (n.d.). Food assistance in AMERICAN rescue PLAN act will REDUCE

HARDSHIP, provide economic stimulus. Retrieved April 27, 2021, from https://www.cbpp.org/research/food-assistance/food-assistance-in-american-rescue-plan-act-willreduce-hardship-provide