Lifetime FREE Credit Card with 10X rewards
Most Searched
Top Products
Popular Searches
Bank Accounts
Populer FAQs
Signature is important and it is required to avail various products and services. To upload your signature
1. Go to More
2. Select Customer Service Dashboard
3. Select ‘Savings/Current Accounts’
4. Select ‘Upload Signature’ to upload your signature.
That's easy! Follow these steps to track your service requests:
1. From the home page of the app, tap on "Customer Service" section
2. Scroll down to "Track my service requests" to find all your requests
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account NowEnjoy Zero Mark-up on Forex Transactions on your FIRST WOW! Credit Card
Apply NowGet the assured, FD-backed FIRST Ea₹n Credit Card
Apply Now
Taxes apply to everything. From a toothbrush to a car, you must pay taxes for whatever you buy. Real estate is no different, with property tax applicable on residential and commercial properties. The amount varies in proportion to the value of the property. In this article, we will discuss house tax, including what is property tax and how property tax is calculated.
The annual sum payable by a landowner/property owner to the city administration of his/her area or local government is known as property tax. All concrete real estate properties, including the individual's home, workplace facility, and property leased to others, are subject to property tax or house tax in India.
It also draws conclusions from the appraised value of the property. The money raised by the property tax is used to develop local infrastructure, such as roads and school upkeep, road repairs, and so on. Property taxes are divided between cities and municipalities, as well as between different parts of a city.
House tax is calculated based on the following factors:
When you enter the needed information correctly on the municipal corporation's website, the property tax amount can be determined.
The formula used to calculate property tax is:
Property tax = Starting value × vertical area × age factor × type of building × purpose of use × floor area
It is vital to remember that the amount of tax due in India is determined by the location of the property, as taxes differ from state to state. Civic companies use different methods to assess the tax amount owed. However, the overall picture of such calculations is the same. Late payments of property tax are subject to additional costs, such as a fine, which vary by state. Late payment penalties ranging from 5% to 20% can be waived or reduced depending on state policies.
The municipality assesses various types of properties in an area to determine the tax rate on a property.
If the proprietor or his/her family lives in the residence, they can seek a rebate of up to ₹2 lakhs on their home loan interest rate. The same rebate principal is applied if the house is not in use. The entire home loan interest can be deducted if the home has been rented out.
The interest reduction is restricted to ₹30,000, instead of ₹2 lakhs, if these circumstances are fulfilled:
The home loan was obtained on or after April 1, 1999, and the acquisition or development was not concluded within five years of the end of the fiscal year in which the loan was obtained.
The loan was taken prior to 1999.
The loan was acquired on or after April 1, 1999, for the sake of house repairs or renovation.
Know all about the relation between home loans and property tax. Metra Trust also offers reasonable interest rates on home loan, which saves money. Depending on factors such as your CIBIL score and income, you can get loans up to ₹5 crores. TheThe loan tenures are also flexible, ranging from 12 to 360 months. You can apply through an Instant Loan App.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.