SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

GST on home loans

#Property Dictionary
PNT Reporter | Last Updated : 27th Sep, 2024
Synopsis

In India, GST does not apply to home loans. However, a bank provides a host of additional services along with the home loan which are applicable to a charge of 18% GST. Further, processing fees and other charges levied on disbursing home loans fall within the category of financial and related services, as identified by the HSN code 9971, and are therefore subjected to 18% GST. Input tax credit (ITC) can be availed only on properties used for business purposes. Home loans are typically taken for personal home purchase or construction and not for business use, hence ITC cannot be claimed.

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