Use this to figure your debt to income ratio. A debt ratio greater than or equal to 40% is generally viewed as an indicator you are a high risk borrower. The number one rule of personal finance is to earn more money than you spend.
Adding solar panels can qualify you for a federal tax credit. In general, home improvements such as a roof replacement do not qualify as a tax deduction. However, installing solar panels or green technology on your roof will qualify you for federal and possibly state energy tax credits. An energy-efficient roof also means lower utility bills.
Let us evaluate various possible situations an individual can find himself in and understand what the income tax act permits him to do. 1: You live in your own house. You have taken a home loan and residing in the house purchased with it. Since you are residing in your own house, you will not be able to claim HRA.However, you will be able to claim tax benefits on both, the principal and interest repaid on the home loan. 2: You own a house in another city. This situation was the one faced by Ajit.et us evaluate various possible situations an individual can find himself in and understand what the income tax act permits him to do. 1: You live in your own house. You have taken a home loan and residing in the house purchased with it. Since you are residing in your own house, you will not be able to claim HRA.