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Interest on revolving credit deductible

The interest on a revolving credit is deductible if you have demonstrably used the revolving credit to improve the home.

The Revolving Credit is a form of credit where you can withdraw unlimited up to the agreed limit. This way you always have an extra reserve. The minimum credit limit is USD 2,500. You can always make extra repayments (in whole or in part) without penalty. You can withdraw the money that you have repaid up to your limit so that you always have money in reserve.

Features Revolving Credit

The Revolving Credit offers you the financial space you need. Because expenses do not always come at the right time and often unexpectedly.

  • You can easily withdraw repaid amounts.
  • The interest rate is variable.
  • The term of the loan is variable
  • You pay a fixed installment amount (percentage of credit limit).
  • You only pay interest on the amount withdrawn.
  • You can borrow a minimum of $ 2,500 and a maximum of $ 75,000.

PLEASE NOTE THIS ARTICLE HAS CHANGED. CLICK HERE FOR THE NEW GUIDELINES FROM 01-01-2013

Calculation for the exact cost of a revolving credit

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