Home loan can be a prerequisite before buying a new house property. The process of choosing most beneficial home loan can be tedious and confusing. To help the customers, we have qualified executives who provide financial guidance on home loans and eligibility.
Buying a home on a loan comes with multiple tax benefits. These tax deductions benefit by contributing to your EMI and managing your cash flows better.
Availing a home loan comes with multiple benefits. Home loans let you achieve your goal of buying a new home and make you eligible for tax benefits. These tax benefits can contribute towards your EMI flow and savings. Take a look at the following points and calculate your tax benefits based on your loan amount.
The home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of The Income Tax Act, the deduction of interest payable on the home loan is up to a maximum of Rs. 2, 00,000.
Under Section 80(c) of The Income Tax Act, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of Rs. 1,50,000.