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Tax benefits on home loans you should know about

Homebuying is an umbrella process that includes various steps like site visits, paperwork, legal due diligence, home loan processing, etc., under it. Throughout this process, as a homebuyer, you are likely to spend more than what you prepared for. However, this process is not all thorns and no roses. Here are some tax benefits on home loans that we suggest you can avail upon eligibility. Visit, https://www.jllhomes.co.in/

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Tax benefits on home loans you should know about

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  1. Tax benefits on home loans you should know about

  2. Home loan Tax Benefits on Principal amounts: The tax benefits allowed as deduction under Section 80C towards the repayment of home loan’s principal amount is capped at a maximum claim of Rs 1.5 Lakhs. This benefit can be availed only once, however, it will include stamp duty and registration charges.

  3. Home loan Tax benefits on Interest amounts: In addition to the exemption of Rs 2 Lakhs per annum available under Section 24 of the Income Tax Act, 1961, if you are an individual paying off a housing loan, you are allowed deduction in the interest payment up to Rs 1.5 Lakhs per annum under Section 80EEA provided you fulfill the prerequisites thereof.

  4. For first-time homebuyers: If you are a first-time homebuyer and an individual taxpayer, owning no residential property as on the date of sanction of the loan, there is an exclusive tax benefit that can be availed. The loan must be secured from a financial institution or a housing finance company and the stamp duty value must be lesser than Rs 45 Lakhs.

  5. For co-borrowers: Co-borrowers of the home loan who are also joint owners of the residential housing property, can separately claim a maximum deduction of Rs 2 Lakhs. Therefore, a combined maximum deduction of Rs 4 lakh can be claimed by the borrowers jointly. Visit the website to buy your dream home

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