A Home Loan can be a convenient and secure way of funding the purchase of a home. Home Loans also offer certain tax advantages that allow borrowers to save a considerable amount of funds by way of tax savings.
In this article, we share with our readers tips on how they can save tax through a Home Loan.
Tax Saving Advantages on Home Loan Principal and Interest
Home loans are repaid through Equated Monthly Instalments (EMIs), which consist of principal and interest components. It has become easier for those who have availed of a Home Loan to save funds through tax benefits on both components separately as mentioned below.
1. Tax Savings on Home Loan Principal Repayment
Section 80C of the Income Tax Act of 1961 deals with tax savings on the principal component of the Home Loan. This section of the Income Tax Act states that a borrower can claim deductions up to a maximum of Rs.1.5 Lakh on payments made towards repayment of the principal component of a Home Loan.
Borrowers must also know that if they have two homes and they have taken a Home Loan against both homes, they can claim tax exemption on the amount spent towards principal repayment for both Home Loans. However, the total tax exemption one can claim cannot exceed Rs.1.5 Lakh in a year. Further, Section 80C of the Income Tax Act also deals with other tax-saving options, such as EPF, PPF, ULIP, and ELSS savings and the combined limit for all these tax-saving investments is Rs.1.5 Lakh.
2. Tax Savings on Home Loan Interest Repayment
Section 24(b) of the Income Tax Act of 1961 allows tax deductions on payments made towards interest repayment. Under this section of the Income Tax Act, one can claim tax benefits up to a maximum of Rs.2 Lakh on payments made towards interest repayment. If a borrower has two homes and both homes have been funded through a Home Loan, the borrower can claim tax exemptions on payments made towards interest repayment of both. However, the total exemption cannot exceed Rs.2 Lakh in a financial year.
3. Additional Tax Saving Measures Implemented in 2016-2017
In the financial year 2016-2017, the government of India reintroduced Section 80EE of the Income Tax Act. Under this Act, borrowers can claim an additional deduction ranging up to a maximum of Rs.50,000. However, to be able to claim this deduction, the borrower must meet certain terms and conditions. To start with, they must have taken a loan between 1st April 2016 and 31st March 2017. Further, the value of the property must not exceed Rs.50 Lakh and the loan amount shouldn't exceed Rs.35 Lakh. If you meet these qualifying criteria, you can claim an additional Rs.50,000 as tax deductions.
4. Tax Deductions on Affordable Housing
If you have invested in affordable housing, you can claim an additional tax exemption of up to Rs.1.5 Lakh on payments made towards interest repayment of the Home Loan. This tax deduction is over and above the tax exemption mentioned under Section 24(b) of the Income Tax Act.
However, certain conditions must be met for a person to be able to claim deductions under this Section of the Income Tax Act. To start with, to claim a deduction under this category, you must have taken a Home Loan between 1st April 2019 and 31st March 2020. Further, the stamp duty charges for the property against which the loan has been taken must not exceed Rs.45 Lakhs. Over and above this, only those borrowers can claim tax benefits under this category who do not own any other residential property and have taken a loan from a trusted bank or housing finance company.
5. Tax Deductions in the Case of Joint Home Loans
A joint Home Loan is one where more than one person is responsible for repaying the loan. Joint Home Loans offer substantial tax benefits. However, these benefits are available only when the joint Home Loan borrowers are also co-owners of the property.
In the case of joint Home Loans, all borrowers can claim deductions up to a maximum of Rs.1.5 Lakh on payments made towards principal repayment and up to a maximum of Rs.2 Lakh on payments made towards interest repayment. Thus, combined, joint Home Loan payers can claim a maximum of Rs.7 Lakh as tax deductions by way of a Home Loan, which is a substantial amount of funds.
People Also Read: Benefits of Joint Home Loan
In summary, Home Loans offer substantial tax benefits through deductions on principal and interest repayments under Section 80C and Section 24(b) of the Income Tax Act. Additional provisions like Section 80EE for first-time buyers and tax exemptions for those investing in affordable housing can make Home Loans a prudent financial decision for borrowers seeking homeownership.
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?