Home Loans offer several benefits, the biggest of them perhaps are the tax benefits that come along with this financial instrument. When you take a housing loan, you become eligible for availing of tax benefits throughout the tenor of the loan .Let us look at 5 simple ways in which you can save money on a Home Loan.
1. Claim Exemption on Principal Repayment
Your Home Loan EMIs constitute two components: principal and interest. Home Loan borrowers can claim tax deductions up to a maximum of Rs.1.5 Lakh on payments made towards principal repayment under Section 80C of Income Tax Act. If you have another home occupied by family members or one that you have rented out, you can claim deductions on principal repayment for this house as well. However, the total deduction under section 80C of the Income Tax Act cannot exceed Rs.1.5 Lakh.
Over and above tax exemptions on principal repayments, this section also deals with exemptions on stamp duty paid and registration fee. Borrowers must know that Section 80C deals with several other tax-saving instruments and not just exemptions on the principal component of a Home Loan. You can also use an income tax calculator to determine how much tax relief you are entitled to.
2. Claim Exemptions on Interest Repayment
Section 24 of the Income Tax Act deals with exemptions on interest component of the Home Loan. Under this section, borrowers can claim up to a maximum of Rs.2 Lakh as deductions on payments made towards interest repayment. If you have more than one home, you can claim tax deduction on both under this section of the Act. However, the total deduction cannot exceed Rs.2 Lakh in a financial year.
Borrowers must know that Section 24 of the Income Tax Act concerns itself only with tax exemptions on interest component of a Home Loan and no other tax-saving instrument falls under this category.
3. Claim Extra Deductions If You Are a First-Time Homebuyer
If you are a first-time home buyer who availed of a Home Loan in the fiscal year 2016-17, you can claim an additional Rs.50,000 as tax exemption under Section 80EE of the Income Tax Act. However, to be able to claim this benefit, there are certain conditions that must be met. To start with, you should have taken out the loan after April 1, 2016 and before March 31, 2017. The value of the property for which you had availed of a Home Loan must not have exceeded Rs.50 Lakh at the time and the value of the Home Loan must not have exceeded Rs.35 Lakh. If these conditions are met, a borrower can claim an additional Rs. 50,000 in home loan tax benefits each year until the loan is paid off.
Read Also: Way to Reduce Your Interest Outflow While Repaying a Home Loan
4. Tax Deduction on Joint Home Loans
Government aims to promote women home ownership and want more and more people to add their spouses as co-owners. To promote this, the Government of India offers special benefits in the case of joint Home Loans. All those serving a joint Home Loan can each claim Rs.1.5 Lakh as tax exemption on principal repayment and Rs.2 Lakh on interest repayment separately. Thus, if a husband and wife have taken a Home Loan together, combined they can claim Rs.7 Lakh as tax deductions on their Home Loan. This is a huge amount and can help families save a lot of money in the long run.
Read Also: Benefits of Joint Home Loan
5. Tax Exemption on an Under-Construction Property
If you are buying an under-construction property, you can claim tax exemption on interest repayment made during the construction phase in five yearly equal instalments starting from the year in which construction was completed. However, the total exemption cannot exceed Rs.2 Lakh in each financial year.
Read Also: Before Applying for a Home Construction Loan Consider these Factors
Use Home Loans to Your Benefit
Home Loans are a safe and convenient way of building an asset. In a country like India where homes are synonymous with stability and security, a Home Loan can help one take care of one's life's biggest goal or dream while helping them save a considerable amount of money each year in the form of tax benefits. So, if you are planning to avail of a Home Loan, do not think much - you are making a wise decision. Do financial planning, figure out what EMI can you afford each month and take the plunge. Make sure to add a co-applicant to avail of maximum tax benefits on Home Loans under various sections of the Income Tax Act. If you already have a Home Loan running, make sure to claim deductions under various section of the Income Tax Act. Seek the help of an expert if you lack in this department.
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FAQs
A total deduction of Rs.3.5 Lakh can be availed on Home Loans under sections mentioned below:
- Section 80C – Tax deduction on Principal Repayment – Up to Rs.1.5 Lakh
- Section 24B – Tax deduction on Interest Repayment – Up to Rs.2 Lakh
Pre-construction interest is the interest paid while the residential property is still under construction. Deduction on Home Loan interest cannot be claimed during the construction stage but can be claimed after the construction is finished.
Yes, under section 26 read with section 24, each of the joint borrowers can claim tax benefits of up to Rs.2 Lakh.
A home improvement loan can fetch you a tax benefit on the interest component under section 24, where you can avail a deduction of up to Rs.30,000 per annum for the interest that you pay on these loans.
If you buy a second home using a Home Loan, you can certainly avail of tax deductions on the interest component under Section 80C.
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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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
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
[N][T][T][N][T]
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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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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[N][T][T][N][T]
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
[N][T][T][N][T]
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?