Real estate prices have increased multi-fold during the last few years. The revival of the real estate sector post COVID has led to homes becoming almost unaffordable for the general middle-class. The only way for a majority of people to afford a home these days is to opt for a Home Loan. Home Loans allow borrowers to buy their dream home, an emotional and financial asset, and pay for it in a systematic, hassle-free, and stress-free manner. Home loans are the cheapest of all loans – lenders sanction them at highly affordable interest rates. Further, they can be repaid over a period extending up to 30 years, which makes repayment easy and less burdensome.
If you are planning to avail of a Home Loan to fund your real estate investment/purchase, you should consider investing in an under-construction property instead of a ready-to-move-in property. To start with, under-construction properties are cheaper. Second, if you invest in such a property, you will be able to claim Home Loan tax benefits on under-construction property. In this article, we elaborate on these tax benefits based on various sections of the IT Act 1961, including the capped amount and applicable conditions. So, read on.
Home Loan Tax Benefits on Under-Construction Property
Some Home Loan borrowers think that they can claim tax exemptions only if they invest in a ready-to-move-in home or flat. This is not the case – under-construction properties are also eligible for several Home Loan tax benefits. Let us look at these benefits.
Home Loan Tax Benefit Under Section 24B
The Section 24B of the Income Tax Act deals with the Home Loan tax benefits that one can claim on the payments made towards the repayment of the interest component of a Home Loan. In case of a Home Loan availed of to buy a ready-to-move-in property, one can claim tax exemption up to a maximum of Rs.2 Lakh per year under this section of the Income Tax Act.
In the case of under-construction properties, one can claim tax exemption on the payments made towards interest repayment while the construction was on after the construction is complete. One can claim this tax exemption in five equal instalments after the completion of the construction of the property. Once the construction is complete and you are still repaying your Home Loan, you can tax exemption on payments you are making towards interest repayment as well as the payments you made towards interest repayment when the construction was still going on. However, the total Home Loan tax benefit under section 24B cannot exceed Rs.2 Lakh.
Also Read: How Much Tax Can be Saved Under Sections 80C, 80D, and 80G
Home Loan Tax Benefits on Under-Construction Properties Under Section 80EEA
As mentioned before, under Section 24 of the Income Tax Act, borrowers can claim tax exemption on interest paid during the construction phase after the completion of construction. Fortunately, in some cases, borrowers can also claim deductions on payments made towards interest repayment during the pre-construction phase itself.
Section 80EEA states that borrowers can claim tax exemption up to a maximum of Rs.1.5 Lakh on payments made towards the interest component repayment of their loan during the pre-construction phase itself if they meet the following criteria:
The borrower must have availed of your house loan between April 1, 2019 and March 31,2022. The borrower must not have any other property in their name. The stamp value of the property should not be more than Rs.45 Lakh. If you meet the following criteria, you can claim income tax benefit on Home Loan even during the pre-possession phase.
Home Loan Tax Exemptions Under Section 80C of the Income Tax Act
Under Section 80C of the Income Tax Act, a borrower can claim tax exemption on the payments made towards stamp duty and registration charges. However, once again, one can claim these deductions only after the construction of the property is complete.
Further, under section 80EEA of the Income Tax Act, if the stamp duty of the property purchased by the borrower does not exceed Rs.45 Lakh, the borrower automatically becomes eligible for tax exemption up to Rs.1.5 Lakh on payments made towards interest repayment.
Also Read: Income Tax Deduction under Section 80 EE
Key Considerations while Availing of an Under-Construction Property Home Loan
Now that we know the tax benefits available on under-construction properties, let us look at the things that borrowers must keep in mind while availing of a housing loan for an under-construction property.
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To start with, it does not matter whether you are availing of a loan for an under-construction property or a ready-to-move-in flat or home, ensure that you know about the interest rates offered by various lenders. Once you have all the required details regarding the interest rate, use a Home Loan EMI Calculator to compare offers and in the end, choose the most lucrative deal.
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Borrowers are often advised to keep their loan tenor as short as possible. People give this advice to help borrowers save on the interest pay-out and reduce the total cost of borrowing the loan. While this is sound advice, it is not one that always works. If your income does not allow you to afford high EMIs, it is always better to opt for a long tenor and keep your EMIs affordable.
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Borrowers must check their credit score at least six months before applying for a Home Loan. Lenders require borrowers to have a credit score of 750 or above to be eligible for a Home Loan. If your credit score is below 750, your loan application may get rejected. This, in turn, will have a more negative impact on your credit rating. So, borrowers must check their credit score at least six months before beginning the loan application process. This way, if their credit score is not up to the mark, they will have ample time to take corrective measures.
Final Words
Home Loan borrowers often very wrongly assume that income tax benefits on Home Loans are only available for ready-to-move-in properties. Through this article, we have tried to explain that this is not the case. If you are planning to invest in the real-estate sector, consider investing in an under-construction property. This way, you will save money, get better returns on your investment and will also be able to claim tax exemptions on your Home Loan.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Frequently Asked Questions
The maximum tax benefit on under-construction property that one can claim under Section 24B is Rs.2 Lakh.
You can claim tax benefits of up to Rs.1.5 Lakh on an under-construction property under Section 80C.
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cibil Cibil
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What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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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
[N][T][T][N][T]
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
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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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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
[N][T][T][N][T]
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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[N][T][T][N][T]
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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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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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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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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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?