Interest paid on certain types of loans may be tax deductible, which means the borrower can deduct the amount of interest paid from their taxable income. This can lead to substantial tax savings for the borrower. Here are three loan types that can help you maximise your savings by claiming tax benefits.
First Loan Type - Home Loans
Certain sections of the Income Tax Act allow for tax exemptions on Home Loans. The deduction of interest paid on housing loans is the most common way to obtain tax exemptions on Home Loans in India. Here is the list of sections under which one can avail tax benefits.
Section 24
Section 24 of the Income Tax Act of India addresses the tax exemptions of a Home Loan. The interest paid on a Home Loan is deductible under this section. The maximum deduction for the self-occupied property is Rs.2 Lakh and Rs.30,000 for a let-out property.
Section 80C
The Income Tax Act of India, Section 80C, allows for tax deductions on certain specified investments and expenditures, including the principal repayment component of a Home Loan. The maximum deduction allowed under Section 80C per fiscal year is Rs.1.5 Lakh. This means that taxpayers can claim a deduction under this section for the amount of principal repaid on their Home Loan, up to a maximum of Rs.1.5 Lakhs.
Section 80C commonly covers the following investments and expenditures:
- Public Provident Fund Contributions (PPF)
- Employees' Provident Fund Contributions (EPF)
- Paid premiums for life insurance policies
- Children's education tuition fees
- Repayment of a Home Loan's principal component
- Investing in specific bonds and schemes, such as the National Savings Certificate (NSC) and ELSS (Equity-Linked Savings Scheme).
Section 80EE
The Income Tax Act of India, Section 80EE, provides an additional tax exemption for first-time homebuyers. This section allows for an additional deduction of up to Rs.50,000 on Home Loan interest paid, in addition to the deduction available under Section 24 of the Act.
The following conditions must be met in order to be eligible to claim tax benefits under Section 80EE:
- A loan must have been obtained from a financial institution, such as a bank or a housing finance company, for the purchase of a residential property.
- The loan amount cannot be more than Rs.35 lakhs.
- The residential property's value cannot exceed Rs.50 lakhs.
- The person claiming the deduction must not own any other residential property at the time the loan is obtained.
Please keep in mind that Section 80EE can only be used by first-time homebuyers and loans approved by financial institutions between April 1, 2016, and March 31, 2017.
Section 80EEA
Section 80EEA of the Income Tax Act of India provides a tax deduction for first-time homebuyers in addition to the deduction provided by Section 80EE of the Act. Subject to certain conditions, this act allows for a deduction of up to Rs.1.5 Lakh on Home Loan interest. The following conditions must be met to claim the deduction under Section 80EEA:
- A loan from a financial institution, such as a bank or a housing finance company, must have been obtained for the purchase of a residential property.
- The loan amount cannot be more than Rs.45 Lakh.
- The residential property's value cannot exceed Rs.50 Lakh.
- The person claiming the deduction must not own any other residential property at the time the loan is obtained.
Second Loan Type - Credit Linked Subsidy Scheme (CLSS)
CLSS (Credit Linked Subsidy Scheme) is a Government of India initiative to provide affordable housing for economically weaker sections (EWS), lower-income groups (LIG) and middle-income groups (MIG). The scheme provides interest subsidies on Home Loans used to build or buy a new house or flat.
The CLSS allows eligible beneficiaries to receive a subsidy on the interest rate charged by banks on Home Loans. The interest rate subsidies range from 3% to 6.5%, depending on the beneficiary's category and loan amount. The subsidy is credited directly to the beneficiary's loan account, lowering the effective interest rate on the loan.
Third Loan Type - Personal Loans
A personal loan is an unsecured loan taken out by an individual for a variety of personal reasons, such as debt consolidation, home renovation, medical expenses, travel or wedding expenses. Personal loans, unlike secured loans, do not require collateral, and the loan amount is determined by the borrower’s creditworthiness and income.
Also Read: Hybrid Flexi Loan vs Personal Loan: Which one is Better?
Deduction on Personal Loans as per Usage
Personal loans are not tax deductible under the Income Tax Act of 1961. Tax breaks are only available for certain purposes and investments, such as Home Loans, education loans, and certain investments made under Section 80C of the Act.
There are, however, some exceptions to this rule. For example, if the personal loan is used for business or professional purposes, the interest paid on the loan can be considered a business expense and will be eligible for a tax deduction under the Act.
Education Loan
An education loan is a type of loan that is designed specifically to finance a student's education, including tuition, living expenses, and other education-related costs. Banks, non-banking financial companies (NBFCs), and other financial institutions provide education loans. The amount of the loan and the interest rate offered are determined by the borrower's credit score, income, and other factors.
Also Read: Is Opting for a Top-up Home Loan Better than an Education Loan?
Deduction on Education Loan – Section 80E
Section 80E of the Income Tax Act allows for a tax deduction for interest paid on an Education Loan. The deduction is available for up to eight fiscal years or until the interest is paid in full, whichever comes first. The amount of interest paid on the education loan is fully deductible and there is no cap on the amount that can be claimed as a deduction. To claim the deduction, an individual must provide loan details as well as proof of interest payment to the tax authorities when filing their income tax returns.
Final Words
By developing an understanding of how you can claim deductions on these loans, you can save a lot of money each year. We hope you will use the information provided in this article to your best advantage.
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.
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home+loan Home Loan
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Complete Guide to Securing a Attractive Interest on Home Loans2024-01-23 | 3 min
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loan+against+property Loan Against Property
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Understanding the Fees and Charges on Your Loan Against Property2024-02-16 | 8 min
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cibil Cibil
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Here’s What You Can Do to Improve Your CIBIL Score2023-03-16 | 4 min
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home+loan Home Loan
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Home Loan Refinancing: What, Why, and Things to Remember2024-06-17 | 5 Min
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tax Tax
[N][T][T][N][T]
How to Avail of Tax Benefits on a Loan Against Property2024-06-13 | 5 Min
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cibil Cibil
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Top 10 Reasons For Low CIBIL Score & How To Improve It2024-03-01 | 5 min
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home+loan Home Loan
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5 Great Ways Women Can Benefit from Taking a Housing Loan2024-01-16 | 5 min
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loan+against+property Loan Against Property
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Top Benefits of a Loan Against Property Over Collateral-Free Loans2024-01-09 | 4 min
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cibil Cibil
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Five Reasons Why a Bad Credit Score Could Lead to Loan Rejection2024-01-22 | 5 min
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cibil Cibil
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How Does Your Digital Footprint Affect Your CIBIL Score?2024-03-20 | 5 min
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cibil Cibil
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How Can I Get My ECN Number in CIBIL?2024-01-09 | 5 min
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home+loan Home Loan
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What is Foreclosing a Home Loan? These are Some of the Do’s and Don’ts2023-12-20 | 6 min
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tax Tax
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10 Useful Income Tax Deductions for FY 2022-232024-02-21 | 6 min
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home+loan Home Loan
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All You Need to Know About Home Loans2023-01-19 | 5 min
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cibil Cibil
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Ways You Can Improve your Credit Score for a Small Business2023-03-01 | 5 min
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tax Tax
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5 Tax Savings and Other Advantages You Can Get When You Apply for Home Loans2024-02-14 | 6 min
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cibil Cibil
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Reasons Why Your CIBIL Score Is Going Down2024-04-10 | 4 min
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Checklist of Documents Required for Home Loan2024-02-07 | 5 min
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home+loan Home Loan
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How to Get a Housing Loan Approved Instantly?2024-04-10 | 5 min
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home+loan Home Loan
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What Is a Pre-Approved Home Loan and How Should You Get It Done?2024-03-12 | 5 min
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tax Tax
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Should You Get a Home Loan to Save Your Taxes?2024-02-01 | 3 min
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home+loan Home Loan
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How to Pay Off Your Home Loan Quicker2024-03-11 | 4 Min
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cibil Cibil
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How Business Loans Affect Your CIBIL Score & How to Improve the Same2024-03-13 | 6 min
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loan+against+property Loan Against Property
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Short vs. Long Loan Against Property Tenor - Which Is Better?2024-05-07 | 4 min
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home+loan Home Loan
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Consider These Factors Before Foreclosing Your Home Loan2024-04-16 | 3 min
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tax Tax
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What is a Property Tax in India and How is It Calculated?2024-03-13 | 4 min
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loan+against+property Loan Against Property
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Understanding the Fees and Charges on Your Loan Against Property2024-04-10 | 6 min
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cibil Cibil
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How Does Missing One Payment Affect Your CIBIL Score?2024-05-15 | 4 min
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cibil Cibil
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Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
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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
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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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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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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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