Home purchases require substantial capital and a housing loan is one of the preferred modes to arrange the requisite finance within a relatively short period of time. Interestingly, along with easy availability of funds that helps to create a valued asset, Home Loans are also beneficial for borrowers as they can claim considerable income tax deductions under the Indian Income Tax Act (ITA) on both the principal and interest variables of their loans. Hence, one must be aware of these taxation rules to make the most of their housing loans.
Tax Savings Tips When Availing of a Home Loan
Given below are the various sections of the Income Tax Act, 1961 that allow borrowers to enjoy several tax benefits:
Tax Exemption Under Section 24
One may avail of tax savings on their Home Loan under this particular section for the payment of loan interest. You can obtain up to Rs. 2 lakh tax relief in case your property is self-occupied and its construction is completed within five years. Otherwise, the limit will fall to Rs. 30,000. Further, if you don’t reside on the property, there is no cap on the amount that you could claim.
Tax Deductions Under Section 80C
Under Section 80C of the ITA, you can enjoy rebates up to Rs. 1.5 lakh on the principal amount of your Home Loan. However, the tax benefits stand reversed if you sell the property within five years.
Tax Relief Under Section 80 EE
Section 80 EE offers additional advantages to first-time homebuyers as they can get reductions of Rs. 50,000 against the interest paid, which is over and above the deductions granted through Section 24 and Section 80C.
Tax Savings for a Joint Home Loan
Borrowers applying jointly for a Home Loan may save a sizeable sum on their taxes together, provided both are registered as property co-owners and are also co-borrowers for the loan. They could individually enjoy tax rebates up to the maximum limit depending on their share of property ownership. For instance, if your ownership is 40% while that of your spouse is 60%, the tax deductions for each will be calculated accordingly.
They can enjoy individual rebates of Rs. 1.5 lakh on their loan, which comes to a combined deduction of Rs. 3 lakh under Section 80C towards principal repayment. Moreover, under Section 24 (b), they can together avail reductions of Rs. 4 lakh (i.e. Rs. 2 lakh each) for the interest amount.
Tax Deductions for an Under-Construction or Pre-Construction Property
Borrowers who pay EMIs during the pre-construction or under-construction phase of a property cannot secure tax benefits on Home Loan interest until the construction is complete. Thereafter, they may claim exemptions under Section 24 (b) up to Rs. 2 lakh in five equal instalments over the next five years. They can also receive tax relief up to Rs. 1.5 lakh under Section 80C on the principal amount.
Additional Read: Factors to Consider Before Applying for a Home Construction Loan
Important Points to Consider While Claiming Tax Benefits for a Home Loan
Some essential pointers that can easily augment the benefits of tax savings on a Home Loan are mentioned here:
A Bigger Interest Pay-Out Gives Higher Tax Rebates
The annual interest outgo determines how much tax you can save through deductions. If you fall in the 30% income tax bracket, you might save Rs. 60,000 annually if your interest payment each year is Rs. 2 lakh or above. Generally, if you have a lower interest pay-out, you may receive lesser tax reductions.
Consider Your Loan Amount and Tenor
Servicing a big loan amount over an extended repayment tenor may fetch higher tax relief. For example, if you are paying off a loan of Rs. 30 lakh at 7 % p.a. for 15 years, the total tax savings in 15 years could be Rs. 5.54 lakh. While a longer tenor of 30 years will give you net taxation rebates of Rs. 12.49 lakh.
At the same time, longer tenors entail an increase in the loan interest. In this case, your interest liability surpasses the corresponding interest savings. Therefore, compare the total interest after considering the tax exemptions to select your loan amount and tenor.
Partial Pre-Payments Reduce the Interest Outgo
While repaying the loan, the interest portion of your EMI decreases progressively as the principal component increases. Since the loan interest deductions cannot exceed Rs. 2 lakh, interest pay-outs made above this limit cannot fetch you tax relief. In that case, partially pre-paying your loan whenever possible may bring down the interest sum within the required range for availing the benefits. Choosing a short tenor not only lowers the interest but also lets you close the loan sooner.
Additional Read: 5 Factors to Keep in Mind When Prepaying Your Home Loan
Summing Up
There are several Home Loan tax benefits, the most significant of which is that it allows borrowers to save taxes on their Home Loans. However one should pick the right loan amount and tenor to maximise the loan advantages, thereby securing a cost-effective Home Loan with a fast repayment schedule and optimal tax deductions. Also, before one applies for a Home Loan, it is imperative to access a Home Loan EMI Calculator and compute the overall loan cost to plan for the loan judiciously.
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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
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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
[N][T][T][N][T]
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
[N][T][T][N][T]
Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
[N][T][T][N][T]
Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
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
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
[N][T][T][N][T]
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?