Getting a home loan can have provide massive income tax deductions for that duration. Home Loan EMI is a mix of Principal and Interest. Your income tax rebate on home loan will be:
- Up to Rs. 2 Lakhs on the home loan Interest paid under section 24.
- Up to Rs. 1.5 Lakhs on the home loan Principal paid under section 80C.
To see what will be your income tax exemption on housing loan, use the calculator. It will also show you how much should you additionally invest under section 80C as EPF, PPF, FD etc for maximising your benefit.
You have self-occupied this property
Your property is completely constructed.
You have taken (or will be taking) this home loan alone. If its a joint home loan, the deductions allowed on Principal paid and Interest paid, doubles or triples respectively for 2 or 3 applicants.
This is the first home in your name.
Your age is between 18 and 60 years.
These don’t apply to you ? Checkout our detailed calculator for additional help.
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