Do you have an active home loan account or want to apply for one?
You should be aware that you can also enjoy some home loan tax benefits.
If you want to know how to avail yourself of housing loan tax benefit, here is a short post!
Home loan tax benefits and conditions to avail of them
On the principal home loan amount
You enjoy a maximum of up to Rs.1.5 lakh on repaying the principal component of your home loan. You can claim such benefits on self-occupied, rented, or soon to be let out properties. The only condition is that the property in question must be built within 5 years and must not be sold within 5 years.
On home loan interest rate charges
On repaying the home loan interest rate charges, you can enjoy benefits on home loans. An amount of up to Rs.2 lakh will be available for deductions on interest paid. To claim it, your home in question must be constructed within 5 years. If not, you can claim only up to Rs.30,000. You can claim deductions only in the year of construction.
Home loan tax benefits for joint home loans
Many people apply for a joint home loan to buy or build their houses. It is also possible to avail of the housing loan tax benefits for applying for joint housing loans. An amount of up to Rs.2 lakh for each borrower is ready to get deductions. The only condition is that you both need to be the co-owner of the property in question.
It is also possible to enjoy tax deductions on stamp duty and registration charges to the tune of Rs.1.5 lakh.
If you have an ongoing housing loan account or want to apply for one, you can avail of the discussed home loan tax benefits.
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