Thanks to our laws, tax benefits are a beneficial byproduct of the home loan process.
You can avail tax benefits on both the interest paid as well as the principal repaid on a home loan. The savings from these tax benefits can be redirected towards your EMIs or other expenditures.
Section 24(d) of the Income Tax Act:
Pay no income tax on up to ₹2,00,000 of your income if that income went towards the payment of interest on your home loan in a year.
Section 80(c) of the Income Tax Act:
Pay no income tax on up to ₹1,50,000 of your income if that income went towards the payment of the principal amount on your home loan in a year (assuming no other investments or savings are made under this act for the same year).
While taking a home loan, also consider the above tax benefits to get a complete picture of your annual payments.
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