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Thursday, 3 August 2017

Get Tax Benefits on your Home Loan in Chennai

Did you know that you can get tax benefits on Home Loans in Chennai? There are several home loan tax benefits that several customers are unaware of. You should not only focus on the eligibility and required documents for Home Loan in Chennai but also keep an eye on the future tax benefits that you can expect.


It is important to note that in case of a joint home loan where both applicants are co-owners, the same tax benefits can be availed by both borrowers. Here’s taking a look at the tax benefits that you can get on your Home Loan in Chennai:

  • Deduction on Principal Repayment under Section 80C- Under Section 80C, you can get tax deductions on repayment of the principal amount of your home loan up to Rs.1,50,000 annually.

  • Deduction on Registration Charges & Stamp Duty- The amount that you pay for registration charges and stamp duty is also eligible for tax deductions under Section 80C.

  • Deduction on Interest Repayment under Section 24- Under Section 24, tax deductions can be claimed by homeowners up to Rs.2 lakh on home loan interest that is repaid annually. If the property has been rented out, the entire interest amount is eligible for deductions.

  • Tax Deductions for First-Time Home Buyers- Under Section 80EE, first-time home buyers can avail of a deduction up to Rs.50,000 annually. This applies only in case of individuals and not in case of companies and HUF or other categories. The loan must be taken from a recognized financial institution for purchasing one’s first residential property. The value of the home should be a maximum of Rs.50 lakh while the loan taken for the purchase should be a maximum of Rs.35 lakh.
Well, do your research in all possible manner to avail all the tax benefits on your Home loan.

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