According to section 80C of the Income Tax Act 1961, you can get tax exemption on home loans on the amount you repay.
If you are buying a second house with the help of a home loan, you can still get a tax benefit of up to INR 1.5 lakh.
- Deduction on repayment of the principal amount
- Low-interest rates in the pre-construction phase
- Deduction in a Joint Home Loan
You need to meet certain criteria to avail the tax benefits on a second home loan:
- Registration of the property should be in your name
- The construction should be completed
- Submit the documents related to the home loan
- Certificate from your lending institution
- The TDS of the agreement value should be adjusted
- Know the deduction amount for tax benefits