More than being a financial aid, Home Loans can also help you save on tax as per the Income Tax Act, 1961.
Tax rebate of up to Rs.1.5 lakhs on repayment of the principal amount.
Tax rebate of up to Rs. 2 lakhs for interest paid.
Tax deduction of Rs 50,000 along with Rs 2 lakh*.
Apply jointly, as both applicants get a tax rebate of Rs.1.5 lakhs on the principal amount and Rs. 2 lakhs on interest paid.
- Property should be registered in your name
- The construction should be complete
- You should have all the required home loan documents