Here Are Some Income Tax Rules For Home Loans Post Budget 2017 - Loan Trivia

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Saturday, 28 October 2017

Here Are Some Income Tax Rules For Home Loans Post Budget 2017

Loans can be highly beneficial if utilized properly. Many people owe it to Home Loans for being able to buy their dream homes. The ever-increasing price of homes is not favorable to people but thanks to home loans they can buy their homes in easily. Those people in particular who have some money but don’t have enough to buy themselves a home.
Now it is even more beneficial to go for a Home Loan. Particularly after the government has made introduction of many ways for a friendly environment for Home loans. There are many initiatives and policies introduced by the government such as ‘housing for all’ and ‘Pradhan Mantri Awas Yojana’ which are beneficial for buying homes.  
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Deductions on Tax
In this the loan from employer, private lender, or friend is liable for taxes but only the interest part and not the principal part. But for that a certificate from the lender is essential.
Apartments under construction
Now you can claim a total of five equal installments on the interest when your property is under construction. It will begin from the commencement year till the time you move in.
Consider Joint Home Loans
If you co-borrowed a home with your spouse (say) then you can go for tax deductions up to Rs. 2 Lakhs each.

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