Availing a Home Loan in Chennai- These are the Tax Benefits You can Enjoy - Loan Trivia


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Thursday 7 December 2017

Availing a Home Loan in Chennai- These are the Tax Benefits You can Enjoy

A Home Loan or any loan for that matter is not just about increasing financial liabilities and paying EMIs- the loan applicant is also eligible for a few tax benefits that help in reducing the overall cash outflow. Not only does this make managing the expenses and the loan easier, but it also helps the loan applicant get an asset of significant worth without burning a hole in his/her pocket.

Considering the thriving real estate market in Chennai, the best way to go about buying a home of one’s own is by availing a Home Loan in Chennai. Given below is a list of tax benefits a Home Loan applicant in Chennai can enjoy once repayment begins:

  1. Tax benefits on repayment of the principal borrowed is capped at Rs 1,50,000 per year and is ensured by Section 80C of the Income Tax Act

  1. Under Section 24 of the IT Act, home buyers can get tax benefits up to Rs 2 lakhs on the repayment of the interest of the Home Loan every year. In the cases where the property bought has been rented out, the entire amount paid as interest can be claimed as tax benefit

  1. Registration and stamp duty too can be claimed under Section 80 C within the same year when they were paid

  1. In addition to these benefits, first-time home buyers (individuals) can also claim Rs 50,000 under Section 80 EE.

     Also Read:

    Get tax benefits on your Home Loan in Chennai

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