Tax Benefits on Home Loan Under PMAY - Loan Trivia

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Wednesday, 26 December 2018

Tax Benefits on Home Loan Under PMAY

Home loan under PMAY has become the new way of financing the purchase of a house, especially for eligible people belonging to the EWS, LIG and MIG category. However, since this feature is relatively new and there isn’t much information regarding it in the public domain, people often are clueless whether they can claim tax benefits for a home loan bought under PM Awas Yojana. So, to clear this confusion, PM Awas Yojana housing loan is a subsidy scheme that supplements the purchase of house. Yet, your eligibility to claim the tax benefits applicable remain intact.
To name a few, following are the tax benefits you can claim on Home loan under PMAY:-

Tax Benefits on Principal Component under Section 80C: Section 80C allows the home buyers to claim tax rebate of up to Rs 1.5 lakh a year from the principal component paid as EMI towards home loan. That said, this section allows people to claim benefits as a part of their investment. Hence, find out how much you claim as rebate for the principal before filing the ITR.

Tax Benefits on Interest Component under Section 24B: Apart from section 80C, a home loan subscriber can also claim up to Rs 2 lakh from the interest component paid as EMI towards the loan.

Additional Tax Benefits under Section 80EE: Lastly, as per the new union budget, first time home buyers can claim an additional Rs 50, 000 under section 80EE. This limit is over and above the rebate available under section 80C and 24B.

Read Also: Know the Home Loan Tax Benefits under the Pradhan Mantri Awas Yojana

Bottom Line:
Before filing an ITR to claim the above shared tax benefits, it would be a good idea to cross check your eligibility.

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