Interested in financial products

Owning a house gives you a sense of freedom from monthly outgo amount rent and other facilities. Home loans help you move into your dream home much sooner in your life. One of the many benefits of a home loan is, it offers tax benefits to the borrower.

You can claim tax deduction for up to Rs. 1.5 lakhs on your principal amount and up to Rs. 2 lakhs on the interest payment under section 80C and 24 respectively. Apart from that you can also claim tax deduction for up to Rs. 1.5 Lakhs under 80C on stamp duty charges and up to Rs. 50,000 under section 80EE.

Although a home loan comes with multiple benefits, your tax saving should not be the main objective for taking a home loan. The benefits will be meagre when you compare with the interest payment and long time financial burden. Moreover, it is of no use if you had claimed Rs. 1.5 lakhs under section 80C through other investments. For claiming deduction on interest payment, it is allowed only after 5 years of construction.

Lucky you are if the home loan comes at the time when home buying is a must requirement. You can save tax as well and own a beautiful house.

Apply for a credit score
×Thank you! Your comment will be reviewed and posted shortly.

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application