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Home loans: heavy liability but also big on tax benefits

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Home loans: heavy liability but also big on tax benefits

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  1. Home Loans

  2. Home loans: heavy liability but also big on tax benefits

  3. Given the high property prices in metros, on an average an apartment having two bedrooms, hall, and kitchen of 1,200 sq. ft in an ordinary location will cost at least Rs.60 lakh orRs.5,000 per sq. ft and or more. • So, to buy such a house, most people take the help of a home loan, which usually forms 70-80% of the apartment’s value. 

  4. Deduction on repayment The equated monthly installment (EMI) that you pay has two components, principal and interest. • Through the home loans Both qualify for tax deduction under two separate sections of the Income-tax Act, 1961. • Principal repayment can be claimed as deduction under section 80C of the Act, whereas interest under section 24(b).

  5. Take a joint home loanOften borrowers take a joint home loan to enhance the loan eligibility. • This is usually done along with spouse, parents, or in certain cases, with siblings. • The tax benefit can be claimed by all the borrowers individually, provided they are co-owners of that property too. • Source: http://www.livemint.com/Money/FwOgE1nWFC4FRY2LTnDPXM/Home-loans-heavy-liability-but-also-big-on-tax-benefits.html

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  7. Click to know more on Home Loans: https://www.hdfc.com/home-loans-salaried Thank You…

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