The advantages of getting a home loan are numerous. In addition to enabling you to purchase a new home, home loans also qualify you for tax advantages. Your EMI flow and savings may be aided by these tax benefits. Calculate your tax advantages based on the loan amount by taking a look at the following details.
Both the interest paid and the principal repaid are tax deductible for the borrower of a mortgage. The deduction for home loan interest payable is limited to Rs. 1,50,000 under Section 24(d) of the Income Tax Act.
The principal amount of the loan repayment, along with other savings and investments, is eligible for a tax deduction under Section 80(c) of the Income Tax up to a maximum of Rs. 100,000.