Buying a beautiful home is every person’s dream but you may have big financial cost to buy your dream home. But if you’re really want to buy a home but don’t want to use all your money on buying a house then you can buy it with the help of taking a home loan in Delhi and you can pay the installments every month easily to your lender within 20 to 30 years. You will also get many benefits when you take a home loan like the credit score through regular and timely payments of the installments for a number of years can improve your credit score. There are many tax benefits are also there if you take a home loan as it can help you to reduce your tax outgo. So, you can avail many tax benefits if you have taken a home loan or planning to take a home loan.
The deduction can be claimed by you of up to 1.5 lakh from your total taxable income per year which can be checked using home loan calculator. The registration and stamp duty charges while buying a house is also eligible for tax deduction but once you get the possession of your house you can avail deductions and if you sold your property after 5 years of your possession then tax benefits availed will become a part of your taxable income for the year when property is sold. The EMIs have two components i.e. principal repayment and interest payment. The principal repayment is the amount that you have borrowed and interest payment is the amount of interest that you need to pay for your home loan.
The tax deduction on the interest paid on your home loan can be claimed from the year when construction of your home is completed and the construction should be complete within 5 years of the time taking the loan. You can claim a deduction of a maximum of Rs. 2 lakh and it can be claimed only for self-occupied property. But if you want to give your property on rent then the interest amount is deducted from the rent that you will receive from the property. The one thing you should keep in mind is that the interest paid on the loan is greater than the rent received by which you can face the loss of up to 2 lakh from income.
However, if you have taken the loan in the financial year you can claim a further tax deduction of up to 50 thousand on your interest repayment but for that you should meet some conditions to claim the deduction, like you should be a first time buyer and the value of your property should not be less than 50 lakh , the amount of loan should not be less than 35 lakh and it should be sanctioned by some bank or LIC. When you fulfill these conditions and have home loan eligibility, then you can claim the deductions and it helps you to adjust your lifestyle by taking the benefits of a tax deduction.