Eligible taxpayers can claim the following tax rebate when repaying home loan:
Under Section 80C for principal repayment and stamp duty - up to Rs 1,50,000 per year
Under Section 24B for interest payment - up to Rs 2,00,000 per year
As an additional interest deductions under Section 80EE - up to Rs 50,000 annually
Under Section 80EEA - as an additional interest deduction on home loans taken for affordable housing – up to Rs 1,50,000 annually
Note:
You can claim a maximum deduction of Rs 5 lakh per year (Rs 1,50,000 + Rs 2,00,000 + Rs 1,50,000) if you are eligible under Section 80EE or 80EEA.
If co-owners take out a home loan, each of them can claim tax deductions based on their ownership stake.