Home loan EMI comes with a host of tax benefits. You are entitled to avail the following tax benefits while taking a home loan –
Section 80C of the Income Tax Act allows home borrowers to claim a tax deduction of up to Rs 1.5 Lakh for the home loan principal repayment done in the financial year.
Under Section 24(b) of the ITR, you can claim a deduction of up to Rs 2 Lakh on the interest amount paid on a home loan, where the loan has been taken for purchase or construction.