Home Loan Tax Benefits
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Section 80C
Deduction on principal amount
- Rs. 1.5 Lakh
Section 24(b)
Deduction on the interest amount
- Rs. 2 Lakh
Section 80EE
Deduction for first time buyers
- Rs. 50,000
| Section | Deduction | Conditions |
|---|---|---|
| 80C | ₹1.5 Lakh | You can claim a deduction of up to Rs. 1.5 lakh on the amount paid as the repayment of the home loan principal. This may include stamp duty and registration fees, but can be claimed once in the same year in which they incurred |
| Section 24(b) | Rs. 2 Lakh | You can claim a tax deduction of up to Rs. 2 lakh on home loan interest paid. This deduction is applicable in case of self-occupied as well as vacant residential properties |
| Section 80EE | Rs. 50,000 | first-time homebuyers can claim tax deduction of up to Rs. 1.5 lakh on the interest paid on affordable housing loans. However, tax deduction under Section 80EEA is no longer available to home loans sanctioned on and after 1 April 2022 as the benefits offered under this section were for housing loans sanctioned till 31 March 2022. |
Eligibility
- Residents & NRIs
- Individual applicants
| Section | Criteria |
|---|---|
| Section 24(b) | Home Loans should have been taken before 31 March 2025 |
| Section 80C | The property should not be sold within 5 years of completion |
| Section 80EE | The loan amount should be up to Rs.35 Lakh or less |
Women Homebuyers
- ₹1.5L principal deduction
- Co-owner benefits
- Women homebuyers who have availed Home Loans or joint Home Loan are eligible for tax benefits.
- Joint Home Loan between a man and a woman, the woman can avail tax deductions separately.
- As a co-owner of property, she can claim IT deductions on both, principal and interest amounts.
- A first-time woman homebuyer can claim Rs.50,000 deduction on the principal, in addition to other claims under Section 80EE..
Senior Citizens
- Age 60-80 years
- Special deductions
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