Bajaj Markets

Home Loan Tax Benefit On Home Loan Balance Transfer

In recent years, the financial sector of India has witnessed significant growth. Banks and other financial institutions have started providing various loan products with attractive features. One such popular credit product among home buyers is the home loan. As a result of home loans, millions of people across the country have successfully realized their dream of purchasing their own house. High loan amounts, competitive home loan interest rate, borrower-friendly terms and conditions, and additional advantages like tax benefits make home loans ideal for today’s financially aware India.

Let us have a look at some of the tax benefits associated with a home loan

Home Loan Balance Transfer

Due to a lot of financing options available, a large number of borrowers are opting for a home loan balance transfer. The Home Loan Balance Transfer Process allows the borrowers to transfer the outstanding loan amount from the existing lender to a new one.

This enables the borrowers to repay their home loan on comparatively interest rates. Borrowers can also apply for a home loan balance transfer to avail a top-up loan above of the primary credit.

Home loan Tax Benefits on Home Loan Balance Transfer

Post-Budget 2019

Now, the interest on housing loan can be claimed in 2 different scenarios.

Tax rebates of up to Rs. 2 Lakh can be claimed only on a self-occupied property. There will be no upper limit applied for the let-out house.

The entire interest on housing loan can be claimed for deduction from the taxable income in case both are let-out properties.

Applicable Clauses

The clauses to avail tax benefits on home loan interest rates are mentioned below:

There are various financial institutions in the market that offer different loans at attractive terms. A Bajaj Finserv Home Loan available on Finserv MARKETS comes with various features such as quick approval, instant disbursal, and zero hidden charges. Bajaj Finserv home loan balance transfer can help you lower the interest rate of your existing home loan, thereby reducing the cost of borrowing in the long run. So why wait, opt for Bajaj Finserv Balance Transfer and lower the loan repayment burden of your home loan today.

Also read about the perfect CIBIL score required for home loan. You can also check your eligibility of home loan with the help of home loan eligibility calculator and home loan emi with the help of home loan emi calculator.

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!