It comes as no surprise that most people dream of owning t home as soon as they become financially independent. However, as easy as it may sound, it may often turn out to be a daunting task. High-interest rates, significantly high financial obligation and other factors are some of the reasons why buyers wait for a long time before buying their own home. However, the Government of India has worked tirelessly to take measures that can ensure that the situation reverses for the better and buying homes becomes as lucrative an option for the buyer as well as the developer. About this, many amendments have also been made to the clauses applicable for being approved for a home loan in addition to certain additional benefits.
Tax Benefits to be Availed on Home Loan
Of the various benefits that have been extended towards the aspiring home owner upon taking a home loan, is the tax saving that an individual can take advantage of. Home loans have now become eligible for tax deductions under Section 80C as well as Section 24 (b) of the Income Tax Act, 1961. This helps significantly reduce your tax outgo. It must be understood that tax saving on housing loan schemes such as the Pradhan Mantri Awas Yojana is bringing in new hopes for the housing sector in India by lessening problems pertaining to affordability and accessibility.
Home Loan Tax Saving Calculator
Why go anywhere else when Finserv Markets’ Home Loan Tax Saving Calculator can help you understand the various benefits on income tax before and after taking a home loan? Our simple home loan tax benefit calculator will help you determine the tax saving opportunity that you can avail against the home that you are applying for.
In order to understand the various tax benefits on your home loan, simply log on to our website and click on “Home Loans Tax Savings Calculator” and enter the following details:
- Loan Amount Required
- Interest Rate as per the suggestion on the website
- Loan Tenure
- Loan Start Date
And, that’s it. The calculator will take your inputs and send show you an estimate of tax savings that you can avail by applying for a home loan. However, please note that the calculations represent only indicative numbers. The actual number will vary during at the time of application processing.
Applying for a home loan with Finserv Markets is fast, easy, convenient and completely hassle-free. So, if you are looking to apply for a home loan, then you can choose Finserv Markets as your trusted partner in your journey of buying the house of your dreams.
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