Home Loan Tax Benefit Calculator

The Government of India has rolled out several provisions to help prospective home buyers gain various advantages. One of the most prominent features of a home loan is the tax benefits it offers. 

 

For home buyers availing home loans, the government allows the deduction of a specific portion of the interest and the principal amount from your net taxable income. You may be wondering, “How much tax I can save on a home loan?”. Know that calculating this amount is not difficult. 

 

All you need here is a home loan tax benefit calculator. While tax benefits increase your loan affordability, a housing loan tax benefit calculator helps you estimate the exact tax exemption.

 

You can use the home loan tax saving calculator to get an estimate of the amount of tax you can save by claiming income tax deductions against your home loan EMIs. Read on to learn more benefits of using a house loan tax exemption calculator. 

You can use the home loan tax benefit calculator on Bajaj Markets to calculate the total tax benefit you can get on your home loan. The calculator is user-friendly and has an easy-to-use interface. 

 

All you have to do is enter the following details in the designated fields of the home loan tax saving calculator:

• Loan amount

• Rate of interest

• Loan tenure

• Loan start date

 

The calculator will give you an estimate of the income tax you can save on the principal and interest amounts of your home loan. To help you understand the link between a home loan calculator and tax benefits, consider the following example. 

 

Assume your annual income is ₹12 Lakhs, and you have availed a home loan of ₹50 Lakhs for a tenure of 20 years. 

 

Your tax savings on the house loan can be calculated using a housing loan tax benefit calculator as per the following table:

While you may calculate manually, using a home loan tax benefit calculator can fetch accurate results instantly. To understand the implications of tax benefits, a home loan calculator is your best bet, as it computes results accurately and instantly.

Using a home loan tax exemption calculator can provide you with several advantages. Below are some of them:  

• You can compute your savings utilising the Section 80C deduction

• Section 80C allows you to save tax by selecting qualifying assets and expenses

• Depending on your investing goals and level of risk tolerance, you can decide which Section 80C investment to make

• You have an idea of how much tax you have saved, and you may invest in other assets

• As this is a digital tool, you can get error-free results instantly

• The tool calculates your tax benefits after assessing all essential home loan parameters

• The calculator computes the final payable amount and tax deductions

Now that you know how to use a home loan tax benefit calculator and its benefits, be sure to use one when you avail a home loan. This not only helps you stay on top of your finances but also helps plan investments appropriately.

 

Furthermore, availing a home loan at Bajaj Markets not only allows you to access a calculator to assess your home loan tax benefits but also offers several other benefits. You can even plan your finances well in advance using the home loan EMI calculator. 

 

Thankfully, you can use this calculator as needed to compare some of the best loan offers providing flexible home loan tenure options and affordable interest rates.