Home Loan Tax Benefits: A Strategic Way to Lower Your Housing Costs - Delhi

Homeownership becomes more affordable with significant savings through home loan tax benefits. Under Section 80C of the Income Tax Act, you can claim deductions up to ₹1.5 lakh on the principal repayment. Additionally, Section 24(b) allows deductions up to ₹2 lakh on interest paid for a self-occupied property. For properties rented out, there's no upper limit on interest deduction. First-time homebuyers can also benefit from an additional deduction of ₹50,000 under Section 80EE. These tax advantages reduce the overall cost of the loan, making it a financially savvy option for potential homeowners.