Are you paying emi's before getting possession

Most of the borrowers start paying off their loan amount even before the possession of the property is given to them. It is the major concept followed by the banks or the financial institutions to pay off entire loan amount before the possession. In such circumstance, the principal loan amount cannot be claimed until you get the possession of the property. But the tax can be claimed soon after the possession of the property under section 80C. The pre-paid EMIs can be claimed in 5 equal installments in 5 financial years.

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