Home Loan Factors

Having a home is a matter of pride in India and it is also the most beneficial investment for any individual. The investment becomes valuable with residential property as it is such assets which remains with you in perpetuity. Owning a residence has always been the foremost desire of any home-buyer. However, it is not possible for everyone to buy the property as the prices are soaring like never before. At this time, Home Loan comes as the best option for those who always wish for having their own home. Hence most of the Bank and Financial Institutions are coming up with such attractive loan services which helps you in your way to have a home. But, most of the borrowers are unaware of the fringe benefits which comes along with home loans. One such benefit is tax cut which works according to the Income Tax Act. The prime tax benefits for home borrowers include:

• The latest proposal by finance minister which offers tax breaks on home loan for the first time
   buyers is quite significant news for the home-buyers. But the deduction can be claimed if the
  deduction is less than 25 lakh.

• The EMIs consists of two components i.e. principal and interest. The borrower can claim for tax
   deduction under section 80 C for principal amount.

• A deduction of Rs 1 Lakh on housing loan interest under Section 80EE has been proposed by Union
   Budget 2013-14. The deduction would be in addition to the exiting tax benefit of Rs. 1.5 Lakh which
   will come under Section 24.

• Payment of Loan should be made towards the cost of purchased residential property.

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