Tax benefit on home loans?? Really!!
Are you planning to avail a loan to buy your dream property? Then before applying for the loan, make the detailed survey of the rate of interest on the home loan by various banks and also know the process of how to claim the tax deductions. You can use the documents and proofs of the availed home loan to get the income tax benefits under various sections of the Indian Law.
Residential projects like DNR Casablanca located in Bangalore lets your home loan process to be smooth and quick since it is constructed as per the rules and regulations of RERA and there is no deviation in the plan.
But ensure that the bank requires your written consent before altering any of the repayment terms of the loan and there is no clause which allows the bank to alter the interest rate as per the fluctuations.
Various Sections of Law under which you can avail the Tax Benefits
Under various tax deduction sections, you can avail the exemption on the tax. The tax deduction sections that might help you are:
If you are the first time home buyer then you can get housing loans at a comparatively lower rate of interest under Pradhan Mantri Awas Yojana one of the initiatives by Government of India. Initial buyers/investors also can avail the decreased GST benefits from the government too.
Section 80C: it lets the person to avail tax deduction of up to Rs 1.5 lakh under this section on repayment of the principal component of the home loan. The tax deductions can be availed under Section 80C only of you are purchasing or constructing a new home. You cannot sell the property for 5 years if you are claiming tax benefit under this section. Section 80C also helps you to claim tax deductions on stamp duty, registration charges and other miscellaneous expenses related to the transfer of property in your name.
Section 24: You can avail tax deduction of up to Rs 2 lakh can be claimed on the interest component of home loan repayment. This tax benefit can be availed only if you reside in the property. You can avail Section 24 even if the property is vacant. If you have rented out the property, you can claim benefit on the entire interest of the home loan. In case of home loan taken jointly with your family member, both of you can enjoy the tax benefit up to 2 Lakh.
Section 80EE: You can avail tax deduction under this section only if the total loan amount is below 35 Lakh and the value of the house is not more than Rs 50 Lakh. It is only applicable if you have no previous home loan other than this. Association of persons (AOP) or a company and Hindu Undivided Family (HUF) cannot enjoy this benefit. 80EE also states that if you are a first-time property buyer, you can rent the property under this.
Along with the tax benefits under various sections, the government also provides the discount on stamp duty up to 4% only for women buyers and 6% stamp duty is fixed for male buyers.
Why DNR Casablanca the ideal choice to avail tax benefits
DNR Casablanca is a newly launched residential enclave to deliver the modern contemporary lifestyle in the most happening area of Bangalore, Mahadevapura. DNR Casablanca is the marvellous residential project by DNR corporation. The property is spread over 2.5 acres of land and consists of 2 Bhk, 2.5 Bhk, and 3 Bhk apartments having different unit sizes. DNR Casablanca Mahadevapura is a twin tower apartment with 19 floors accommodating 200 units for the blissful stay. DNR Casablanca property is surrounded by reputed educational institutes, banks, ATMs, medical stores and general stores for the conveniences of the inmates.
Book Flat, Get Discounts, Avail Easy Loan Processing & Avail Tax Benefit on the home loans too!!
Hurry and block your unit today with DNR Casablanca Mahadevapura!!