Home loan tax benefit is among the most important features of a home loan. Tax saving on home loan increases the affordability of your home loan. With the help of a home loan tax benefit calculator you can find out your exact tax exemption.
Whether you are a salaried or a self-employed individual, you are eligible to invest in a housing property as well as for the income tax deductions as stated under Section 80C. You can avail of a home loan tax benefit on both, principal repayment and the interest component of your EMI. Here’s how:
Deductions under this section can help you with tax benefits of up to Rs. 1.5 lakhs on the principal amount.
Under this section you are allowed to enjoy tax benefits on the interest amount and up to Rs. 2 lakhs.
First-time home buyers can get an additional deduction of up to Rs. 50,000 on the interest component under Section 80EE.
Women home buyers get a concession of 1 % on the stamp duty and registration costs. So, having a female co-applicant can help you with additional tax benefit.
Tax saving on home loan makes property purchase a worthwhile investment. You can calculate the tax benefit with the help of a home loan tax saving calculator.
Now calculate your home loan tax benefit at the click of a button, all thanks to Kotak Mahindra Bank’s Home Loan Tax Benefit Calculator.
Here are some important benefits of a home loan tax exemption calculator:
Make sure you calculate your tax benefit beforehand with the help of a home loan tax saving calculator.