Home Loan: Tax Implications: Overview
Taking a housing loan to buy a residential property, while an accepted norm is also a great way of saving up on your tax. While you can claim tax benefits on the interest you pay for the loan, it's also available on the principal. So whether you have taken a single property on a loan or have simultaneously, you can avail tax benefits! There's lots more to it. Happy reading!
Interesting Home Loan Tax Implications
- Tax deduction benefits on loan repayments on more than one property
- Tax deduction benefits upto Rs. 1.5 lacs for co-owners
- Tax Implication On Pre EMI
- Tax benefits when the husband is not a co-owner to the property but a co-borrower to the home loan
- Tax benefit for home loan processing fee
- Tax deduction benefits on Top-Up Loan Repayment
- Tax deduction benefits on home improvement loan
Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.
Decision-making Corner