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Tax implication for Home-Saver, Home Credit or Smart Home Products

Tax implication for Home-Saver, Home Credit or Smart Home Products are available to the extent of the gunds used to buy a house property

Apnaloan.com Research Bureau

10 Aug 2007

I plan to buy a house property for self-occupation with my own savings. I was not planning to take a home loan. A number of banks have recently approached me, offering a similar product (Home Saver, Home Credit, And Smart Home) - where I need to pay interest only to the extent that I use the facility. I am planning to take the facility as I can withdraw some sums from time to time for my personal requirements-which I can repay as soon as funds are available and pay interest only to extent and for the time I use the funds. Will the repayments for such loans be eligible for tax benefits?

Yes, such repayments will be eligible for tax benefits. Just take care to ensure that the initial payment for acquiring the house is made from the loan account to the seller of the property. You can deposit your savings in the linked current account that these banks have for this purpose.

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