Slash Your Loan Interest, Save Big Today!

Discover smarter ways to manage your loans and reduce interest payments. Our platform empowers you with tools, insights, and strategies to save big on your loans, helping you achieve financial freedom faster. Whether you're refinancing, consolidating, or exploring better loan options, we're here to guide you every step of the way. Stop overpaying—start saving today!

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Loan Tax Savings Calculator

Calculate your potential tax savings on home loan interest and principal repayment

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Smart Tools

The following are some of the ways to save on your loan.

4 Proven Ways to Slash Your Loan Interest

Discover Practical Strategies to Lower Your Interest Rates and Pay Off Your Loans Faster

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You can save 0 rupees with this plan! Download the EMI calendar below to know more.

Your total monthly emi's should be less than 30% of your monthly salary

EMI Table

The following is the EMI table for the loan amount you have entered.

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Tax Benefits

The following are some of the benefits that you can avail of when investing in real estate:

Frequently Asked Questions

Do you have any questions?

What is the maximum tax deduction available on home loan interest?
Under Section 24(b) of the Income Tax Act, you can claim a maximum deduction of ₹2 lakh per year on the interest paid on home loans for self-occupied properties. There is no upper limit for rented properties.
Can I claim a tax deduction for both home loan interest and principal repayment?
Yes, you can claim tax deductions under both Section 24(b) for home loan interest (up to ₹2 lakh) and Section 80C for principal repayment (up to ₹1.5 lakh) in the same financial year.
What is the eligibility for Section 80EE tax benefits for first-time homebuyers?
To be eligible for Section 80EE, the loan must be for a residential property, with the property value not exceeding ₹50 lakh and the loan amount not exceeding ₹35 lakh. The deduction is ₹50,000 per year on interest paid for first-time homebuyers.
Can I claim a tax deduction for home loan interest if the property is rented out?
Yes, if you have a rented property, you can claim a deduction for the full interest paid on the home loan under Section 24(b) without any upper limit, subject to the actual interest paid and other conditions.
Is there any additional benefit for home loan interest under Section 80EEA?
Yes, under Section 80EEA, you can claim an additional deduction of ₹1.5 lakh per year on home loan interest for properties classified as affordable housing, with a loan amount not exceeding ₹35 lakh and the property value not exceeding ₹45 lakh.
Can I combine tax benefits for principal repayment under Section 80C and interest under Section 24(b)?
Yes, you can combine the benefits. You can claim a maximum of ₹1.5 lakh for principal repayment under Section 80C and ₹2 lakh for home loan interest under Section 24(b), resulting in total deductions of up to ₹3.5 lakh in a year.
What is considered a first-time homebuyer under Section 80EE?
A first-time homebuyer is someone who does not own any residential property at the time of loan sanction and is purchasing a residential property for the first time. This benefit is available for loans sanctioned between April 1, 2016, and March 31, 2022.
Can I claim tax benefits on a home loan if the property is under construction?
Yes, you can claim the interest deduction on home loan under Section 24(b) even if the property is under construction. However, the interest deduction can only be claimed once the construction is completed. The principal repayment under Section 80C can be claimed when the construction is complete.
Is there a time limit to claim tax benefits for home loan interest and principal repayment?
There is no time limit to claim tax benefits on home loan interest under Section 24(b), but the deduction is only available for the year in which interest is paid. Principal repayment benefits under Section 80C can be claimed each year until the limit of ₹1.5 lakh is exhausted.

Disclaimer

The content on this website is designed to help you understand loan interest reduction strategies and make informed financial decisions. However, it is for informational purposes only and should not be considered financial advice. Loan terms and interest rates vary by institution, and we strongly recommend consulting your bank or financial advisor before making any decisions.

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