More tax benefits are now available on the principal and interest of home loans. These benefits help ease the process of loan repayment and enable you to plan your finances better. Here’s a look at the current tax benefits:

  • Deduction of up to ₹2 lakhs on home loan interest under Section 24
  • Deduction of up to ₹1.5 lakhs on home loan principal under Section 80C
  • Deduction of up to ₹50,000 on home loan interest under Section 80C

All these benefits are available till March 31, 2022. Read the eligibility criteria carefully, as properties purchased by an individual or jointly may qualify for different deductions.

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