How To Claim Tax Benefits On Second Home Loan​

IDFC FIRST Bank

Taking out a home loan for your dream home?

Don’t miss out on the tax benefits that the loan can offer.
Check out what they are.

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Section 80C

The principal repaid qualifies as a deduction under Section 80C. The maximum deduction limit is ₹1.5 lakhs.

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Section 24(b)

Interest paid on the home loan also qualifies as an exemption from your taxable income. However, the exemption limit depends on the home’s usage.

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If the house is self-occupied

If you are using the property for self-accommodation, the aggregate exempted interest that you can claim is up to ₹2 lakhs.

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If the house is vacant

If your home is vacant, it will be deemed as self-occupied. The exemption limit would be ₹2 lakhs on the home loan interest.

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If the house is rented

If you rent out your home, the interest paid on the home loan can be claimed as an exemption without any limit.

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Apply for IDFC FIRST Bank Home Loans and get a home loan of up to ₹10 crores. Use the tax benefits to save taxes while building an asset.

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