Home loan interest comes under which section?

According to the requirements of the Income Tax Act of 1961, taking out a house loan may lead to significant savings on taxes. Due to this process, I saved around Rs. 30000 on home loan taxes, which I had availed from the bank. In her budget statement, Union Finance Minister Nirmala Sitharaman recommended extending the timeframe for taking advantage of increased benefits on house loan interest payments till March 31, 2022. This comes into effect after the government extended the deadline to March 31, 2021, in the existing estimate. Let’s see home loan interest comes under which section.

Home loan interest amount comes under which section?

The principal of a house loan is deductible under Section 80C of the Income Tax Act. An individual is eligible to tax discounts on the total paid as repayments on a home loan under this clause. The home loan interest comes under Section 80EE. You can save taxes or interest on the housing loan you have taken from any financial institution with this Section. This section allows you to claim a discount of up to Rs 50,000 each year on the interest amount that you pay. You can claim this discount until the debt is completely paid off.

Criteria to claim the deduction:

1) The loan you have taken from any financial institution should be around Rs.35 Lakhs or less than that. 2) The exact value of the house you are purchasing or constructing should be Rs.50 Lakhs or less than that. 3) The loan should be sanctioned by the respective financial institution or finance company. 4) The loan should be sanctioned in between the time period of date 01/04/2016 to 31/03/2017 as per the recent rule. 5) You must not own any other residential property anywhere else as of the loan's approval date or time period. This clears your doubt about home loan interest comes under which section. If are planning to get a home loan at low-interest rates through NoBroker, then check your eligibility using

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NoBroker offers home loan services at the lowest interest rates, do give it a try. Read More: Where to mention home loan interest in ITR 1? How to claim home loan interest in income tax returns?