What Benefits Do First Time Home Buyers Get?

A first-time house buyer need not be someone who is investing in real estate for the first time. If it has been more than three years since you previously had a primary property, you will be given the label of a first-time home buyer. As a first-time home buyer, you are qualified for a number of incentives on your home loan, including tax advantages and features that need little to no down payment. Let’s know what are first time home buyer benefits.

What are the additional tax benefit for first time home buyer?

Relief on interest rates:

If you're a first-time home buyer, you can benefit from the following interest rate deductions.

• After paying off the house loan's principal, you are qualified to receive a tax advantage of up to Rs. 1.5 lakhs under Section 80C.

• According to Section 24, you are qualified to claim a tax benefit of up to Rs. 2 lakhs after paying the house loan's interest.

• Upon paying back the loan's interest, you can additionally claim an additional tax advantage of Rs. 50,000

Relief from GST:

It is available if you bought your property through the PMAY's CLSS (Credit-Linked Subsidy Scheme), which requires you to pay 8% GST rather than 12%. If your family's income is less than 18 lac per year, you can also claim a further tax credit of up to Rs. 2.7 lakh.

Relief from subsidy slabs:

If your home loan's term is between 15 and 20 years, you may additionally qualify for an interest subsidy. If your income is Rs. 12 lakhs and the principal loan amount is Rs. 9 lakhs, you'll get a 4% subsidy; if it's Rs. 18 lakhs and the principal loan amount is Rs. 12 lakhs, you'll get a 3% subsidy.

I hope this will give an idea about what benefits do first time home buyers get.

Every Indian values owning a home, especially their first one. Apart from this there are a few other first time home buyer benefits like no landlord hassles, emotional security, no uncertainty, and so on.

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