• FINANCE GUIDE

Loan Process

Filling up the application form is the first step. Application form may differ from bank to bank, but nearly 80% of the information they need is similar. Most of this is basically your Personal and Professional information. Most banks these days provide doorstep service, however some banks insist customers to visit their office once.

Tax Benefits

Availing a home loan comes with multiple benefits. Home loans let you achieve your goal of buying a new home and make you eligible for tax benefits. These tax benefits can contribute towards your EMI flow and savings. Take a look at the following points and calculate your tax benefits based on your loan amount.

The home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 2,00,000.

Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of
Rs. 1,00,000.