Finance
Home loan tax benefits in India (Section 24 + 80C)
How to extract every rupee of tax benefit from your home loan.
Two deductions
- Section 24(b) — interest paid, up to ₹2L/year (self-occupied).
- Section 80C — principal repaid, up to ₹1.5L/year (shared with PPF, ELSS, etc.).
Joint loan, double the benefit
Two co-owners + co-borrowers = each can claim ₹2L + ₹1.5L = ₹7L total annual deduction.
Under-construction property
Pre-EMI interest is deductible in 5 equal installments starting from the year of possession.
First-time buyer (80EEA)
Extra ₹1.5L interest deduction if loan sanctioned in eligible window and value < ₹45L.
Always cross-check with Elevatools ITR Analyzer.
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