Did you know you are eligible for a deduction on your Income Tax Returns if you’re currently repaying a home loan? When you submit a Home Loan Certificate along with your ITRs, you are legally allowed to save the following:
- The maximum principal amount repaid by you that can be claimed as a deduction is Rs. 1,50,000 under Section 80C of the Income Tax Act.
- Section 24 allows you to claim up to Rs. 2,00,000 in interest deductions. The stamp duty charges and registration fees can also be counted as deductions.
A Home Loan Certificate is a statement your home loan lender will give you. It includes a summary of the interest and the principal amount repaid by you towards your home loan for a given financial year and is proof of home loan repayment.
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