by one stop realty 
Purchasing a home with a loan can lead to significant income tax deductions, available under sections 80C, 24, 80EE, and 80EEA of the Income Tax Act, 1961. Understanding these can help homebuyers optimise savings
1. Section 80C:
- Covers: Principal repayment, registration, and stamp duty.
- Limit: Up to ₹1.5 lakhs/year.
- Eligibility: Applies to self-occupied, rented, or deemed-to-be-rented homes.
2. Section 24:
- Covers: Interest payment on home loans.
- Limit: Up to ₹2 lakhs/year (self-occupied); additional rebates possible for rented properties.
- Maximization Tips: Joint owners can claim individually.
3. Sections 80EE & 80EEA:
- Covers: First-time homebuyers (80EE) and affordable housing (80EEA).
- Limit: Up to ₹50,000/year for 80EE; ₹1.5 lakhs/year for 80EEA.
- Eligibility: Property value caps and loan stipulations apply.
Joint Home Loans:
Joint home loans allow each co-borrower to maximize their deductions, effectively doubling the benefits.
Selecting the right real estate partner can simplify your property purchase and help you take full advantage of home loan benefits. Make a smart choice and let your realtor handle the complexities for you. Reach out to One Stop Realty for comprehensive support and expert guidance in Mumbai and Thane City!
