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2 mins Read | 1 Year Ago

How Housing Loan helps you save tax in India?

How Housing Loan helps you save tax in India

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How Housing Loan helps you save tax in India?

Imagine standing in front of your dream home, the place you've always envisioned yourself in. The thought of owning your own home makes you smile, but have you ever considered that it could also help you save on taxes? That's right! ICICI Bank's home loan not only makes your dream home a reality but also offers fantastic tax benefits. In this article, we'll explore how housing loans in India can be your secret weapon for significant tax savings, empowering you to own a home while maximising your financial benefits.

The Benefits of Housing Loans: Saving Taxes Made Easy

Housing loans are crucial in making homeownership affordable and accessible for millions across India. Beyond their financial assistance, housing loans also offer substantial tax benefits. Let's delve into some key tax advantages that housing loans bring:

1. Deduction on Interest Payment

Under Section 24(b) of the Income Tax Act, you can claim a deduction on the interest paid towards your Housing Loan. For self-occupied properties, you can claim a deduction of up to Rs 2 lakh per year. This deduction significantly reduces your taxable income and puts more money back in your pocket.

2. Principal Repayment Deduction

Section 80C of the Income Tax Act allows you to claim a deduction on the principal amount repaid towards your housing loan. You can avail of a deduction of up to Rs 1.5 lakh, which falls under the overall limit of Rs 1.5 lakh for various eligible investments and expenses. By utilising this deduction, you reduce your tax liability and build equity in your home.

3. Additional Deduction for First-Time Homebuyers

The government introduced an additional deduction of Rs 50,000 under Section 80EEA for first-time homebuyers. This deduction exceeds the existing deductions mentioned above and encourages individuals to take their first steps towards homeownership. With this additional benefit, you can further boost your tax savings and make your home purchase even more rewarding.

4. Tax Benefits on Stamp Duty and Registration Charges

Apart from the earlier deductions, you can also claim a deduction on the stamp duty and registration charges paid while purchasing the property. This deduction falls under Section 80C and is subject to the overall limit of Rs 1.5 lakh. By utilising this benefit, you can save on taxes while covering the associated expenses of buying a home.

5. Joint Home Loan Benefits

If you avail of a home loan jointly with a co-applicant, such as your spouse, both individuals can claim tax benefits individually, provided they are co-owners of the property. This means you can maximise the tax deductions by leveraging the joint ownership of your dream home. It's a win-win situation for both your relationship and your finances!

These tax benefits make housing loans an attractive financial tool, allowing you to achieve your homeownership goals while enjoying significant savings in tax deductions. Now that we understand the tax advantages, let's explore how ICICI Bank's home loan can help you make the most of these benefits

ICICI Bank's Home Loan: A Gateway to Your Dream Home and Tax Savings

Now that you understand the tax benefits of housing loans, let's explore how you can avail yourself of ICICI Bank's home loan.

  • Online Application:

    ICICI Bank offers a convenient and hassle-free online application process. You can apply for a housing loan through their website or mobile app, making it easy to get started.

  • Digital Sanction:

    ICICI Bank's Express Home Loan is a self-service digital platform that provides existing customers, non-ICICI Bank customers, and Non-Resident Indians (NRIs) with a seamless and speedy loan approval process. With minimal documentation required, you can get digital sanction for your home loan in just five simple steps.

  • Attractive Interest Rates:

      ICICI Bank offers competitive interest rates on housing loans. This ensures that your EMI remains affordable throughout the Home Loan Tenure.

  • Flexible Tenure Options:

    ICICI Bank provides flexible tenure options for housing loans, allowing you to choose a repayment period of up to 30 years. This flexibility ensures you can customise the Home Loan Tenure per your financial requirements and repayment capacity.

  • Wide Range of Home Loan Products:

     ICICI Bank offers a comprehensive range of housing loan products to cater to diverse needs. Whether you're looking for a 30-year home loan, land loan, or step-up home loan, ICICI Bank has a solution.

Save Big on Taxes with Revolutionary Housing Loans!

Owning a home is a cherished dream for many, and with housing loans, it can become a reality. Apart from the financial assistance they provide, housing loans offer significant tax benefits that make homeownership even more rewarding. By leveraging the tax deductions on interest payment and principal repayment, you can save a substantial amount on your income tax. So, if you're looking to buy or build your dream home, explore the housing loan options available and take advantage of the tax-saving opportunities they offer.

With a renowned name like ICICI Bank by your side, attractive housing loan options are at your disposal, helping you achieve your homeownership goals. With such striking features, ICICI Bank ensures that your journey towards homeownership is both seamless and financially rewarding. So, get started on your path to homeownership, avail yourself of an ICICI Bank Housing Loan, and experience the joy of owning your dream home while enjoying tax savings.

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