Here’ How you Can Get Income Tax Rebate on Housing Loan Interest
We all want our dream home. But the rising real estate costs make it difficult to materialise your dream. If you are willing to buy a home of your own, then you have to look for a home loan which is perfect for your financial needs.
When hunting for a home loan, you must bear in mind that you will need funds to cover many expenses. These include expenses for installing your choicest fixtures and furnishings and painting too. And when it comes to all these features, you can only rely on a reputable lending company like Bajaj Finserv.
Getting the Perfect Home Loan
Your home loan should also cater to the needs of applying for a home improvement or personal loan. This would include taking care of the little things that transform your house into a home. In case the current home loan doesn’t take care of all these aspects, you are free to switch to Bajaj Finserv.
You can take advantage of several features with this switch. Some of the basic advantages include easy application process and instant approval. Customised loan schemes, online account access, and no hidden charges are extra perks.
Benefits that you can’t Overlook
When you are opting for a suitable home loan, it endows you with a lot of attractive features. You can also avail the income tax rebate on housing loan interest. To claim this deduction, the home loan must be from a reputed bank or NBFC like Bajaj Finserv. This income tax deduction is over and above the Rs. 2 lakhs limit under section 24 of the Indian Income Tax act. The 80EE deduction scheme was launched in the year 2013-14 and reintroduced in the financial year 2016-17.
How to Avail the Deduction?
The 80EE deduction is available to residents and non-residents of India. The highest amount of income tax rebate on housing loan interest is Rs. 50,000 in a financial year and you can claim this deduction until you have repaid the entire home loan. But the good thing is that there is no time limit for claims and you can extend it for years together.
Conditions to Bear in Mind
To reap the benefits of income tax rebate on housing loan interest, you should be an individual. This means a business firm or commercial entity cannot opt for a home loan. The house that you are taking the home loan against must be your first house and its value should not exceed Rs. 50,00,000 and you can take a loan of Rs. 35,00,000 or less. To get the 80EE deduction, a well-known financial organisation like Bajaj Finserv should sanction your loan. You should not own any other house at the time of the loan sanction. When you are able to meet the conditions of both Section 24 as well as Section 80EE, you can claim a tax deduction.
Advantages offered by Bajaj Finserv
A compelling reason why you should go for Bajaj Finserv is the choice of various types of schemes. These include top-up loans, refinance, and flexi scheme to suit your needs. The flexi home loan scheme lets you prepay or drawdown the money within the drop-line facility. This is possible with a self-service process which is quick, simple, and hassle free.