there are many tax benefits on home loan interest. here, tax benefits on home loan is for individual applicant, joint owner and under constructed home.

1. TAX BENEFITS – HOW TO USE
HOME LOAN INTEREST TO
BENEFIT OF TAX
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2. HOME LOAN
A sum of money borrowed from a financial institution or bank to
purchase a house. Home loans consist of an adjustable or fixed
interest rate and payment terms.
There are different types of home loans available in the market to
cater borrower’s different needs.
Home Purchase Loan
Home Improvement Loan
Home Extension Loan
Home Conversion Loan
Home Construction Loan
Land Purchase Loan
Bridge Loan

3. Interest payable on home loan of self-occupied
property is subject to a maximum tax deduction of 2
lakh. It can be set off against other income, in the
same year. This reduces your tax liability. But to
claim this, it is necessary that the acquisition or
construction is completed within 5 years from the end
of the financial year in which the loan was taken.
Tax benefits for individual
applicant

4. The total interest paid during the pre-construction
period is allowed for tax deduction in five equal
installments during five successive years from the
year in which construction is completed and
property possession is given to you. The total
interest allowable during these five years will be
capped at Rs. 2 Lakh per year for self-occupied
house.
Tax benefits for under
constructed property

5. In this case, each of the co-applicants can avail tax
benefit individually. Each applicant and co-applicant
can separately claim a maximum tax deduction of Rs. 2
lakh per annum for interest payment, under Section 24.
In case you have a working son or daughter and the
bank is ready to split the loan in three co-applicants, all
three co-applicants can avail tax deduction up to Rs. 2
lakh each on self-occupied property.
Tax benefits for
joint owner

6. thank you
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