Claim tax benefits on a second home loan from Bajaj Housing Finance Limited

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On top of this, buying a second home can also help you get a home loan tax benefit. Buying a second home comes with its own set of financial benefits and thereby making it a rewarding experience.

In the event you are repaying the home loan under EMI plan, you will be eligible to claim both the interest and principal component on the payment you make during that year. Heavy monthly EMIs will burden your cash flow. Therefore, government is offering tax benefits to reduce the EMI burden to a certain extent.

Second Home Tax Benefits. Home Loan Interest Rates: If you’ve taken a loan for a house that is occupied by you, then the interest amount repaid, up to 1.5 lakhs, qualifies for tax reduction under the Section 80C of the Income Tax Act.

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More From Politics . New Delhi: Tax benefit on loan repayment of second house will be restricted to Rs2 lakh per annum, Finance Bill 2017 has proposed, a move that may hit hard those making big savings so far as there have been no limits on set off from such property.

Claim tax benefits on a second home loan from Bajaj Housing Finance Limited By continuing to use this site you consent to the use of cookies on your device as described in our Cookie Policy unless you have disabled them.

Tax benefit on home loan under Section 24 Under Section 24 of the Act, tax benefit on home-loan payment of interest is possible as a deduction. According to the Section, interest paid on the home loan is deducted from the house property income where the loan is taken for reconstruction, repair, purchase or construction of a residential property.

In case of a home loan jointly, every borrower can enjoy tax benefits on joint home loan from his/her taxable income individually. One can claim a maximum of Rs. 2 Lakh on the interest paid and up to Rs. 1.5 Lakh on the principal amount.

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