Maximum Ceiling on Interest on Housing Loan
This query is : Resolved
Raghavendra
(Querist)
24 July 2009
What is the maximum amount that an individual can claim against the Interest paid on Housing Loan? Does it include the Pre-emi (Pre-construction period) paid?
chetan soni
(Expert)
24 July 2009
the maximum limit will be 1.5L & it includes the pre emi interest portion also.
Aditya Maheshwari
(Expert)
24 July 2009
Yes the maximum interest that can be claimed is Rs. 150,000/- including PRE EMI which is allowable in 5 instalments.
taxindiaconnect
(Expert)
24 July 2009
The above replies are correct to the limited point, when the individual occupies the house and has only one house. However the individual is earning rental income from the property against which the loan is taken, there is not limit for claiming interest against that income.
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