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Tax Rebate on Home Loan

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(Querist)
01 April 2009 Hi,

Iam looking for a home loan of INR 500000.
How I can get the best deal to get max tax benefit in this home loan amount.

IS it better to take it for 5 years or good to take it for 10 years.

How much EMI will be best for tax benefit

What is the concept of Tax rebate on principal and interest ?

Kindly guide me
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
01 April 2009 IF THE HOUSE IS FOR SELF OCCUPATION THAN THE MAX INTEREST DEDUCTION IS RS.1,50,000/- PER ANNUM UNDER INCOME FROM HOUSE PROPERTY. THE PRINCIPAL REPAYMENT OF HOUSING LOAN IS ELIGIBLE U/S 80C IN WHICH THE OVERALL DEDUCTIONS SHALL BE RESTRICTED TO RS.1 LAKH.
SO PLAN UR REPAYMENT SCHEDULE ACCORDINGLY
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K V Subba Rao

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K V Subba Rao (Expert)
01 April 2009 Please visit www.apnaloan.com
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