i HAVE TAKEN A HOME LOAN OF 25 LAKHS. 3 AND HALF YEAR BACK. I HAVE PAID THE AMOUNT AS PER SCHEDULE OF THE COMPANY. AT THE SAME TIME I AM REPAYING THE INTEREST AND PRINCIPAL TO THE BANK FOR WHICH THEY HAVE RELEASED THE LOAN AMOUNT. TO THE EXTENT OF . KINDLY LET ME KNOW IF I AM ELIGIBLE TO GET REBATE ON INTEREST AND PRINCIPAL AMOUNT . THE POSESSION OF THE HOUSE HAS NOT BEEN GIVEN BY THE FIRM YET.
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Home loan interest
Replies (3)
Not at present. If you receive possession within five years of loan sanctioned, you can accumulate the interest paid till the date of possession, and the same can be claimed in five equal installments in next five years from the date of possession.
you can claim deduction towards principal amount under 80C upto 150000 even if you are not in possession of the property
THANKS
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