Income tax deduction for payment of housing loan principal

Dear Experts,

please reply whether an individual can get any benefit from income tax for repayment of principal of housing loan taken from Bank.

thanks in advance
Replies (2)
Quick Summary
Yes, individuals can claim an income tax deduction for the repayment of the principal amount of a housing loan taken from a bank. This deduction falls under Section 80C of the Income Tax Act. However, there's a maximum limit of £1.5 lakh for this deduction, and it's only applicable if the construction of the house is complete.

Yes you can claim deduction under sec 80 C but maximum deduction is upto 1.5 lac.
Yes, provided the construction of the house is complete.

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