Hi all,
Can any one please share with me the relationship between the tax savings on Hom Loan?
For instance, if I take a loan of 30 L or 20 year tenure how much tax savings would I be getting?
What if the ROI is 10.75 fixed or 10.75 floating ? How should the home loan be taken so that I can best benifit for tax saving?
Also please share with me any other pointers which I need to be careful of while going for home loan as far as tax savings are concerned.
Thanks in advance!
Regards,
Udayan
The maximum tax saving that you would get on your home laon would be upto 1.50lacs in case of self-occupied property. And for the principal amount you would get the benefit maximum upto 1lacs u/s 80C. However during the initial years the interest outgo is subsequent than the principal, so maximum tax saving would be on account of interest during the initial period. the saving on account of principal would be nominal depending upon the amount of loan taken.
As the interst rates nowadays are between 9.50%-11% so you would benefit if the interest on your laon is 9-10%
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