Buying a house is a huge step. If the booming cost of apartments are anything to go by, it is almost become mandatory to take a home loan. And with its many tax saving benefits, home loan should be seen as a long-term tax saving habit! Here are some of the key benefits.
1) Deduction on interest: If you are paying EMIs for a home loan for your house, the interest component in the EMI can be claimed as a deduction. You must be both an owner and a co-borrower (in the loan) to claim tax benefits. This deduction can be claimed at the starting of the year in which the construction of the house is completed. Suppose the construction of new apartment was completed on August 30, 2015, you can claim a deduction for interest for the entire 12 months in the financial year 2015-16. So every year a maximum of Rs. 2 lakhs can be claimed for a house that you use for your own residence. If your house is rented, the entire interest for the year can be claimed as a deduction.
2) Deduction on principal repayment: The component of your EMI which goes towards principal is eligible to be claimed under Section 80C of the Income Tax Act. You can sum up the outgo for the year towards principal and claim it. A maximum of Rs.1.5 lakh can be claimed as a deduction under Section 80C.
3) Deduction on stamp duty and registration charges: Besides the deduction allowed on principal repayment, payment made towards stamp duty and registration charges are also allowed to be claimed under Section 80C. However, these can only be claimed in the year in which these were paid.
4) Deduction on pre-construction interest: While deduction for interest can be claimed at the starting of the financial year in which the construction is completed, you can also start claiming pre-construction interest from the same year. You need to add up the entire pre-construction interest and claim it in five equal instalments. The total deduction, however, should not exceed Rs. 2 lakhs when the house is being used by you for your own residence.
Home Loans For Fortius Waterscape
From the moment you decide to buy our apartment, we assure you that we will be with you to go through the technicalities of taking a loan. Since Fortius Waterscape has clear documents and approvals in place, you can easily avail loans from top banks such as HDFC, LIC HFL State Bank of India, Axis Bank, ICICI Bank Home Loans, Federal Bank, Tata Capital Home Loans and Indiabulls Home Loans. Do take a look at the housing finance approvals
Our Construction is also ahead of schedule and we are racing towards completion. Thus by choosing a Fortius Waterscape apartment, you get to move into your hassle-free future home in no time!