Various Tax Benefit against Home Loan

When you take any House Loan, then you can get multiple tax benefits under different Sections:

• U/S 80C: You can claim the deduction of PRINCIPAL AMOUNT of the loan under this section to the extent of Rs. 1,50,000/-.

• U/s 24: You can claim the deduction of INTEREST AMOUNT under this section to the extent of Rs. 2,00,000/- if the house is Self-Occupied. If House is let out (rented) then you can interest deduction without any limit (i.e., even above Rs. 2 Lacs can be claimed)

• U/s 80EEA [For First Home Buyers Only]: Under this Section, Individuals can claim additional deductions for the INTEREST AMOUNT upto Rs. 1,50,000/

However, the House value must be upto Rs. 45 Lacs AND Loan sanctioned between 01.04.2019 to 31.03.2022, only then additional deduction can be claimed under section 80EEA