80EE vs 80EEA: Know The Difference for Home Loan
Section 80EE and 80EEA are provisions under the Income Tax Act 1961 for tax advantages on Home Loan interest payments.
How 80EE and 80EEA are Differ?
TIP #1
Tax Saving
Section 80EE provides tax saving up to INR 50,000 for the total income of the assessment year; it is up to INR 1.5 lakh under Section 80EEA.
TIP #2
Loan Amount
Section 80EE is available for Home Loans under INR 35 Lakh and Section 80EEA under INR 45 Lakh.
TIP #3
Conditions
Home Loan borrowers can’t claim deductions under both sections simultaneously.
TIP #4
Keep a Check on your Credit Report
Always keep a check on your credit report to stay updated about the CIBIL score and the scope of improvement.