Know How to Claim Tax Benefits on Second Home Loan

What is Tax Benefit on Home Loans?

According to section 80C of the Income Tax Act 1961, you can get tax exemption on home loans on the amount you repay.

Tax Benefits of a Second Home Loan

If you are buying a second house with the help of a home loan, you can still get a tax benefit of up to INR 1.5 lakh.

Top Benefits of Second Home Loan

Deduction on repayment of the principal amount

Low-interest rates in the pre-construction phase

Deduction in a Joint Home Loan

How to Avail Tax Benefits on Second Home Loan?

You need to meet certain criteria to avail the tax benefits on a second home loan:

Registration of the property should be in your name

Submit the documents related to the home loan

Certificate from your lending institution

The construction should be completed

The TDS of the agreement value should be adjusted

Know the deduction amount for tax benefits