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