Home loan tax benefit is among the most important features of a home loan. Tax saving on home loan increases the affordability of your home loan. With the help of a home loan tax benefit calculator you can find out your exact tax exemption.
Whether you are a salaried or a self-employed individual, you are eligible to invest in a housing property as well as for the income tax deductions as stated under Section 80C. You can avail of a home loan tax benefit on both, principal repayment and the interest component of your EMI. Here’s how:
Deductions under this section can help you with tax benefits of up to Rs. 1.5 lakhs on the principal amount.
Under this section you are allowed to enjoy tax benefits on the interest amount and up to Rs. 2 lakhs.
First-time home buyers can get an additional deduction of up to Rs. 50,000 on the interest component under Section 80EE.
Women home buyers get a concession of 1 % on the stamp duty and registration costs. So, having a female co-applicant can help you with additional tax benefit.
Tax saving on home loan makes property purchase a worthwhile investment. You can calculate the tax benefit with the help of a home loan tax saving calculator.
Now calculate your home loan tax benefit at the click of a button, all thanks to Kotak Mahindra Bank’s Home Loan Tax Benefit Calculator.
Here are some important benefits of a home loan tax exemption calculator:
Make sure you calculate your tax benefit beforehand with the help of a home loan tax saving calculator.
Our home loan tax benefit calculator is one of the most suited tools for the job. By providing us with the basic information of your home loan application, it can calculate your tax implications accurately.
Home loan applications can be financially draining for some. With the help of a calculator, you can find out the exact amount you could be saving under income tax deductions. This helps in saving you from spending extra money than you had initially planned for.
Tax exemption is a basic calculation that considers your income, the principal amount of the loan, current tax implications, and interest rate. Once added, the calculator runs its algorithm to give your income tax liability as well as savings.
Like any other tax benefit under the Income-tax deductions, you can claim one on your home loan by filling the details in the income tax return form and submitting it to the HR department of your organization. Once evaluated, they can deduct the tax at source on your income.
The amount of money you will be saving on your home loan depends on different factors, such as ownership of the housing property. For a self-occupied property, there is a limit of Rs. 2 lakh under Section 24. For non-self-occupied property, there is no such limit. Under Section 80C, you are eligible for deductions up to Rs. 1.5 lakhs and under Section 80 EE, deductions are limited to Rs. 50,000.
Using Kotak Mahindra’s online Home Loan Tax Saving Calculator, you can easily get the amount you will be saving at the end of the financial year by providing details such as rate of interest, principal amount, ownership, annual income, etc.
Yes. Repaying a home loan can be financially strenuous. That’s why the government has given many home loan tax benefits to ease the burden. These benefits reduce the overall principal amount that you have to pay. The amount you will be saving on your home loan depends on the ownership of the housing property.
The best way to calculate home loan tax benefits is to use home loan tax saving calculator. This automated tool makes the whole calculation process easy and hassle-free. Just enter the rate of interest, principal amount, annual income, etc. The calculator will automatically calculate the exact amount of tax saving on home loan.