Tax benefit on Home loan FY 2023-24

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.

Savings because of Home Loan


Tax before Home Loan:


Tax after Home Loan:


Home Loan Tax Benefit

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:

  • Section 80C:

Deductions under this section can help you with tax benefits of up to Rs. 1.5 lakhs on the principal amount.

  • Section 24:

Under this section you are allowed to enjoy tax benefits on the interest amount and up to Rs. 2 lakhs.

  • Section 80EE:

First-time home buyers can get an additional deduction of up to Rs. 50,000 on the interest component under Section 80EE.

  • Stamp Duty Waiver:

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.

Advantages of Using Home Loan Tax Exemption 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:

  • A convenient, user-friendly and hassle-free tool
  • Being an automated tool, there is little chance of error
  • Considers all important factors like gross annual income, home loan interest rate, principal amount, home loan EMIs, existing tax implications, and deductions based on the financial year etc.
  • Determines the eligible tax deductions and the final payable amount

Make sure you calculate your tax benefit beforehand with the help of a home loan tax saving calculator.