All You Need to Know About Availing Home Loan Tax Benefits For Self Occupied & Let Out Properties!

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11 MAY, 2022
There are several tax benefits that you can claim under different sections of the Income Tax Act, 1961 when you apply for a home loan. While many first-time homebuyers only buy one home for self-occupation, it’s possible that down the line, you take on another home loan to buy another property either for self-occupation or for the purpose of renting it out. In such a case, you may wonder how you can claim the home loan tax benefits on both the loans and if that is even possible. It is possible but there are certain terms. Here is everything you need to know about availing home loan tax benefits for both self-occupied and let out properties:
You can use a home loan tax benefit calculator to get an idea of how much tax you can save when you apply for a home loan. A home loan tax saving calculator uses inputs such as your annual income, investments, loan amount, etc., to give you an estimate of the amount of tax that you can save. This estimate helps give you a fair idea in the beginning of your home loan application process of how your home loan cost can be brought down. However, you should also additionally consult your financial advisor to understand the precise amount of money you can save on your taxable income when you apply for a home loan.
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