Anyone with a housing loan from a recognized institution can claim tax deductions.
You can get deductions up to ₹1.50 lakhs on the principal and up to ₹2 lakhs on interest.
MIs aren't tax-free, but components like principal and interest offer tax benefits.
Yes, especially for first-time homebuyers, offering deductions on interest.
Absolutely, both co-applicants can claim tax deductions on a joint home loan.
Yes, but the tax benefits on the interest paid can be claimed in five equal installments starting from the year the house is ready for possession.
Yes, tax deductions can be availed for loans taken for renovation or repair.
Yes, if you meet the criteria for both sections, you can claim benefits under each. Kotak Mahindra Bank understands the significance of homeownership and the value of tax savings. By comprehending the home loan tax benefit, one can make an informed decision ensuring a smooth financial journey to their dream home.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.