For everyone, buying a house is a dream come true. The government provides various tax benefits for home buying. Some of the tax benefits available to individual buying a house on a home loan are listed below:
- Deduction under Section 80C: You can claim a tax deduction of up to Rs. 1.5 lakh under this section on repayment of the principal component of the home loan. If the home loan has been taken jointly with your family member, both of you can avail deduction on the principal repayment of the home loan. Under this section, you can even claim a deduction on stamp duty and registration charges and other expenses related to the transfer of property in your name.
- Deduction under Section 24: Tax deductions of up to Rs. 2 lakhs can be claimed by an individual under this section under the interest component of the home loan repayment. You can avail of these deductions if you and your family reside in the property or even if you keep the residence vacant.
- Deduction under Section 80EE: The first-time home buyers can claim deduction under this section. This deduction can be claimed provided the home loan does not exceed Rs. 25 lakhs and the property value does not exceed Rs. 40 lakhs.
Getting a home loan for a commercial property is not that easy and the know-how of people is very limited. Buying a commercial property is divided into two types. This includes office spaces and retail outlets. The lenders get worried when it comes to financially funding a commercial property under construction. When people purchase commercial property to set up their own office, the lender feels more certain about providing the loan. There are banks and financial institutions that do not fund commercial properties.
For everyone, buying a house is one of the most important goals. Home loans can improve your credit score through regular and judicious payments of EMIs for many years. So, look at the number of tax benefits mentioned above that you can avail if you have taken a home loan or is planning to take.
Navi Mumbai has excellent infrastructure, educational facilities, clean air, and water. This makes Navi Mumbai an ideal place to set up a new business or an apartment. If you are looking to buy properties, you can invest in Hiranandani Fortune City. It is a mega township located in Navi Mumbai. The township is easily accessible by road and rail.