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What is a prop rewards program?
A Prop Rewards program is a loyalty and incentive system offered by a PropTech platform that rewards users for engaging with platform features such as searching for properties, referring friends, attending webinars, completing profile verification, or making inquiries. Points or credits earned can be redeemed for platform benefits or partner offers.
How Prop Rewards Work
- Users earn points for actions like listing searches, course completions, referrals
- Points accumulate in a digital wallet on the platform
- Rewards are redeemed for services like legal consultations, home loans, or movers
- Tiers (Bronze, Silver, Gold, Platinum) unlock premium features and exclusive deals
Types of Rewards Offered
- Discount vouchers on home loan processing fees
- Free property legal checks or documentation assistance
- Access to exclusive pre-launch property listings
- Cashback on platform subscriptions or premium tools
- Gift vouchers for partner brands (furniture, interior design, fintech)
Prop rewards programs turn passive browsers into engaged community members, making the property journey more rewarding at every step.
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Home Loans Consumer
Introducing KuberX: A tech-driven platform for easy home loans
For many Indians, purchasing a ‘dream home’ tops their bucket list. Whether a modernized penthouse or a sprawling Victorian bungalow, every one of us desires a home that was crafted keeping us and our family in mind. Finding such a dream home is a difficult task. After a painstaking search, you finally find the house of your dreams, but to purchase it, you have to take out a home loan from a bank or any aggregator. Acquiring a home loan in India is an arduous and time-consuming battle itself. Currently, the home loan market in India is tremendous and has grown exponentially over the years. The home loan interests are at a 16-year low, with several banks and aggregators competing to provide the most lucrative options. Despite these developments, an average home-loan seeker has to bear a tedious loan approval process that can be demoralizing due to the number of hurdles. To overcome these hurdles, KuberX, a tech-based online loan aggregator platform, has implemented innovative solutions to turn your home loan searching process into an effortless one. What stands in the way of home loans? Long-drawn-out procedure for approval Getting to the end of the home loan process requires patience. Even with banks and aggregators offering pre-approved loans, you may find yourself with incomplete documentation, and a prolonged legal and technical verification process that stalls loan approval by weeks. Non-transparent payment process There is a lack of knowledge in most borrowers, due to which they are not vigilant enough while comparing and scrutinizing interest rates. Legal and technical costs ranging anywhere from 0.25% to 1% of the entire loan are sometimes concealed by banks in the processing charges. How does KuberX tackle these challenges? Provision of APFs An APF or approved project finance is a score significant for any project. To get an APF number, the property developer must submit all legal documentation relevant to the project like NOCs, Sale Deeds, Title Deeds, Approved Plans, etc. KuberX can help facilitate APFs from multiple finance institutions for real estate developers. This provision increases homebuyer purchasing capability and assures a minimum risk of payment on the loan. Financial consultation Since purchasing your dream home is a monumental decision, it is advantageous to have an unbiased financial advisor by your side throughout the process. KuberX provides you with sound financial advice, backed by insights, to select the right loan product. Loan disbursements KuberX is simplifying the home loan buying journey through loan disbursements. They are working as an aggregator of demand across real estate developers and individual customers for the banking system. Their expert team will coordinate with loan buyers for quicker sanctions and disbursements. End-to-end service For an individual, especially a first-time home loan seeker, the loan buying process can be intimidating. KuberX provides complete guidance and support throughout the journey. They have a complete understanding of the pain points of the customers and offer end-to-end support. From APFs to custom-made loans for your projects, they guide you through every step of the process. How KuberX works KuberX has made acquiring a loan a straightforward process through their platform. You only have to: Sign up - Sign up or register on the platform in seconds and share your loan requirements. Compare offers - Get customised opinions with their proprietary AI-enabled instant tool. Select offer - Choose one offer that best suits your home loan requirements. Relax - Just relax as they work on getting your home loan processed at the earliest. The real estate industry in India will continue its exponential growth and is projected to contribute around 18%-20% of the country’s total GDP. Since the home loan market is a part of the industry, it is also expected to boom along with the real estate industry. In a rapidly evolving landscape with complex dynamics, KuberX can be a trusted partner to help you seal the deal on your dream home. With their years of experience and expertise in the FinTech industry, KuberX wants to redefine the online loan aggregator ecosystem. Their associations with private, public banks, and NBFCs will aid them in tackling the prevalent challenges in the lending market.
PropTech Pulse Editorial
24th October 2024
Home Loans Consumer
Home Loan Tax Benefits 2024: Everything You Need to Know
Home Loan Tax Benefits 2024: Everything You Need to Know Thinking of buying a home? Here’s some good news! Home loan rates just got cheaper. The State Bank of India (SBI) recently cut its home loan interest rates by 25 basis points to 8.25%, bringing its External Benchmark Lending Rate (EBLR) down to 8.90%. What does that mean for you? Lower borrowing costs and more affordable EMIs! But here’s where it gets even better — when you factor in the home loan tax benefits, you’re not just buying a home; you’re saving lakhs in taxes over the years. Under Sections 80C, 24(b), and 80EEA of the Income Tax Act, you can claim principal and interest payments deductions, making homeownership a smarter financial move than renting. Sounds great, right? But a lot of buyers miss out on these savings simply because they don’t know how to claim them properly. That won’t be you. This guide will break it all down — what deductions you can claim, how to maximize them, and smart strategies to save more on your home loan. Let’s dive in! Introduction to Home Loan Tax Benefits Many people go back and forth between renting and buying, often seeing a home loan as just another financial commitment. But with the tax benefits available on home loans, the numbers start to tip in favor of ownership. Understanding how these tax deductions work can help you maximize savings and make an informed decision. Not only does a home loan enable asset creation, but it also helps optimize your tax liability, allowing you to redirect savings toward long-term financial goals. Put simply: Home loan deductions → Lower tax → More savings → Smarter investments → Long-term wealth growth Here's how you can benefit under the Income Tax Act: Principal deduction: You can deduct the principal amount of your loan from your taxable income. Interest deduction: Similarly, you can also claim the interest paid on the loan as a deduction. By leveraging these deductions, you effectively reduce your tax liability, making homeownership potentially much more affordable. Want to fast-track your home loan process? Explore KuberX, a tech-driven platform that simplifies applications and streamlines approvals! Tax Deductions on Principal Repayment (Section 80C) Under Section 80C of the Income Tax Act, homebuyers can claim deductions of up to ₹1.5 lakh per year on the principal repayment of a home loan. Understanding this benefit can help you optimize your tax savings. How Section 80C works The ₹1.5 lakh deduction applies only to the principal component of your EMI — not the interest. But here’s the catch: In the initial years of the loan, most of your EMI goes toward interest, not principal. That means your deduction under 80C is much lower than expected unless you take proactive steps. If you’re in a longer tenure loan (20+ years), you may not be utilizing the full benefit early on. To make the most of Section 80C home loan benefits: Consider making prepayments to increase the principal repaid. Opt for a shorter tenure (10–15 years) if feasible, as this increases the principal component in EMIs. Don’t solely rely on your home loan for 80C benefits — combine it with other tax-saving instruments, e.g., PPF, ELSS, and NSC to maximize savings. Eligibility criteria Not all home loans qualify for Section 80C deductions. To claim benefits: Loan must be from recognized lenders like banks, NBFCs, or housing finance companies. Only residential properties qualify. No deductions for under-construction properties, only after possession. Maximum deduction limit While ₹1.5 lakh sounds generous, it’s important to know that this limit is shared with other 80C investments, such as: PF (Provident Fund) contributions. ELSS (Equity-Linked Saving Scheme). Life insurance premiums. Tuition fees for children. If your limit is already exhausted with these, your home loan may not provide additional tax savings. Conditions for claiming the deduction Keep loan statements and repayment proofs ready for tax filing. You must be paying EMIs — if you default on payments, you cannot claim a deduction. Selling the property before 5 years nullifies previous deductions, and the total amount claimed gets added back to your taxable income for that year. Tax Deductions on Interest Payment (Section 24(b)) Section 24(b) lets you claim deductions on home loan interest payments, reducing your taxable income. The deduction limit depends on whether the property is self-occupied or rented out, and there’s even a way to claim interest paid before possession, provided certain conditions are met. Interest deduction for self-occupied vs. let-out properties For self-occupied homes, you can claim up to ₹2 lakh per year on interest paid. However, if construction isn’t completed within 5 years, this limit drops to just ₹30,000. For let-out (rented) properties, there’s no cap on interest deduction, but total house property losses (from one or more loans) are capped at ₹2 lakh/year for tax adjustment. Quick Tip????: The Income Tax Act doesn't stop you from holding multiple self-occupied properties. This means you can shift deductions strategically to the loan with the highest interest. Did you know? Even if you don’t charge rent (e.g., parents live there), it’s still considered let-out, allowing unlimited interest deduction — which can offset salary income too. Pre-construction interest deduction The total pre-construction interest is divided into 5 equal installments and claimed annually after possession. This deduction falls under the ₹2 lakh limit for self-occupied properties. It applies only if construction is completed within 5 years and delays beyond this reduce the deduction to ₹30,000 per year. Only interest qualifies! Principal repayment during the pre-construction period doesn’t get any tax benefits. Additional Benefits for First-Time Homebuyers First-time homebuyers get extra tax benefits under Sections 80EE and 80EEA, helping them save even more. These deductions apply over and above Section 80C and 24(b), making home ownership more affordable. Section 80EE: For loans up to ₹35 lakh Eligibility: First-time homebuyer with a loan up to ₹35 lakh and property value ≤ ₹50 lakh, sanctioned between April 1, 2016 – March 31, 2017. Deduction limit: Claim up to ₹50,000 per year on interest, over and above Section 24(b), until full loan repayment. Conditions: Only individuals (not HUFs) can claim, and the property must be self-occupied. Section 80EEA: Extended benefits under affordable housing Eligibility: First-time homebuyer with a property stamp duty value of ₹45 lakh or less, size limit of 60 sqm (metros) or 90 sqm (other areas). Must not own another house on the loan sanction date. Deduction limit: Additional ₹1.5 lakh interest deduction per year, over and above Section 24(b). Timeframe: Applicable for loans sanctioned between April 1, 2019, and March 31, 2022. ????Quick Tip: As a first-time homebuyer, you can double your tax benefits with a joint home loan. Each co-borrower can claim deductions separately under Section 80C and 24(b), provided both are co-owners and co-borrowers with proof of EMI contributions. New vs. Old Tax Regime: What Should You Choose? With two tax regimes in place, homebuyers must decide which one offers better home loan tax benefits. [Bonus] 6 Simple Steps to Claim Home Loan Tax Benefit Ask your bank or lender for an annual interest certificate. This document shows the breakup of principal and interest paid during the financial year. Share the interest certificate with your employer to adjust your TDS (Tax Deducted at Source) on salary. This ensures you don’t pay excess tax during the year. If you’re self-employed or haven’t shared the certificate with your employer, claim the deductions directly while filing your ITR. Use the correct ITR form (ITR-1 or ITR-2). For joint home loans, make sure you’re both a co-owner and co-borrower to claim deductions individually. Deductions are proportional to your share in the loan. Claim ₹1.5 lakh on principal (80C), ₹2 lakh on interest (24(b)), and extra ₹50,000 (80EE) or ₹1.5 lakh (80EEA) for first-time buyers. If your property is under construction, claim pre-construction interest in five equal installments over five years after construction is complete. Pro Tips to Maximize Home Loan Tax Benefits Time your loan strategically: Take your loan early in the financial year to maximize interest deductions under Section 24(b). Prepay principal before March to fully utilize the ₹1.5 lakh deduction under Section 80C. Optimize EMIs and prepayments: Higher EMIs or periodic prepayments reduce total interest costs while ensuring full tax benefits. Keep proper documentation: Maintain your loan sanction letter, interest certificate, and repayment proofs for smooth tax claims. Salaried individuals should submit these to their employer for TDS adjustments. Avoid Common Mistakes ❌ Taking a loan from an unregistered lender, which disqualifies you from claiming deductions. ❌ Missing out on pre-construction interest by not claiming it in five equal installments after possession. ❌ Selling the property within five years, which reverses your Section 80C deductions. ❌ Failing to split EMIs in a joint loan, reducing the potential tax savings for co-borrowers.
PropTech Pulse Editorial
28th April 2025
Interior Design Service
Interior Design Guide 2025 India: Ideas, Costs, and Design Insights
What Is Interior Design? A Complete Guide for 2025 What Is Interior Design? A Complete Guide for 2025 Excerpt: From defining what interior design really means to estimating costs and exploring trending styles, this guide answers your biggest questions. What Is It All About? Interior design is not just pretty décor. It’s the art and science of organizing, beautifying, and structuring interiors so they serve your lifestyle. Every decision - wall colours, lighting, furniture layout - impacts how you live, move, and feel in your space. In India’s evolving urban settings, with compact homes and shared living, interior design becomes an essential tool to reconcile tradition with modern living - from Vastu principles to minimal aesthetics. Who Is an Interior Designer? An interior designer is more than a decorator. They combine creative vision with technical expertise: They’re trained in design or architecture They understand structural constraints, building codes, and spatial planning They coordinate with contractors, suppliers, and artisans They translate client needs into functional, beautiful spaces Unlike enthusiastic friends with “good taste,” professional designers deliver holistic solutions, manage timelines, and anticipate problems you might not see. Popular Interior Design Styles in Indian Homes Here are some of the leading styles Indians are embracing - along with tips for making them work in your space: Style Key Characteristics Styling Tips Indian Traditional Bold colours, woodwork, artisanal crafts Use carved furniture, rich hues, folk art Minimalism Clean lines, minimal clutter, neutral palette Hide storage, use accent colours sparingly Contemporary Light-filled, neutral base with texture & accents Combine materials like stone, metal, wood Bohemian Eclectic pattern mix, low seating, layered textiles Layer cultures & textures, lean into boldness Scandinavian Bright, functional, lightweight Use natural materials, focus on light Mid-Century Modern Organic forms, functional designs, iconic pieces Mix wood (teak, oak) and metal thoughtfully Transitional Balanced blend of classic + modern Use clean lines and subtle decorative details Eclectic Mix of styles with a common thread Let collected items shine, emphasize cohesion Art Deco Geometric patterns, luxury materials, bold statements Use arches, sunbursts, rich textures Industrial Exposed materials, raw finishes, neutral palette Use brick, steel beams, unfinished walls How Much Does Interior Design Cost in India in 2025? Interior design cost in India depends on your city, home size, scope of work, and material choices. Generally, a full interior project can range between ₹6,00,000 to ₹30,00,000+, depending on scale and customization. These figures are indicative; always seek a custom quote. Should You Hire an Interior Designer? Avoid costly mistakes through professional expertise Save time and stress with managed execution Ensure quality, consistency, and accountability If your renovation is extensive, hiring a designer often leads to better results and fewer regrets. Livspace’s Design Process (Overview) Consultation & briefing Site survey & measurement Conceptual designs & renders Material selection & approvals Execution, supervision & quality checks Final handover & walkthrough How to Prepare for Your First Meeting with a Designer Bring your floor plan and room dimensions Create a scope document Share your budget range Communicate style preferences and inspirations Interior Design vs Interior Decoration Interior Design: Structural and functional planning including space planning, lighting, and layout. Interior Decoration: Visual styling such as furniture, fabrics, and surface finishes. In simple terms, designers build the bones while decorators dress the body. The 7 Elements of Interior Design Space – Filled and empty areas Line – Horizontal, vertical, and dynamic lines Form – Three-dimensional shapes Light – Natural and artificial lighting Colour – Hue, contrast, and saturation Pattern – Rhythm and repetition Texture – Surface feel of materials The 5 Key Concepts of Interior Design Balance – Symmetrical or asymmetrical equilibrium Harmony – Visual unity Focal Point – A standout design element Rhythm – Visual movement Scale and Proportion – Proper sizing of elements The Golden Rules of Interior Design 60-30-10 colour rule Form follows function Budget-Friendly Design Ideas for Indian Homes Fresh paint or accent walls Indoor plants and creative lighting Repurposed furniture and décor Invest in durable, high-impact pieces Blending Vastu Shastra and Modern Design Orient entrances toward north or east Place kitchens in the southeast Use natural materials and daylight Avoid mirrors facing beds Interior Design Trends in India for 2025 Biophilic design Earthy colour palettes Smart home integration Curved furniture forms Bold patterns and maximalism Flexible home offices Vintage and modern combinations How Livspace Helps You Realize Your Dream Home Curated designs and 3D visualizations Experience across 75,000+ home projects Access to premium materials Structured process for timelines and quality
PropTech Pulse Editorial
7th January 2026
Home Loans Consumer
Introducing KuberX: A tech-driven platform for easy home loans
For many Indians, purchasing a ‘dream home’ tops their bucket list. Whether a modernized penthouse or a sprawling Victorian bungalow, every one of us desires a home that was crafted keeping us and our family in mind. Finding such a dream home is a difficult task. After a painstaking search, you finally find the house of your dreams, but to purchase it, you have to take out a home loan from a bank or any aggregator. Acquiring a home loan in India is an arduous and time-consuming battle itself. Currently, the home loan market in India is tremendous and has grown exponentially over the years. The home loan interests are at a 16-year low, with several banks and aggregators competing to provide the most lucrative options. Despite these developments, an average home-loan seeker has to bear a tedious loan approval process that can be demoralizing due to the number of hurdles. To overcome these hurdles, KuberX, a tech-based online loan aggregator platform, has implemented innovative solutions to turn your home loan searching process into an effortless one. What stands in the way of home loans? Long-drawn-out procedure for approval Getting to the end of the home loan process requires patience. Even with banks and aggregators offering pre-approved loans, you may find yourself with incomplete documentation, and a prolonged legal and technical verification process that stalls loan approval by weeks. Non-transparent payment process There is a lack of knowledge in most borrowers, due to which they are not vigilant enough while comparing and scrutinizing interest rates. Legal and technical costs ranging anywhere from 0.25% to 1% of the entire loan are sometimes concealed by banks in the processing charges. How does KuberX tackle these challenges? Provision of APFs An APF or approved project finance is a score significant for any project. To get an APF number, the property developer must submit all legal documentation relevant to the project like NOCs, Sale Deeds, Title Deeds, Approved Plans, etc. KuberX can help facilitate APFs from multiple finance institutions for real estate developers. This provision increases homebuyer purchasing capability and assures a minimum risk of payment on the loan. Financial consultation Since purchasing your dream home is a monumental decision, it is advantageous to have an unbiased financial advisor by your side throughout the process. KuberX provides you with sound financial advice, backed by insights, to select the right loan product. Loan disbursements KuberX is simplifying the home loan buying journey through loan disbursements. They are working as an aggregator of demand across real estate developers and individual customers for the banking system. Their expert team will coordinate with loan buyers for quicker sanctions and disbursements. End-to-end service For an individual, especially a first-time home loan seeker, the loan buying process can be intimidating. KuberX provides complete guidance and support throughout the journey. They have a complete understanding of the pain points of the customers and offer end-to-end support. From APFs to custom-made loans for your projects, they guide you through every step of the process. How KuberX works KuberX has made acquiring a loan a straightforward process through their platform. You only have to: Sign up - Sign up or register on the platform in seconds and share your loan requirements. Compare offers - Get customised opinions with their proprietary AI-enabled instant tool. Select offer - Choose one offer that best suits your home loan requirements. Relax - Just relax as they work on getting your home loan processed at the earliest. The real estate industry in India will continue its exponential growth and is projected to contribute around 18%-20% of the country’s total GDP. Since the home loan market is a part of the industry, it is also expected to boom along with the real estate industry. In a rapidly evolving landscape with complex dynamics, KuberX can be a trusted partner to help you seal the deal on your dream home. With their years of experience and expertise in the FinTech industry, KuberX wants to redefine the online loan aggregator ecosystem. Their associations with private, public banks, and NBFCs will aid them in tackling the prevalent challenges in the lending market.
PropTech Pulse Editorial
24th October 2024
Home Loans Consumer
Home Loan Tax Benefits 2024: Everything You Need to Know
Home Loan Tax Benefits 2024: Everything You Need to Know Thinking of buying a home? Here’s some good news! Home loan rates just got cheaper. The State Bank of India (SBI) recently cut its home loan interest rates by 25 basis points to 8.25%, bringing its External Benchmark Lending Rate (EBLR) down to 8.90%. What does that mean for you? Lower borrowing costs and more affordable EMIs! But here’s where it gets even better — when you factor in the home loan tax benefits, you’re not just buying a home; you’re saving lakhs in taxes over the years. Under Sections 80C, 24(b), and 80EEA of the Income Tax Act, you can claim principal and interest payments deductions, making homeownership a smarter financial move than renting. Sounds great, right? But a lot of buyers miss out on these savings simply because they don’t know how to claim them properly. That won’t be you. This guide will break it all down — what deductions you can claim, how to maximize them, and smart strategies to save more on your home loan. Let’s dive in! Introduction to Home Loan Tax Benefits Many people go back and forth between renting and buying, often seeing a home loan as just another financial commitment. But with the tax benefits available on home loans, the numbers start to tip in favor of ownership. Understanding how these tax deductions work can help you maximize savings and make an informed decision. Not only does a home loan enable asset creation, but it also helps optimize your tax liability, allowing you to redirect savings toward long-term financial goals. Put simply: Home loan deductions → Lower tax → More savings → Smarter investments → Long-term wealth growth Here's how you can benefit under the Income Tax Act: Principal deduction: You can deduct the principal amount of your loan from your taxable income. Interest deduction: Similarly, you can also claim the interest paid on the loan as a deduction. By leveraging these deductions, you effectively reduce your tax liability, making homeownership potentially much more affordable. Want to fast-track your home loan process? Explore KuberX, a tech-driven platform that simplifies applications and streamlines approvals! Tax Deductions on Principal Repayment (Section 80C) Under Section 80C of the Income Tax Act, homebuyers can claim deductions of up to ₹1.5 lakh per year on the principal repayment of a home loan. Understanding this benefit can help you optimize your tax savings. How Section 80C works The ₹1.5 lakh deduction applies only to the principal component of your EMI — not the interest. But here’s the catch: In the initial years of the loan, most of your EMI goes toward interest, not principal. That means your deduction under 80C is much lower than expected unless you take proactive steps. If you’re in a longer tenure loan (20+ years), you may not be utilizing the full benefit early on. To make the most of Section 80C home loan benefits: Consider making prepayments to increase the principal repaid. Opt for a shorter tenure (10–15 years) if feasible, as this increases the principal component in EMIs. Don’t solely rely on your home loan for 80C benefits — combine it with other tax-saving instruments, e.g., PPF, ELSS, and NSC to maximize savings. Eligibility criteria Not all home loans qualify for Section 80C deductions. To claim benefits: Loan must be from recognized lenders like banks, NBFCs, or housing finance companies. Only residential properties qualify. No deductions for under-construction properties, only after possession. Maximum deduction limit While ₹1.5 lakh sounds generous, it’s important to know that this limit is shared with other 80C investments, such as: PF (Provident Fund) contributions. ELSS (Equity-Linked Saving Scheme). Life insurance premiums. Tuition fees for children. If your limit is already exhausted with these, your home loan may not provide additional tax savings. Conditions for claiming the deduction Keep loan statements and repayment proofs ready for tax filing. You must be paying EMIs — if you default on payments, you cannot claim a deduction. Selling the property before 5 years nullifies previous deductions, and the total amount claimed gets added back to your taxable income for that year. Tax Deductions on Interest Payment (Section 24(b)) Section 24(b) lets you claim deductions on home loan interest payments, reducing your taxable income. The deduction limit depends on whether the property is self-occupied or rented out, and there’s even a way to claim interest paid before possession, provided certain conditions are met. Interest deduction for self-occupied vs. let-out properties For self-occupied homes, you can claim up to ₹2 lakh per year on interest paid. However, if construction isn’t completed within 5 years, this limit drops to just ₹30,000. For let-out (rented) properties, there’s no cap on interest deduction, but total house property losses (from one or more loans) are capped at ₹2 lakh/year for tax adjustment. Quick Tip????: The Income Tax Act doesn't stop you from holding multiple self-occupied properties. This means you can shift deductions strategically to the loan with the highest interest. Did you know? Even if you don’t charge rent (e.g., parents live there), it’s still considered let-out, allowing unlimited interest deduction — which can offset salary income too. Pre-construction interest deduction The total pre-construction interest is divided into 5 equal installments and claimed annually after possession. This deduction falls under the ₹2 lakh limit for self-occupied properties. It applies only if construction is completed within 5 years and delays beyond this reduce the deduction to ₹30,000 per year. Only interest qualifies! Principal repayment during the pre-construction period doesn’t get any tax benefits. Additional Benefits for First-Time Homebuyers First-time homebuyers get extra tax benefits under Sections 80EE and 80EEA, helping them save even more. These deductions apply over and above Section 80C and 24(b), making home ownership more affordable. Section 80EE: For loans up to ₹35 lakh Eligibility: First-time homebuyer with a loan up to ₹35 lakh and property value ≤ ₹50 lakh, sanctioned between April 1, 2016 – March 31, 2017. Deduction limit: Claim up to ₹50,000 per year on interest, over and above Section 24(b), until full loan repayment. Conditions: Only individuals (not HUFs) can claim, and the property must be self-occupied. Section 80EEA: Extended benefits under affordable housing Eligibility: First-time homebuyer with a property stamp duty value of ₹45 lakh or less, size limit of 60 sqm (metros) or 90 sqm (other areas). Must not own another house on the loan sanction date. Deduction limit: Additional ₹1.5 lakh interest deduction per year, over and above Section 24(b). Timeframe: Applicable for loans sanctioned between April 1, 2019, and March 31, 2022. ????Quick Tip: As a first-time homebuyer, you can double your tax benefits with a joint home loan. Each co-borrower can claim deductions separately under Section 80C and 24(b), provided both are co-owners and co-borrowers with proof of EMI contributions. New vs. Old Tax Regime: What Should You Choose? With two tax regimes in place, homebuyers must decide which one offers better home loan tax benefits. [Bonus] 6 Simple Steps to Claim Home Loan Tax Benefit Ask your bank or lender for an annual interest certificate. This document shows the breakup of principal and interest paid during the financial year. Share the interest certificate with your employer to adjust your TDS (Tax Deducted at Source) on salary. This ensures you don’t pay excess tax during the year. If you’re self-employed or haven’t shared the certificate with your employer, claim the deductions directly while filing your ITR. Use the correct ITR form (ITR-1 or ITR-2). For joint home loans, make sure you’re both a co-owner and co-borrower to claim deductions individually. Deductions are proportional to your share in the loan. Claim ₹1.5 lakh on principal (80C), ₹2 lakh on interest (24(b)), and extra ₹50,000 (80EE) or ₹1.5 lakh (80EEA) for first-time buyers. If your property is under construction, claim pre-construction interest in five equal installments over five years after construction is complete. Pro Tips to Maximize Home Loan Tax Benefits Time your loan strategically: Take your loan early in the financial year to maximize interest deductions under Section 24(b). Prepay principal before March to fully utilize the ₹1.5 lakh deduction under Section 80C. Optimize EMIs and prepayments: Higher EMIs or periodic prepayments reduce total interest costs while ensuring full tax benefits. Keep proper documentation: Maintain your loan sanction letter, interest certificate, and repayment proofs for smooth tax claims. Salaried individuals should submit these to their employer for TDS adjustments. Avoid Common Mistakes ❌ Taking a loan from an unregistered lender, which disqualifies you from claiming deductions. ❌ Missing out on pre-construction interest by not claiming it in five equal installments after possession. ❌ Selling the property within five years, which reverses your Section 80C deductions. ❌ Failing to split EMIs in a joint loan, reducing the potential tax savings for co-borrowers.
PropTech Pulse Editorial
28th April 2025
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