6 Easy Steps to Maximize Your Home Loan Tax Benefit

Maximizing tax benefits on your home loan can significantly reduce your tax burden. This infographic outlines six simple steps to help you leverage deductions effectively. Start by obtaining your interest certificate from your lender, as it details the interest paid during the year. Claim deductions under Section 80C for principal repayment (up to ₹1.5 lakh) and under Section 24(b) for interest payments (up to ₹2 lakh). First-time homebuyers can further benefit from Section 80EE, allowing an additional ₹50,000 interest deduction. If you’ve purchased a home under the affordable housing category, Section 80EEA provides an extra ₹1.5 lakh deduction on interest paid. By strategically utilizing these sections, you can optimize your tax savings while managing your home loan effectively.