Including, in the event of Rs 20 lac financing, you should buy work for for the whole interest paid back
Work for to possess Appeal payment is unique, but the benefit to own worry about-occupied possessions below Part twenty-four try capped at the Rs 2 lacs per financial season.
You can see notice fee for quality value loans (Rs 50 lacs) is significantly greater than Rs 2 lac limitation inside the 1st ages. For-instance, in the first season, you are paying interest away from Rs cuatro.96 lacs. You won’t receive any tax work with towards count excessively off Rs 2 lacs. If there is lowest worth financing, you should use that it maximum towards hilt. Should your an excellent dominating number is fairly highest, your ount paid.
So, in the event that interest to your home loan are ten% p
So what does it show?