To be able to buy your own house is one of life's many achievements. The good news is that there are many ways today to help you purchase your dream home without digging a deep hole in your pockets. As per the provision for income tax deductions under Section 80C, a salaried or self-employed professional can avail of multiple home loan tax benefits and be eligible to invest in housing property.
The amount that you pay against your home loan has two major components, and taxpayers can get a rebate on each one of them:
Check how the Indian laws have made it easy for first-time buyers to purchase their dream home in just a few seconds.
Calculating home loans has never been easier. Kotak Mahindra’s Home Loan Tax Benefit Calculator helps you determine the exact amount to be paid after all the eligible tax deductions. Being an automated tool, the calculator weighs in all the elements to calculate the amount, such as gross annual income, home loan interest rate, principal amount, home loan EMIs, existing tax implications, and deductions based on the financial year, etc. The tool is both convenient and user-friendly, allowing you to enter your details hassle-free.
Our home loan tax benefit calculator is one of the most suited tools for the job. By providing us with the basic information of your home loan application, it can calculate your tax implications accurately.
Home loan applications can be financially draining for some. With the help of a calculator, you can find out the exact amount you could be saving under the income tax deductions. This helps in saving you from spending extra money than you had initially planned for.
Tax exemption is a basic calculation that considers your income, the principal amount of the loan, current tax implications, and interest rate. Once added, the calculator runs its algorithm to give your income tax liability as well as savings.
Like any other tax benefit under the Income-tax deductions, you can claim one on your home loan by filling the details in the income tax return form and submitting it to the HR department of your organization. Once evaluated, they can deduct the tax at source on your income.
The amount of money you will be saving on your home loan depends on different factors, such as ownership of the housing property. For a self-occupied property, there is a limit of Rs. 2 lakh under Section 24. For non-self-occupied property, there is no such limit. Under Section 80C, you are eligible for deductions up to Rs. 1.5 lakhs and under Section 80 EE, deductions are limited to Rs. 50,000
Using Kotak Mahindra’s online Home Loan tax Saving calculator, you can easily get the amount you will be saving at the end of the financial year by providing details such as rate of interest, principal amount, ownership, annual income, etc.