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What are the tax benefits that I can avail of if I have a Home Loan?

If you have availed a home loan, either to buy or build a house, you can claim tax benefits on both the principal and interest components of the home loan.

 

Under Section 80C of the Income Tax Act, 1961, the repayment of principal of up to ₹1.5 lac is deductible in full from your income, and you can avail a deduction of up to ₹2 lac on the interest component, under Section 24(b). Only one property can be claimed as self-occupied.