Frequently Asked Questions (FAQs)<\/strong><\/h4>\n\n\n\n1. What is the maximum home loan tax benefit you can claim under the Old Tax Regime?<\/h6>\n\n\n\n
You can claim up to \u20b95 lakh per year on home loan tax benefit under the Old Tax Regime. You can save up to \u20b92 lakh for interest paid under Section 24b, \u20b91.5 lakh for principal repayment under Section 80C, and an additional \u20b91.5 lakh annually which is applicable for first-time home buyers in India.<\/p>\n\n\n\n
2. How does the section 24b income tax act help home buyers in India?<\/h6>\n\n\n\n
The section 24b of income tax act says that, self-occupied property owners can claim a tax deduction on home loan interest payments up to \u20b92 lakh every financial year.<\/p>\n\n\n\n
3. Is home loan principal tax exemption available under the New Tax Regime?<\/h6>\n\n\n\n
No, the home loan principal tax exemption under Section 80C of the Old Tax Regime is not available under the New Tax Regime. You must opt for the Old Tax Regime during filing to claim this benefit.<\/p>\n\n\n\n
4. How can joint home loan owners maximize their tax deduction on home loan interest?<\/h6>\n\n\n\n
In India, each joint home owner who is also a co-borrower can individually claim a tax deduction on home loan interest up to \u20b92 lakh under Section 24b.<\/p>\n\n\n\n
5. What is a home loan rebate and can first-time home buyers claim extra benefits?<\/h6>\n\n\n\n
Yes, first-time home buyers can get an additional home loan deduction under special sections like 80EEA. This is provided they meet specific property and loan eligibility conditions.<\/p>\n\n\n\n
6. How to save tax with home loan payments if your house is still under construction?<\/h6>\n\n\n\n
Interest on under-construction homes can be claimed in 5 equal annual installments. It starts from the year the construction finishes.<\/p>\n\n\n\n
7. Can you claim a home loan tax benefit for a rented or let-out property?<\/h6>\n\n\n\n
Yes. Under both the tax regimes, you can claim the interest paid on a rented property against rental income. Though, certain rules apply on it.<\/p>\n\n\n\n
8. What documents are required to claim a home loan tax benefit with your employer?<\/h6>\n\n\n\n
The important documents to claim a home loan tax benefit are: You need a home loan interest certificate from your bank showing principal and interest paid, property ownership proof, and Form 12BB submitted to your employer’s HR department.<\/p>\n\n\n\n
9. What happens to Section 80C benefits if you sell the property within 5 years?<\/h6>\n\n\n\n
If you sell the house within 5 years of possession: all the past home loan principal tax exemption deductions claimed under Section 80C will be reversed and taxed as income in India in 2026.<\/p>\n\n\n\n
10. Can co-borrowers claim a home loan tax benefit if one person is not a co-owner?<\/h6>\n\n\n\n
No, you cannot do that. To claim any home loan tax benefit in India, an individual must be both a co-borrower on the loan and a registered co-owner of the property.<\/p>\n","protected":false},"excerpt":{"rendered":"
Saving up money and buying a house in India is a financially draining task which requires years of pre-planning to save money. Home loan tax benefit options available in India lets you easily save some money on tax through the Income Tax Act. Read further to find out how! What is a home loan tax […]<\/p>\n","protected":false},"author":1,"featured_media":1903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,46],"tags":[83,81,72],"class_list":["post-1893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-educational","category-home-loan","tag-buying-guide","tag-informations","tag-ready-to-move-in-flats-2026"],"_links":{"self":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/1893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/comments?post=1893"}],"version-history":[{"count":2,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/1893\/revisions"}],"predecessor-version":[{"id":1904,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/1893\/revisions\/1904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/media\/1903"}],"wp:attachment":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/media?parent=1893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/categories?post=1893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/tags?post=1893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}