Tax Rebate on Home Loan

This query is : Resolved

kamal (Querist)
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01 April 2009 Hi,

Iam looking for a home loan of INR 500000.
How I can get the best deal to get max tax benefit in this home loan amount.

IS it better to take it for 5 years or good to take it for 10 years.

How much EMI will be best for tax benefit

What is the concept of Tax rebate on principal and interest ?

Kindly guide me

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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01 April 2009 IF THE HOUSE IS FOR SELF OCCUPATION THAN THE MAX INTEREST DEDUCTION IS RS.1,50,000/- PER ANNUM UNDER INCOME FROM HOUSE PROPERTY. THE PRINCIPAL REPAYMENT OF HOUSING LOAN IS ELIGIBLE U/S 80C IN WHICH THE OVERALL DEDUCTIONS SHALL BE RESTRICTED TO RS.1 LAKH.
SO PLAN UR REPAYMENT SCHEDULE ACCORDINGLY

K V Subba Rao

K V Subba Rao (Expert)
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01 April 2009 Please visit www.apnaloan.com

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