Home Finance
Secured Loan
Cards
When it comes to filing ITR for home loan tax exemptions, knowing the different deductions applicable to you as a borrower is important. The most important deductions under home loan in ITR filing relate to Section 24 (B) and 80 (C) for interest payments and principal repayment, respectively, for a given financial year. There are other exemptions too under Section 80EE and 80EEA. Knowing this information is important to filling the ITR form as there is a section pertaining to the deductions applicable on your income.
For a complete breakdown of the process to file your income tax return for loan purposes, is illustrated below.
The process is very simple. The first step to learning how to file ITR for home loan deductions is to keep the necessary documents on hand so as to complete the process swiftly. Once you’re prepared, here are the steps to follow.
Step 1:Gather the required documents
These include:
Step 2:Submit the document to the employer
Step 3:Calculate the interest deductions applicable
Step 4:Claim deduction on principal repayment
An important reason to file tax returns on time is because it is a key requirement for credit facilities such as a home loan. In fact, you can easily avail a Bajaj Housing Finance Home Loan Bajaj Housing Finance Home Loan if you have all the required documentation available. The loan is characterised by many features like basic eligibility terms, high LTV, quick processing and more that allows you to borrow based on your need and comfort. Moreover, you can opt for a tenor that ranges up to 30 years and make the most of a competitive interest rate. To get started, apply online for a hassle-free borrowing experience.
Income Tax Calculator
Home Loan
Home Loan Interest Rate
Home Loan Calculator
Types of Home Loan
Top-Up Loan
Home Loan Tax Benefit
Repo Rate
Statutory Liquidity Ratio
Difference Between MCLR and Base Rate
Pradhan Mantri Awas Yojana Gramin
Last update on 11-Mar-2021
Now know your Home Loan Eligibility
Developer Finance
Get a top up loan without additional documentation
Now calculate your monthly EMI, instalments and rate of interest on the loan amount
PRODUCT INFO
PMAY
CALCULATORS
TOP CATEGORY
City Pages
FAQS
MORE