Big-budget necessities like home purchases require considerable thought and finance. Many individuals finance these purchases through Home Loan offered by reputable banks and financial institutions. In order to make homebuying more feasible, the government extends several opportunities for claiming tax benefits on Home Loan interest payments. These benefits can be availed under various sections of the Indian Income Tax Act. One such tax-saving provision is Section 80EE, which allows a deduction on the interest paid by an individual on Home Loans.
What is Section 80EE?
The Income Tax Act allows first-time home buyers to claim deductions under Section 80EE on the housing loan interest. As per the provisions in the clause, a maximum amount of Rs.50,000 can be obtained as tax benefits during a single financial year.
Tax rebates under Section 80EE were initially implemented in 2013 - 2014 to provide exemptions to Home Loan borrowers looking to buy their first house. The maximum threshold for claiming the subsidies back then was Rs.1 Lakh and the tax relief were given only for a period of two years.
Section 80EE was later amended and reintroduced in the year 2017 where the rebate limit was revised to Rs.50,000 and is currently available until such time that one’s Home Loan is fully paid off.
Features of the 80EE Deduction
If you wish to claim the deductions under Section 80EE of the Income Tax Act, you should be aware of its key features, which include the following:
- The value of the house that you buy with the Home Loan funds should not exceed Rs.50 Lakh.
- The cap on the Home Loan availed for purchasing the property is set at Rs.35 Lakh or less.
- Borrowers can expect a deduction on just the interest component of their Home Loan under this section.
- The Home Loan must be issued by a credible financial institution or housing finance company.
- The applicant must not hold a residential property under his/her name at the time of the Home Loan sanction. In other words, the funds should be utilised for the purchase of the individual's first home.
- One can obtain a Home Loan for residential purposes only, and not for commercial reasons. So, the borrowed funds cannot be used to buy commercial properties.
- The Home Loan should have been sanctioned between the fiscal year of 2016 – 2017.
Eligibility for Claiming Section 80EE Deductions
A Home Loan borrower must fulfil the following criteria in order to be eligible for tax rebates under Section 80EE:
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Individual loan borrows who have purchased the house, either individually or jointly, can claim the tax deductions.
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These tax benefits are not applicable to trusts, companies, a Hindu Undivided Family (HUF), an Association of Persons (AOP), etc.
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Only first-time homeowners can secure these reductions.
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This section is applicable on a person-to-person basis and not as per the property. Therefore, if you have acquired a property collectively through a joint house loan, each person repaying the loan amount will be qualified to file for the exemptions separately.
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The property may be self-occupied or rented out by the owner. It is not necessary for him/her to reside in the house. Thus, if you own a house in Mumbai and live elsewhere in a rented flat, you can still enjoy the tax benefits.
Other Provisions that Grant Deductions on a Home Loan
Section 80 EEA is a new section of the Income Tax Act, which has been introduced in recent years to bestow tax benefits on individuals, who have secured Home Loans for affordable housing projects. However, those who are eligible for claiming deductions under Section 80 EEA cannot avail of the subsidies again under Section 80 EE.
Home Loan borrowers are also entitled to further tax deductions on the interest paid under Section 24 of the Income Tax Act up to a maximum amount of Rs.2 Lakh. This rebate can be claimed if the owner of the property or his/her family members live in the house. But if the house is let out, the entire interest shall be waived off as a deduction. The eligibility criteria for both Section 80EE and Section 24 may differ. In case you are eligible for the deductions under both sections, you will first need to exhaust the limit available under Section 24 of the stipulated amount; and then apply for the exemptions under Section 80EE thereafter.
Section 80C of the Income Tax Act offers provisions for tax savings up to Rs.1.5 Lakh per year. It extends cumulative deductions on a wide array of investments ranging from small savings instruments to Home Loan interest repayments.
It must be noted that for declaring the above tax exemptions, you need to furnish a declaration from the bank, clearly showing the amount outstanding and paid towards the interest and principal components of the Home Loan. Once you declare the applicable subsidies to avail of the tax benefits on the Home Loan, the balance income will be taxed as per the income tax slab rates.
Also Read: Tax Savings Under Sections 80C, 80D, and 80G
How to Claim Tax Deductions Under Section 80EE?
One can claim income tax returns under Section 80 EE at the time of filing their income tax returns. You can follow the steps given below to proceed with your tax deduction claims:
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First, you need to estimate the net interest amount paid in the current financial year on your Home Loan.
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After you ascertain the total amount, see if you are eligible to secure the rebates under Section 24. If you find yourself eligible, apply for tax deductions up to Rs.2 Lakh under the section.
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You can then claim the remaining amount of Rs.50,000 under Section 80EE.
Things to Remember
As seen here, Section 80EE of the Income Tax Act can result in substantial annual savings. So, if you have a current Home Loan that you are paying off, you should take advantage of this income tax provision to maximise your taxation gains. Availing a housing loan is a high-value, long-term financial commitment. Hence, you should carefully go through the relevant clauses in the Income Tax Act that can grant you considerable tax relief. This will prove beneficial in cutting down the cost of owning a house to a great extent. When combined together, the loan amount that one can claim as tax deductions turns out to be substantial, garnering significant savings.
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
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loan+against+property Loan Against Property
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Understanding the Fees and Charges on Your Loan Against Property2024-04-10 | 6 min
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cibil Cibil
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How Does Missing One Payment Affect Your CIBIL Score?2024-05-15 | 4 min
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home+loan Home Loan
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6 Ways to Reduce Your Home Loan Interest2024-03-20 | 4 min
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cibil Cibil
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Ways to Improve Your Credit Score with a Credit Card2024-02-02 | 4 min
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cibil Cibil
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What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
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How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?