Your home loan can fetch you a lot of tax benefits under section -- • 80C • 24B • 80EE • 80EEA Let's discuss them in detail. ⤵

 1️⃣ 80C

▶Maximum deduction amount: Upto ₹1.5 Lakh

You should not sell the property before five years.

2️⃣ 24B

▶Maximum deduction amount: Upto ₹2 Lakhs on interest.

You are eligible if you take a home loan for buying/constructing the house.

3️⃣ 80EE

▶Maximum deduction amount: Upto ₹50 thousand on interest.

The loan amount should not exceed ₹35 lakhs & the house value should be less than ₹50 lakhs.

4️⃣ 80EEA

▶Maximum deduction amount: Upto ₹1.5 Lakh.

If you are claiming tax benefits under 80EEA, then you cannot claim 80EE. The property value should not exceed ₹45 lakhs.

Quest Tip - The best way to save more tax is to buy a house as a joint owner. 

This way, both borrowers can claim tax benefits of ₹1.5 lakh each u/s 80C. 

Also, remember the condition that if u claim tax deductions u/s 80EEA, you cannot claim tax deduc

tions under section 80EE