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Home Loan - EMI and Tax Deductions

Last post 08-14-2013 10:04 AM by Expert. 3 replies.
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  • 08-08-2013 10:44 PM

    • buchadi
    • Top 500 Contributor
    • Joined on 03-24-2011
    • Posts 2
    • Points 40

    Home Loan - EMI and Tax Deductions

     Dear Sir

     Pl note I come under the tax bracketand Investments are as below

    1.0 Every year Rs 100000/- in 80cc

    2.0  Health Insurence Rs 15000/-

    Even after Investing the above - my monthly tax Dedution is Rs 10000/-

    As of Now I do not have a Home of Mine 

    Pl advise weather it wise to opt for Home Loan 250000/-

    1.0 What will be approx Premium for 15 year Teanure Per year

    2.0 What will be the Tax benifit 

    Is it advantageious for me 

    3.0 If yes

    4.0 Suggest the best company from where I should take Loan

     

    Rgds

    Prakash

     

     

    • Post Points: 20
  • 08-12-2013 5:35 PM In reply to

    • Expert
    • Top 10 Contributor
    • Joined on 02-19-2009
    • Posts 717
    • Points 5,550

    Re: Home Loan - EMI and Tax Deductions

    Taking a home loan depends on lot of factors such as interest rates, rate of return on other investments, etc. EMI for a loan of 2.5 lakhs @ 9.75% p.a for 15 years will be Rs. 2600 (approx). HDFC, SBI currently offer the best interest rates on home loans. Only interest part of home loan will be considered for tax deduction (max 1.5 lakh per annum).
    • Post Points: 20
  • 08-13-2013 9:32 AM In reply to

    • buchadi
    • Top 500 Contributor
    • Joined on 03-24-2011
    • Posts 2
    • Points 40

    Re: Home Loan - EMI and Tax Deductions

    Thank you for the reply pls advise 1.0 Now my Tax Deduction approx Per Annum is Rs 90000/- 2.0 Considering all my savings of Rs 100000/- 80CCC and Rs 15000/- on Medical Insurence I would Like to Know the tax advantage i would have if I avail Home Loan for Rs 1000000/- and 15 Years i.e How much I will get tax benifit in terms of Rupees Rgds Prakash.Buchadi
    • Post Points: 20
  • 08-14-2013 10:04 AM In reply to

    • Expert
    • Top 10 Contributor
    • Joined on 02-19-2009
    • Posts 717
    • Points 5,550

    Re: Home Loan - EMI and Tax Deductions

    You can avail benefit up to 1.5 lakh for a self occupied property. If your property is let out, then there is not limit on the exemption. However, exemption is only on the interest amount and not the total EMI.
    • Post Points: 5
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