Buying Your First Home? Know the Tax Benefits That Apply.

Price and EMI matter. So do tax savings. Swipe through 8 deductions every first-time buyer should know.

#1: Rs 1.5 Lakh Deduction on Principal (Section 80C)

Home loan principal qualifies for Section 80C. Claim up to Rs 1.5 lakh in total, including stamp duty and registration. Old regime only.

#2: Rs 2 Lakh Deduction on Interest (Section 24b)

Claim up to Rs 2 lakh a year on interest for a self-occupied home under Section 24(b), on top of Section 80C. Old regime only.

#3: Sections 80EE and 80EEA Have Closed

These extra first-time buyer deductions apply only to loans sanctioned before 31 March 2022. New loans do not qualify.

#4: Stamp Duty Deduction (Also Under 80C)

Stamp duty and registration charges qualify for deduction under Section 80C in the year of payment, up to the 80C limit.

#5: Joint Loan = Double Benefits

Take a joint home loan with your spouse, and both can claim deductions under Section 80C and 24(b), subject to eligibility.

#6-8: GST Credit, RERA Protection, Pre-EMI Interest

5% GST (1% for affordable). Pre-EMI interest is deductible after possession. RERA keeps your investment protected.

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