Home Loan Tax Benefits Calculator
Home Loan Tax Benefits Calculator
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Total Income Tax Benefit
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Income Tax Payable Before Home Loan
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Income Tax Payable After Home Loan
You make a big financial commitment when you buy a house. But what if we told you that purchasing your own house could save you money on your taxes? Taking out a home loan makes you eligible to claim tax benefits under the Income Tax Act, 1961.
The Benefits
Under Section 80C of the Income Tax Act, you can claim deductions of up to Rs. 1,50,000 on the principal repayment of a home loan. Under Section 24, you claim up to Rs. 2,00,000 on the interest component. As a first-time home buyer, you can claim an additional Rs. 50,000 under Section 80EE on the interest that you pay.
Confused? Don’t worry. You don’t have to invest time and effort to do the calculations yourself. A home loan tax benefit calculator can help you figure out your tax savings on taking out a home loan.
What is a Home Loan Tax Saving Calculator?
A home loan or housing loan tax saving calculator is an online tool that can help you compute the total tax savings on taking a home loan. By providing basic parameters such as the total principal borrowed, rate of interest, tenure of loan, your annual income and ownership status, you will instantly get your tax savings computed for you.
You can use Poonawalla Fincorp’s home loan income tax benefit calculator to get instant results.
Advantages Of Using Our Home Loan Tax Exemption Calculator
- The calculator is free!
- It is simple, convenient and extremely user-friendly.
- You will be spared the trouble of making complex calculations.
- You will get accurate results on the exact amount of tax money you will save.
- You can compare different loans to see which will give you the highest tax benefit.
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