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Thursday, February 28, 2013

Defer your home loan for a month

image courtesy: worldwithoutus
If you are going to buy your first  house property whose value is not more than Rs.40 lakh and for this if you desire to avail a home loan up to Rs. 25 lakh, then wait deferring your home loan by just 1 month could give you an additional income tax deduction up to Rs. 1 lakh.

How this became possible? 

Thanks to today's budget, Mr. FM introduced a new section 80EE and according to it, home loan up to Rs. 25 lakh shall give you additional tax deduction up to Rs. 1 lakh (in addition to earlier Rs. 1.5 lakh {under section 24} thus making it Rs. 2.5 lakh).

So deferring your home loan just by a month make sense but the question is-Is there any property  below Rs. 40 lakh in in decent areas of metros like Mumbai, Delhi and Bangalore?

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