Wednesday, January 23, 2019

Home Loan Rules And Regulations 2019

Home Loan Rules And Regulations: Government encourages home loan seekers in various ways to reduce the burden of the borrower and increase the ability to buy. You can claim Deduction up to 1.5 lakh under Section 80C for repayment made for the principal amount of home loan of your own home during a financial year. Apart from this, you are allowed to claim Deduction up to Rs 2 lakh for the interest payment made during the year for your own house.

Apart from this, you also have the permission to claim a Deduction of up to Rs 2 lakh against the interest payment during the year for a self-occupied house. There are some common tax rules about which most of us know but there are some other provisions that need to be addressed by home loan borrowers.

5 Rules and Regulations for Getting Home Loan

Home Loan Rules And Regulations 2019

1. Demand for tax exemption

You can only claim Income Tax Deduction concession on the interest payment on home loan only after the completion of the construction of the property. You can not claim any Deduction on the repayment of any of the basic funds made under the construction period, although the interest paid under pre-construction, after acquiring the property, can be claimed in five equal installments.

2. There is so much deduction

If the construction of the property has not been completed within five years since the loan was taken (last year was extended for three years), then the Deduction against interest repayment would decrease from Rs. 2,00,000 per year to Rs. 30,000 only. Is done.

If you sell the property within five years of claiming Deduction, then the tax deduction in tax against the repayment of the entire original loan has to be revoked. Under this, the amount in which the property has been sold is seen as income of that year and the income tax is to be paid on it.

3. Advantages of additional deduction

From this year, an additional tax deduction of 50,000 rupees will be enjoyed on home buyers' interest on the home loan. To take advantage of this extra tax deduction, these three conditions must be met.

This Deduction is only available for first time Home Buyers
Loan on a home property should not exceed Rs. 35 lakhs
House property value should not exceed Rs. 50 lakhs
In the case of the second house, the payment made during the entire year is eligible for deduction. This will reduce the effective home loan rate to a great extent because this whole amount will be deducted from your income.

4. On condition of taking home

If you take a joint home loan, in addition to repaying the original loan, both the co-borrowers can claim separately in the income tax rebate to pay the interest repayment. Under this, a claim of up to Rs 4 lakh against repayment of Deduction of 3 lakh rupees and interest repayment of home loan can be claimed, but there are two conditions for availing this double Deduction. First of all, co-borrowers should be the co-owner of the property and second, they pay similar monthly installments (EMI). If a co-borrower is not paying the EMI, then he can not claim any Deduction.

5. Discounts under Section 80C

You can claim Deduction up to the maximum limit of 1.5 lakhs in the same year in the same year, against the payment of stamp duty and registration fee under Section 80C.

You can claim both House Rent Allowance (HRA) and Home Loan Deduction if you have bought it using a Home Loan, but are living in another city on rent due to work.

We told you how to get a Home loan if you enjoyed this information, then share it with your friends.

1 comment:

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