Is A Mortgage Interest Tax Deductible in India?Add Answer
The loan against property process of application and substantial tax benefits make mortgage loans one of the most popular financial products for long-term financial support. You can also benefit from income tax exemptions if you let out or rent your property. In this scenario, you can claim the amount above the sum that you pay as interest; there is no upper limit.
If you want to know if co-owning it is mortgage loan interest tax deductible in India, Section 24(B) states that co-borrowers and co-owners of a house can apply for the exemption and claim tax benefits up to the maximum deductible amount. Moreover, there is a clause for properties under construction. A borrower has to complete the construction within 5 years of application to claim the deductions. If the property is not completed within that time, you can only claim up to Rs. 30,000.
Abiding by these above-mentioned regulations will allow you to avail tax benefits on your loan against property. It can help you save a significant amount of money while repaying a debt.