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PMAY or Pradhan Mantri Awas Yojna where the government will pay subsidy on the interest payments on the home loan up to a maximum of Rs. 2.67 Lacs depending upon the income levels of the family & the size of the property. This amount is paid directly into the loan account of the borrower leading to reduced loan outstanding and consequently reduced EMIs. Buying your first home comes with multiple tax benefits. One can avail benefits under Section 24B, 80C & 80EE. These benefits not only reduce your tax burden but also helps you manage your cash flows in a better way.
Section 24- Under this section, you become eligible for a tax deduction for the interest paid on the loan. Benefits under Section 24B can be availed irrespective the kind of loan whether home loan/personal loan. Benefits can be availed on more than one home loan. Interest includes the service fee, brokerage, commission, pre-payment charges etc. and not on unpaid interest or penalty. One person can have a maximum benefit of Rs. 2 lacs even if he holds more than one property. The benefits under Section 24B are applicable individual wise not property wise.
Section 80EE- First-time buyers enjoy an additional tax benefit under Section 80EE. Under this section income tax deductions can be claimed on the interest paid on the loan. First-time buyers can get a maximum benefit of Rs. 50,000 per year throughout the tenure of the loan. This is an additional benefit over and above the Rs. 2 Lacs limit under Section 24. If you satisfy the criteria for both Section 24 & Section 80EE, you can claim both the benefits.
HomeCapital helps the first time buyers with their Down Payment Assistance Program to fulfill the dreams of buying a home. The assistance is in the form of interest-free credit provided through their partnered financial institutions. When bought a home a buyer will be able to enjoy the benefits of all the above-mentioned government schemes.