What are the tax Saving Benefits to Purchasing Property on Loan?




One of the biggest advantages to investing in property is tax saving benefits. With better returns to look forward to as the years go by, purchasing property is definitely a beneficial move, both or you and your family. As a highly developed suburb of Mumbai, Mulund is home to some of the best upcoming constructions that have lured investors from all over, owing to the many facilities and amenities attached.

One such new construction in Mulund East is Matoshree Nisarg that has claimed the hearts of many looking for a tranquil place to live in. With being the perfect home to stay in as a family, the property also offers the following benefits when purchased on loan:

Interest deduction on home loan: Whether the flat is vacant or is being lived in by your family, you can claim a deduction in tax of up to 2 lakhs under section 24 on your home loan interest. If the house you own is being rented out to tenants, you can also claim for the entire sum of you home loan interest to be deducted.

Joint home loan deductions: Incase of a joint home loan with another family member, both members can claim deductions up to 2 lakhs each, making it an even sweeter deal. Apart from this, deductions under section 80C can also be claimed by both co-owners for transfer charges as well as loan repayments. The transfer charges also include registration and stamp duty charges.

First-time homeowners deductions: The government has made provision for first-time owners to claim deductions up to Rs. 1 lakh under section 80EE. However, in order to claim this, one must invest in purchasing a new property or construction, making investment in Matoshree Nisarg the perfect place to invest in.

With all of these tax benefits waiting for you, getting a home loan to purchase your dream home hardly requires a second thought. You can also check out the details of the new construction in Mulund East online to get more insight on the same.

image credits: taxreturnwala.com