Buying a new home remains as a dream if you have no sufficient funds. This is the time the heart understands how important every penny is. So, for the first time home buyers, if they can save 50,000 on the first year, on a 50 lakh home, is it not a boon?.
So how can you save 50k on the home loan?
Budget 2016-2017 states “First home buyers to get deduction for additional interest of Rs. 50,000 a year for loans upto Rs.35 lakh.”
So, as we know, the tax exemption can be claimed on the principal and the interest as well. Now we the first home buyers can claim more 50K as exemption. Provided the apartment cost should not exceed 50 lakhs and the loan amount should be not more than 35 lakhs.
How is it more useful with loanyantra.com?
As a loyal customer of loanyantra, you can avail 0.10% discount on the prevailing interest rate.
For instance, you are a first time home buyer and seeking for a home loan of 35 lakhs. So, you get the loan at the prevailing interest rate, say 9.5%.
Now let us see the two benefits you can avail for the first year.
Benefit 1: According to the budget proposal, you can claim extra tax exemption 50k.
Benefit 2 : According to loanyantra, 0.10% discount on the interest rate. Which will save upto 1 Lakh.
Additional Benefit : Loan Management by loanyantra.com till the end of your loan.
So, choosing a home loan is as important as choosing a home. Work clever and plan smart.